Hormel division posts 61% profit increase

Aug. 21, 2003
Hormel Foods Corp, Austin MN-based marketer of meat and food products, reported its performance for the fiscal 2003 third quarter ended July 26, 2003.
Hormel Foods Corp, Austin MN-based marketer of meat and food products, reported its performance for the fiscal 2003 third quarter ended July 26, 2003. Net earnings totaled $34.7 million, down 9% from $38.3 million a year earlier. Earnings per share were $.25 versus $.27 in the fiscal 2002 third quarter. Sales totaled $1.0 billion, up from $933.8 million in the same period a year ago.

Refrigerated Foods division operating profit for the fiscal 2003 third quarter shot up 61%; volume dropped 10% due to discontinuation of hog processing at Rochelle IL.

For the nine months ended July 26, net earnings were $115.4 million, compared with $121.4 million a year ago. Sales totaled $3.0 billion, up from $2.9 billion in the same period of 2002.

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