The company reported net earnings of $51.9 million, compared to last year’s earnings of $57.4 million. Sales totaled $1.68 billion, up from $1.52 billion in fiscal 2007. For the nine months ended July 27, 2008, net earnings were $217.7 million, compared to $200.7 million a year ago. Sales totaled $4.9 billion, up 8 percent, from $4.5 billion in the same period last year.
"We continue to generate strong top-line growth in both dollar sales and volume across all five of our operating segments," said Jeffrey M. Ettinger, chairman, president and CEO. "As we previously announced, the higher feed input and fuel costs at our Jennie-O Turkey Store segment pressured profitability and contributed to the year over year decline in the company's third quarter results.”
Ettinger said that the company expects to see continued earnings pressure at Jennie-O Turkey Store from higher input costs, as the birds fed with higher grain prices make their way through the system.
Source: Hormel Foods Corp.