Hormel Foods Corp. reported this week record earnings of 43 cents per share for the fiscal 2016 first quarter, a 23% increase from the same period last year.

“We are pleased to report a double-digit earnings increase for the quarter, with four of our five segments posting earnings growth,” said Jeffrey Ettinger, Hormel board chairman and chief executive officer. “This marks our 11th consecutive quarter of achieving record earnings results.”

The company reported record net earnings of $235.1 million for the 2016 first quarter, a 25% increase from $187.3 million during the same period last year. 

Sales for the quarter were 4% lower at $2.3 billion, which Ettinger attributed to “turkey supply constraints and lower pricing due to declining pork markets.”

Grocery Products operating profit jumped 26% compared to 2015, benefiting from favorable raw material costs and improved plant efficiencies.

For the Refrigerated Foods segment, profit increased 65%, driven by higher pork operating margins and strong results in the value-added businesses.

According to Hormel, Jennie-O Turkey Store operating profit decreased 2%, reflecting the “substantial impact of the avian influenza outbreak.”

“Our strong earnings performance in the first quarter — led by Refrigerated Foods, Grocery Products and Specialty Foods — along with the positive momentum at Jennie-O Turkey Store, has given us confidence to raise our fiscal 2016 earnings guidance range from $1.43-1.48 per share to $1.50-1.56 per share,” James Snee, Hormel president and chief operating officer, said.

Snee added that the company expects pork operating margins to moderate as the year progresses and said its turkey production is on pace to return to normalized levels by the end of the second quarter.