Hormel Foods Q2 Earnings Up

Hormel Foods Corporation has reported a 14% increase in second quarter net earnings of $91.3m, up from $80.4m a year earlier.

For the six months ending 25 April, the US food company’s adjusted net earnings were $202.5m, up 25% from the same period last year.

The Texas-based company’s sales for the quarter were up 7% to $1.7bn while six-month sales hit $3.4bn, up 4% from the same period a year ago.

On a generally accepted accounting principles basis, the company reported net earnings of $77.9m, down 3% from net earnings of $80.4m a year earlier.

The company’s refrigerated foods recorded a 7% profit due to stronger margins while its specialty food segment’s profit went up 39% from 2009.