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."

For details, view the entire article by subscribing to Industrial Info's Premium Industry News at http://www.industrialinfo.com/showNews.jsp?newsitemID=141629, or browse other breaking industrial news stories at www.industrialinfo.com.

Industrial Info Resources (IIR) is a marketing information service specializing in industrial process, energy and financial related markets with products and services ranging from industry news, analytics, forecasting, plant and project databases, as well as multimedia services. For more information send inquiries to foodgroup@industrialinfo.com or visit us at www.industrialinfo.com.

Related News Articles

Snack Food Manufacturer Breaks Ground on $25 Million Manufacturing Plant in Arizona

"There's a Tear in My Beer:" Hard Times Creep into the Brewing Industry

Syngenta Seeking Permits for New Corn-Seed Production Facility in Iowa

Contact Information

  • Contact:
    Joe Govreau
    713-783-5147