Hormel announces record earnings

- Last updated on GMT

Related tags: Generally accepted accounting principles

U.S food group Hormel Foods Corporation announced on Wednesday a
healthy financial performance with record net earnings and dollar
sales. The group reported...

U.S food group Hormel Foods Corporation announced on Wednesday a healthy financial performance with record net earnings and dollar sales. The group reported total fiscal 2000 earnings of $170,217,000, an increase of 4.1percent, or $6,779,000, over reported earnings of $163,438,000 for fiscal 1999. Reported earnings per share were $1.20, an increase of $.09, or 8.1 percent, over last year's figure of $1.11. Total reported earnings for fiscal year 1999 included a one-time gain of $3,808,000 from the sale of land by Campofrio Alimentacion, S.A., Madrid, Spain, a company in which Hormel Foods has an ownership interest. Excluding this gain, the current year's earnings per share reflect a 10.1 per cent increase over the prior year.

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