Hormel Foods Corporation reported its performance for the fiscal year 2014 first quarter. All comparisons are to the first quarter of fiscal 2013. The company reported fiscal 2014 first quarter net earnings of $153.3 million, up 18 percent from net earnings of $129.7 million a year earlier. Diluted earnings per share for the quarter were $0.57, up 19 percent compared to $0.48 last year. Sales for the quarter were $2.2 billion, up 6 percent from the same period in fiscal 2013.
“We achieved excellent results in the first quarter, posting an earnings per share increase of 19 percent over last year, with sales up 6 percent. Four of our five segments generated growth in sales and operating profits as we continue to deliver quality products with trusted brands to our customers and consumers,” said Jeffrey M. Ettinger, chairman of the board, president and chief executive officer.