In Despite challenges, Hormel nets record profits; Company expects strong finish to 2015, Trey Mewes reports at the Austin (MN) Herald:
Hormel Foods Corp. continued to post record profits over the past quarter despite a severe shortage in turkey livestock and decreasing international sales.
Hormel announced Wednesday $146.9 million in third-quarter net earnings, up 6 percent from $138 million. . .
The profits come even though one division of the meat-packing giant was set back because of the avian flu pandemic earlier this year, Mewes reports:
. . . Jennie-O Turkey Store reported a 45 percent decrease in its segment profits after avian flu outbreaks in Minnesota over the summer dramatically affected Hormel’s turkey stock. At one point, 55 farms which served Hormel had been closed because of the flu.
Despite what Ettinger called an “unprecedented shortage” in turkey supplies, Hormel has repopulated about two-thirds of its turkey supply at company farms and expects to operate at normal capacity by the end of the fall, barring further flu outbreaks. Still, Hormel expects turkey volume struggles through the beginning of 2016. . . .
Photo: The Jennie-O Turkey Store plant #4 located behind the Jennie-O headquarter in Willmar, pictured here in West Central Tribune file photo.
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