970829 Hormel Earnings Rise Sharply for Company's Third Quarter
August 14, 1997
Hormel Foods Corp. said today it earned $18.15 million in the third quarter, up sharply from poor results in the same period last year.
The international maker of meat and other food products said it earned 24 cents per share for the period ending July 26. That was up from about $4 million, or 5 cents per share, during the third quarter last year, when the company reported an 81 percent drop in earnings due to high costs.
Sales for the third quarter were $779.67 million, a 4 percent gain over sales of $749.87 million last year.
Joel W. Johnson, chairman of the board, president and chief executive officer, said he was pleased with the earnings despite continued high costs.
"For Hormel Foods, pork prices stayed relatively high which, combined with reduced hog supplies and excess industrywide capacity, forced our plants to operate below optimum efficiency," Johnson said in a statement.
Earnings for the first three quarters were $64.8 million, or 84 cents per share, up 31.8 percent over the $49.2 million, or 64 cents per share, earned in the first nine months of 1996.
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