Food Business News - June 12, 2018 - 17
we expect it to be, the move into the
Grocery Products segment will provide
more branding and marketing resources, and I expect that shift will return
CytoSport to growth."
The company's Jennie-O Turkey
Store business faced challenges as well
during the quarter. Sales fell 4% to
$371,916,000 and operating income fell
33% to $42,356,000. Mr. Snee said an
oversupply of turkey was one reason for
the weak performance, but added management is seeing some signs the supply
issues may be changing.
"... We are seeing signs of supply
to lead the
J.R. Simplot Co.
BOISE, IDAHO - Garrett Lofto will become
president and chief executive officer of
the J.R. Simplot Co. on Sept. 1. He will
succeed Bill Whitacre, who announced
he was planning to retire this past April.
Mr. Lofto has been president of the company's Agribusiness group since 2009.
He has been with the company for the
past 26 years.
"Garrett is an
and has the vision
to guide the company into an exciting
future," said Scott
of Simplot's board of
directors. "We're well
positioned for success
across our organization, and the Simplot
family and board of directors are confident we've got the right leader to help us
achieve great things."
Mr. Whitacre retires after an 18-year
career with the J. R. Simplot Co., the past
nine as president and c.e.o. As c.e.o., he
expanded the company's international
footprint and enhanced its position with
communities, industries, customers and
employees. By strengthening Simplot's
competitive position and growing its
global presence, Mr. Whitacre has
overseen an increase in revenues from
approximately $4.5 billion to $6 billion
June 12, 2018
reductions," he said. "We are seeing
poultry placements down low single
digits, which is a good metric. The cold
storage inventories, we're seeing breast
meat down 3%. On the other hand, we
are seeing whole birds up 14%. So, as
we're thinking through this, clearly
those are some positive indicators for
the business. But because of that runup in whole bird inventories and the
decrease in the whole bird market, that's
still going to have an impact on the back
half of this year and into early 2019."
Hormel Foods management reaffirmed its fiscal 2018 guidance of sales in
the range of $9.7 billion to $10.1 billion
and earnings per share of $1.81 to $1.95.
Mr. Snee said the company kept
its guidance range wide, because of
marketplace volatility related to the pork
market, the turkey market and rising
costs associated with freight. FBN
Food Business News