Hormel Foods serves up some savory gains

Hormel Foods Corp, the Austin MN-based marketer of meat and food products, reported fiscal 2004 third quarter net earnings of $56.3 million, up 63% from $34.7 million a year earlier (current year includes an $11.5 million after-tax gain from the sale of Vista International Packaging Inc). Sales totaled $1.2 billion, up from $1.0 billion in the same period a year ago.

For the nine months ended July 24, net earnings were $161.8 million (includes an $11.5 million gain from the Vista sale), versus $115.4 million a year earlier. Sales totaled $3.4 billion, up from $3.0 billion in the same period of 2003.

“The third quarter was eventful for Hormel Foods,” said Joel W Johnson, chairman of the board and chief executive officer. “Our strategies continue to drive profitability throughout the company.”