SOURCE: Industrial Info Resources

December 02, 2008 06:30 ET

Volatile Markets Lower Hormel's 2008 Earnings, an Industrial Info News Alert

SUGAR LAND, TX--(Marketwire - December 2, 2008) - Researched by Industrial Info Resources (Sugar Land, Texas) -- Hormel Foods Corporation (NYSE:HRL) (Austin, Minnesota) has announced that although sales were up 12% for the fourth quarter, its quarterly net earnings fell 32%, from $101.2 million in 4Q07 to $67.8 million this year. Volatility in both the commodities markets and consumer buying patterns has caused rapid change in the economic situation for many U.S. food producers. In a conference call regarding the earnings, Jeffrey M. Ettinger, Hormel's President and CEO, said, "Without a question, we are in a unique and challenging economic environment. Demand has been impacted by the trend to more at-home dining and through changing consumer preferences at retail. These circumstances, coupled with spikes in certain raw materials costs, took a toll on our earnings this quarter."

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