Welcome to our dedicated page for Hormel Foods Corporation news (Ticker: HRL), a resource for investors and traders seeking the latest updates and insights on Hormel Foods Corporation stock.
Hormel Foods Corporation (NYSE: HRL), headquartered in Austin, Minnesota, is a globally recognized Fortune 500 company, noted for its extensive portfolio of consumer-branded food and meat products. Renowned for quality, taste, and nutrition, Hormel Foods has built a strong reputation among consumers, retail grocers, foodservice, and industrial customers. The company’s diverse product range includes hams, bacon, sausages, franks, canned luncheon meats, stews, chilis, hash, meat spreads, shelf-stable microwaveable entrees, and salsas.
Historically meat-focused, Hormel Foods has broadened its offerings to include various protein sources, becoming a comprehensive branded food company. Its major brands like Hormel, Spam, Jennie-O, Columbus, Applegate, Planters, and Skippy hold dominant market positions in their respective categories. In fiscal 2023, U.S. retail accounted for 64% of sales, U.S. food service for 30%, and international sales for 6%, with 70% of sales from perishable food and 30% from shelf-stable products.
Recently, Hormel Foods has demonstrated strong performance across its business segments, particularly in the first quarter of fiscal 2024. The company’s strategic initiatives in transformation and modernization have shown promising results. Highlights include broad-based volume growth, robust demand for foodservice products, and significant progress in their Planters® snack nuts business. CEO Jim Snee emphasized the team's focused execution of strategic priorities and improvements in the supply chain, which have positively impacted the company’s growth trajectory and shareholder returns.
The company's ongoing projects include the redesign of the HORMEL® NATURAL CHOICE® product packaging, reducing packaging material by 337,000 pounds annually, and introducing HORMEL® Ribbon Pepperoni, aimed at improving pizza preparation efficiency for foodservice operators. Additionally, Hormel Foods continues to support young innovators through its 10 Under 20 Food Heroes program, recognizing and mentoring youth driving positive change in the food system.
Hormel Foods Corporation reported strong financial results for the second quarter of fiscal 2024, with continued growth in the Foodservice and International segments, improvements in the supply chain, and stable volumes across its business. The company remains focused on strategic initiatives to drive long-term growth and shareholder returns, reaffirming its commitment to excellence in quality, sustainability, and community impact.
For more information, visit www.hormelfoods.com.
Hormel Foods Corporation (NYSE: HRL) will engage in a fireside chat at the BofA Securities 2023 Consumer & Retail Conference on March 14, 2023, at 10:20 a.m. CT. Key executives, including Jacinth Smiley, Deanna Brady, and Scott Aakre, will represent the company. The live webcast and replay information will be available on Hormel's investor website. Hormel Foods, based in Austin, Minn., boasts over $12 billion in annual revenue, offering brands like Planters, SPAM, and Jennie-O across more than 80 countries. It is part of the S&P 500 Index and recognized for its corporate responsibility.
Hormel Foods Corporation (NYSE: HRL) reported Q1 fiscal 2023 results with net sales of $3.0 billion and diluted EPS of $0.40. Operating income stood at $289 million, with an operating margin of 9.7%. Despite strong demand for core brands like Hormel® Black Label® bacon, overall results fell short of expectations due to inflationary pressures and lower sales volumes. The company anticipates net sales growth of 1-3% for the full year and maintains EPS guidance of $1.70 to $1.82. Challenges include high inventory levels and supply chain inefficiencies, particularly in the snack nuts category and turkey supply.
Hormel Foods celebrates the 12th annual MLK essay contest, honoring students who write about Dr. Martin Luther King Jr.'s legacy. Winners Ava Pigrum, Andre Smith, and Michael Htoo visited Hormel's headquarters to share their essays. Sponsored by the Black Leaders & Allies Advancing Cultural Knowledge (BLAACK) group, the competition aims to promote the legacy of Dr. King and reinforce cultural diversity. Hormel, a global food brand with over $12 billion in annual revenue, continues to integrate community initiatives with corporate values, striving to uplift humanity through this educational outreach.
Hormel Foods teamed up with the World Pizza Champions to host the world's largest in-person pizza party, aiming to raise funds for Make-A-Wish. The event took place at the University of Tulsa, Oklahoma, where 40 renowned pizza-makers participated. Hormel Foods sponsored the gathering with a $10,000 donation to Make-A-Wish, encouraging attendees to contribute as well. This follows Hormel's record for the largest virtual pizza party, highlighting their commitment to community engagement and charity.
Jennie-O, a prominent turkey brand, collaborates with chef Carla Hall to honor school cafeteria staff through the School Cafeteria Takeovers program. This initiative, launched in October, aims to appreciate the unsung heroes in education by providing a special event at Mandarin Immersion Magnet School in Houston. The campaign includes baking tutorials, wellness activities, and personal gratitude notes from students. Additionally, Jennie-O will donate $25,000 in kitchen equipment to four schools to support those in need. Jennie-O is recognized as the leading turkey provider for over 5,000 school districts across the U.S.
Hormel Foods Corporation (NYSE: HRL) announced that its Columbus® Charcuterie Tasting Board has won the Appetizer Category in the 2023 Product of the Year Canada awards. Recognized for its innovation, the product is gaining traction in Canada and the U.S. as a premium charcuterie option, providing convenience for consumers who prefer ready-made options. The Product of the Year award is based on votes from 4,000 consumers, highlighting the product's popularity and quality. Hormel Foods operates globally with over $12 billion in annual revenue and a diverse portfolio of brands.
Hormel Foods Corporation (NYSE: HRL) announced it will release recast historical financial data on Feb. 28, 2023 as part of its new operating model, GoFWD. The company will also host a webcast at 4 p.m. CT to discuss the new financial reporting structure. Furthermore, Hormel will issue its first-quarter earnings release on Mar. 2, 2023, followed by a conference call at 8:30 a.m. CT. The company reports over $12 billion in annual revenue, offering a range of well-known brands across more than 80 countries.
Hormel Foods Corporation (NYSE: HRL), a leading global food company, has elevated Henry Hsia to vice president of Retail marketing for Snacking and entertaining as of February 3, 2023. Hsia will oversee brand-building for notable brands including Planters®, Corn Nuts®, and Hormel Gatherings®. Having joined Hormel in October 2018 after the Columbus Craft Meats acquisition, Hsia has successfully led marketing and R&D for the Columbus® brand. Jim Snee, CEO of Hormel Foods, expressed confidence in Hsia's leadership skills to drive growth in this important segment, which aligns with Hormel's vision of delivering trusted food brands worldwide.
FAQ
What is the current stock price of Hormel Foods Corporation (HRL)?
What is the market cap of Hormel Foods Corporation (HRL)?
What does Hormel Foods Corporation specialize in?
What are the main brands of Hormel Foods?
How has Hormel Foods performed recently?
What strategic initiatives is Hormel Foods currently undertaking?
How does Hormel Foods support sustainability?
What is the significance of the HORMEL® NATURAL CHOICE® packaging redesign?
What is the newest product innovation by Hormel Foods?
How does Hormel Foods engage with young innovators?
What are the financial highlights of Hormel Foods for the second quarter of fiscal 2024?
Where can I find more information about Hormel Foods?
