Hormel carves out ample earnings in fiscal 2Q, YTD

Hormel Foods Corp, the Austin MN-based meat company, has reported fiscal 2007 second quarter net earnings of $68.0 million, a 1 percent gain from earnings of $67.3 million a year earlier. Sales totaled $1.50 billion, up from $1.37 billion in fiscal 2006.

For the six months ended April 29, 2007, net earnings were $143.3 million, a 5 percent increase compared with $136.6 million a year ago. Sales totaled $3.01 billion, up 8 percent from $2.78 billion in the same period a year earlier.

“We delivered excellent top-line results across all five of our business segments and double-digit increases in operating profit performance in four out of the five segments,” said Jeffrey M Ettinger, chairman of the board, president, and chief executive officer. “The only disappointment in the quarter was that Jennie-O Turkey Store was not able to pass on higher grain costs through pricing as quickly or as thoroughly as we had hoped.”