Hormel Foods Corp, the Austin MN-based marketer of meat and food products, reported fiscal 2005 first quarter net earnings of $64.5 million, up 24% from $51.8 million a year earlier. Earnings per share were $.46 this year compared with $.37 last year. Sales totaled $1.3 billion, up from $1.1 billion in fiscal 2004.
The company's Jennie-O Turkey Store operating profit was up 55% in the fiscal 2005 first quarter, with volume ahead 2% and dollar sales gaining 10%. Refrigerated Foods unit operating profit totaled 20%, with volume up 9% and dollar sales rising 19%.
Effective Feb 15, 2005, Hormel paid its 306th consecutive quarterly dividend. The annual rate is $0.52 per share.