AUSTIN, Minn. – Hormel Foods Corp. announced that its quarterly dividend on the common stock will be paid Aug. 15 to stockholders of record at the close of business on July 18. The dividend was authorized by the Board of Directors at 14.5¢ a share on May 23.
Since becoming a public company in 1928, Hormel Foods has paid a regular quarterly dividend to its shareholders without interruption – the Aug. 15 payment will be the 352nd consecutive quarterly dividend paid by the company.
For the second quarter, Hormel Foods reported net earnings of $215.4 million, or 40 cents per diluted share, for the second quarter, up 20 percent from $180.2 million, or 33 cents per diluted share a year ago. Earnings per share measures reflect a two-for-one stock split distributed on Feb. 9, the company said.
Sales for the quarter climbed 1 percent to $2.3 billion.
“Hormel Foods delivered strong results this quarter, our twelfth consecutive quarter of record earnings, with four of five segments achieving double-digit increases in operating profits,” Jeffrey M. Ettinger, chairman and CEO, said in a statement. “Excellent results in Refrigerated Foods and Grocery Products were driven by favorable pork operating margins and solid growth posted by value-added products such as Hormel Natural Choice meats, Hormel pepperoni, Hormel Gatherings party trays, Skippy peanut butter, Hormel chili and Wholly Guacamole dips.”