This website requires certain cookies to work and uses other cookies to help you have the best experience. By visiting this website, certain cookies have already been set, which you may delete and block. By closing this message or continuing to use our site, you agree to the use of cookies. Visit our updated privacy and cookie policy to learn more.
This Website Uses Cookies
By closing this message or continuing to use our site, you agree to our cookie policy. Learn More
This website requires certain cookies to work and uses other cookies to help you have the best experience. By visiting this website, certain cookies have already been set, which you may delete and block. By closing this message or continuing to use our site, you agree to the use of cookies. Visit our updated privacy and cookie policy to learn more.
Provisioner logo Created with Sketch.
Provisioner logo Slice 2 Created with Sketch.
search
cart
facebook twitter linkedin youtube
  • Sign In
  • Create Account
  • Sign Out
  • My Account
Provisioner logo Created with Sketch.
Provisioner logo Slice 2 Created with Sketch.
  • News
    • Industry News
    • Supplier News
    • New Consumer Products
  • Profiles
    • Processor Profiles
    • Processor of the Year
    • Plant of the Year
  • Processing
  • Food Safety
  • R&D
    • Ingredients
    • Formulation
  • Sustainability
  • Packaging
  • Regulations
  • More
    • Top 100 Processors
    • Videos
    • Special Reports
    • Commentary
    • Events
    • Webinars
    • Classifieds
    • White Papers
    • Provisioner Store
    • Market Research
  • Magazine
    • The National Provisioner
    • Independent Processor
    • Digital Editions
    • Contact
    • Advertise
    • Connect
    • eNewsletters
    • Source Book
  • MIHOF
Home » Hormel earnings down in Q4, up in FY2011
Meat and Poultry Industry News

Hormel earnings down in Q4, up in FY2011

News Brief Feature
November 22, 2011
KEYWORDS Hormel / quarter
Reprints
No Comments

Hormel Foods Corp. reported its performance for the fiscal year 2011 fourth quarter and full year. The company reported fiscal 2011 fourth quarter net earnings of $117.3 million, down 3 percent from earnings of $121.1 million a year earlier. Diluted earnings per share for the quarter were $0.43, down 4 percent compared to $0.45 last year. Sales for the quarter were $2.1 billion, up 2 percent from the same period in fiscal 2010.

For the year ended October 30, 2011, net earnings were $474.2 million, up 16 percent from adjusted net earnings of $409.0 million last year, and up 20 percent from U.S. GAAP net earnings of $395.6 million. Diluted net earnings per share were $1.74, up 15 percent from diluted adjusted1 net earnings per share of $1.51 last year and up 19 percent from U.S. GAAP diluted earnings per share of $1.46. Sales for the year ended October 30, 2011, totaled $7.9 billion, up 9 percent from last year.

“I am proud of the team for finishing an outstanding year with a fourth quarter that met our expectations. For the quarter, we are pleased to have generated segment profit increases in four out of five segments and an overall net sales increase. Our tonnage was down in comparison with the 14 week quarter last year, but we held our own on volumes in the face of significant pricing actions,” said Jeffrey M. Ettinger, chairman of the board, president and CEO.

"In looking at the full year, we delivered significant sales growth of 9 percent, ending the year at a record $7.9 billion, with all five segments registering increases. We also grew earnings per share by an excellent 19 percent, finishing at record earnings of $1.74 per share. We enjoyed a particularly strong performance by the Jennie-O Turkey Store team, and both our All Other (International) and Refrigerated Foods segments also generated nice profit increases for the year. We enhanced our support of our key Hormel and Jennie-O Turkey Store brands in fiscal 2011 with effective advertising campaigns, and added to the portfolio of our fast-growing MegaMex Foods joint venture through the acquisition of the Wholly Guacamole line and other related products," commented Ettinger.

"This morning we announced a $.09 per share increase to the annual dividend (or 17.6 percent), making the new dividend $.60 per share. This marks the 46th consecutive year in which we have increased our dividend, and further evidences our intention to deliver superior total returns to our shareholders," stated Ettinger.

"We expect to deliver sales and earnings growth in fiscal 2012, even amidst some difficult comparisons and less-than-favorable macro conditions. In particular, we are looking for our Grocery Products, Specialty Foods and All Other (International) units to drive profit growth in fiscal 2012, as our Refrigerated Foods and Jennie-O Turkey Store segments maintain their position against historically high results. We also anticipate the comparisons to be more difficult in the first half of the year, becoming more favorable later in the year. Taking all of the relevant factors into account, we are setting our 2012 guidance range at $1.79 to $1.89 per share," remarked Ettinger.

Source: Hormel Foods Corp.

Subscribe to The National Provisioner

Related Articles

Cargill Q4, year-end earnings down from last year

Sales up in all segments in Hormel Q3 report

Hormel reports record sales in Q4, year-end reports

Sales up, income down for Smithfield Q4, year-end results

Related Directories

ESI Group USA

Con Yeager Spice Co.

You must login or register in order to post a comment.

Report Abusive Comment

Subscribe For Free!
  • Print & Digital Edition Subscriptions
  • eNewsletters
  • Online Registration
  • Subscription Customer Service
  • Connect with The National Provisioner

More Videos

Popular Stories

Collette Kaster, CEO, American Meat Science Association

Q&A with Collette Kaster, CEO, American Meat Science Association

newsbriefs

JBS USA intends to purchase Pipestone Facility from J&B Group

Andy Hanacek Pointing to Fake Meat Tabloid

From the Editor's Desk: 'OK to eat meat' not a new message!

Thanksgiving Dinner

Fact or fiction: Turkey makes you sleepy

newsbriefs

Grubhub launches annual "Year in Food" report highlighting the top trends in 2019

The National Provisioner 2019 State of the Industry Report
 
The National Provisioner 2019 Top 100 Meat and Poultry Processors

Events

January 27, 2020

Meat Industry Hall of Fame

Meat Industry Hall of FameThe Meat Industry Hall of Fame Dinner and Awards Ceremony will recognize the prestigious Class of 2019, on the evening of Jan. 27, 2020, in Atlanta, GA. This Elite Networking Event is co-located with the International Production & Processing Expo (IPPE).
January 1, 2030

Webinar Sponsorship Information

For webinar sponsorship information, visit www.bnpevents.com/webinars or email webinars@bnpmedia.com.

View All Submit An Event

Products

Advances in Meat Processing Technology

Advances in Meat Processing Technology

See More Products

The National Provisioner

The National Provisioner December 2019 Cover

December 2019

Check out the December 2019 issue of The National Provisioner, featuring our cover story on chicken processor Bell & Evans, the 2020 Economic Outlook for meat and poultry, and much more.

View More Create Account

Independent Processor

Independent Processor December 2019 Cover

December 2019

Check out the December 2019 issue of Independent Processor, featuring our cover story on the family-run Dayton Meat Products, an exciting culinary trend showcased at CAB's annual conference, and much more.

View More Create Account
  • Proteins
    • Beef
    • Pork
    • Chicken
    • Turkey
    • Burgers
    • Sausage
    • Bacon
    • Deli
    • Seafood
    • Lamb / Veal
  • More
    • Want More
    • Partners
    • Food & Beverage Brands
    • Interactive Product Spotlights
    • List Rental
    • Survey And Sample
    • Privacy Policy
  • Expert Commentary
    • Editors Viewpoint
    • Fight for Food Safety
    • Legislative
  • Advertise With Us
    • The National Provisioner
    • Independent Processor
  • Subscribe

Copyright ©2019. All Rights Reserved BNP Media.

Design, CMS, Hosting & Web Development :: ePublishing