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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, through its SKIPPY® brand, has launched the PBJ X Pro, a versatile utensil designed for making peanut butter and jelly sandwiches. This innovative tool combines a knife, spoon, and features like a mirror, custom stamp, crimping wheel, flashlight, and a speaker. Launched on March 29, 2023, ahead of National Peanut Butter and Jelly Day on April 2, the PBJ X Pro aims to enhance the sandwich-making experience. Only one PBJ X Pro will be given away to a fan through a social media contest, encouraging engagement with the brand.
Hormel Foods Corporation (NYSE: HRL) has announced a quarterly dividend of $0.275 per share, payable on May 15, 2023, to shareholders recorded by April 17, 2023. This marks the 379th consecutive quarterly dividend paid by the company, which has maintained uninterrupted dividend payments since going public in 1928. Hormel Foods, based in Austin, Minnesota, reported over $12 billion in annual revenue and is recognized for its extensive portfolio of brands, including Planters, SPAM, and Jennie-O.
Hormel Foods Corporation (NYSE: HRL) announced the election of Ray Young, former vice chairman and CFO of Archer-Daniels-Midland, and Mike Zechmeister, CFO of C.H. Robinson, to its Board of Directors on March 27, 2023. Both new members bring extensive financial expertise, with Young joining the Audit and Governance Committees and Zechmeister joining the Audit and Compensation Committees. CEO Jim Snee expressed enthusiasm for their addition, highlighting Young's global experience and Zechmeister's proven financial leadership in the food sector. Hormel operates in over 80 countries, generating over $12 billion in annual revenue.
Hormel Foods is ramping up its snacking offerings as college basketball season heats up. The company, based in Austin, Minnesota, highlights eight elite snacking options to enhance the game-day experience. Featured products include Hormel Gatherings® Party Trays, Columbus® Charcuterie Boards, and Chocolate-Covered Hormel® Black Label® Bacon. The emphasis is on convenience and flavor, appealing to fans looking for quick and delicious recipes as they gather for tournament games. Hormel Foods generates over $12 billion in annual revenue and is known for its popular brands such as SPAM® and Planters®.
On March 22, 2023, Hormel Foods Corporation (NYSE: HRL) announced a celebration in honor of National Chip and Dip Day on March 23. The company highlighted its extensive range of snack combinations, including CHI-CHI'S tortilla chips paired with Herdez salsa and Hormel chili cheese dip. Brand manager Jason Hron emphasized the occasion as a perfect opportunity for gatherings and sporting events with friends and family. Hormel encourages fans to share their favorite dips on social media. Hormel Foods operates globally with annual revenues exceeding $12 billion and a diverse portfolio of brands.
Hormel Foods has launched the Fontanini® Cup & Char Sausage, an innovative pizza topping that introduces crispy, caramelized edges and authentic Italian flavors. This unique product aims to enhance the pizza topping experience, addressing the ongoing debate about pizza toppings' presentation. The company emphasizes its commitment to continuous innovation in foodservice, building on its success with acclaimed products like Rosa Grande® Pepperoni. Hormel Foods, based in Austin, Minn., boasts over $12 billion in annual revenue and operates in more than 80 countries, showcasing a strong market presence.
Hormel Foods (NYSE: HRL) has announced the selection of 20 chefs for its Culinary Enrichment and Innovation Program (CEIP) Class of 2024, set to begin on April 3, 2023. This program, in collaboration with The Culinary Institute of America, focuses on enhancing culinary leadership and innovation skills tailored for foodservice operations. Participants will engage in intensive training over 12 months, covering contemporary culinary topics and menu development. Hormel Foods financially supports the program by covering tuition for participants, emphasizing its commitment to fostering culinary talent within the industry.
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