Hormel Reports Record Earnings
MINNEAPOLIS (AP) — Hormel is reporting a record second-quarter profit of $180.2 million despite the impacts of bird flu that has killed more than 8 million birds in Minnesota.
The Austin, Minnesota, company reported a profit of 67 cents per share Wednesday, topping Wall Street expectations by a nickel.
CEO Jeffrey Ettinger told analysts that operating profits at the company's Jennie-O Turkey Store segment rose 41 percent though bird flu outbreaks that have hit about 55 farms that supply it with turkeys. But he says supply disruptions will cut Jennie-O's second-half sales by 15 percent and force it to buy turkey from outside suppliers at higher costs.
Shares of Hormel Foods Corp. were up more than 1 percent in early trading.