AUSTIN, Minn.--(BUSINESS WIRE)--
During its annual shareholder meeting in Austin, Minn., Hormel Foods
Corporation (NYSE:HRL), a multinational marketer of consumer-branded
food and meat products, celebrated a record fiscal year 2013, as well as
the expanding role of the company’s International & Other division.
Jeffrey M. Ettinger, chairman of the board, president and chief
executive officer at Hormel Foods, offered insights about the company’s
recent growth and shared highlights from the year, including:
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Sales growth of 6 percent, ending the year at a record $8.8 billion,
with all five business segments registering sales gains;
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Increasing the annual dividend for the 48th consecutive
year;
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The success of the SKIPPY® peanut butter
acquisition;
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The launch of several successful new products such as Hormel®
REV®wrapsand the foodservice
item, Hormel® Fire Braised™meats; and
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Showcasing the team finalists of the company’s annual Best of the Best
and Sustainability Best of the Best competitions.
“The company’s record year in 2013 is a direct result of our dedicated
employees, focusing on innovation and delivering safe, quality and
convenient products to customers and consumers,” Ettinger said. “We
achieved $8.8 billion in sales, delivered a record earnings per share of
$1.95 and increased annual dividends for the 48th consecutive
year.”
“We completed the successful integration of the SKIPPY®brand into our Grocery Products and International & Other segments
and introduced innovative, new products such as Hormel®
REV®wraps and our line of Hormel®
Fire Braised™ meats for foodservice operators.” Ettinger added, “We
expect to deliver continued sales and earnings growth in fiscal 2014.”
James P. Snee, group vice president and president of Hormel Foods
International Corporation, delivered the meeting’s featured
presentation. He discussed how the International & Other division is
poised to drive accelerated growth for Hormel Foods and showcased the
company’s four expatriates living and doing business in international
markets.
In his remarks, Snee said, “The goal of Hormel Foods International
Corporation is to deliver accelerated growth to the company. The
foundation of our SPAM® family of products and
well-developed fresh pork exports, plus the SKIPPY® line
of products and our focus on China, has us poised to continue our strong
performance in 2014 and beyond.”
FY2013 Financial Results
During fiscal year 2013, Hormel Foods:
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Experienced record dollar sales of $8.8 billion, up 6 percent from the
previous year;
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Increased net earnings per share by 5 percent over 2012; and
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Delivered both segment profit and sales increases in four of our five
segments:
-
Grocery Products operating profit up 18 percent; volume up 29
percent; dollar sales up 30 percent.
- Refrigerated Foods operating profit up 2 percent; volume down 4
percent; dollar sales were up 1 percent.
- Jennie-O Turkey Store operating profit down 7 percent; volume up 1
percent; dollar sales up 3 percent.
- Specialty Foods operating profit up 7 percent; volume down 2
percent; dollar sales up 1 percent.
-
International & Other operating profit up 43 percent; volume up 19
percent; dollar sales up 23 percent.
About Hormel Foods
Hormel Foods Corporation, based in
Austin, Minn., is a multinational manufacturer and marketer of
consumer-branded food and meat products, many of which are among the
best known and trusted in the food industry. The company leverages its
extensive expertise, innovation and high competencies in pork and turkey
processing and marketing to bring branded, value-added products to the
global marketplace. The company is a member of the Standard & Poor's
(S&P) 500 Index, S&P Dividend Aristocrats for 2013, Maplecroft Climate
Innovation Indexes, Global 1000 Sustainable Performance Leaders and was
again named one of “The 100 Best Corporate Citizens” by Corporate
Responsibility Magazine for the fifth year in a row. Hormel Foods was
recognized on the G.I. Jobs magazine list of America’s Top 100 Military
Friendly Employers in 2012 and 2013, and named one of the 2014 40 Best
Companies for Leaders by Chief Executive magazine. The company enjoys a
strong reputation among consumers, retail grocers, foodservice and
industrial customers for products highly regarded for quality, taste,
nutrition, convenience and value. For more information, visit http://www.hormelfoods.com.
Hormel Foods Corporation
Julie H. Craven, 507-437-5345
media@hormel.com
Source: Hormel Foods Corporation