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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 Corporation (NYSE: HRL) has acquired a 29% minority stake in PT Garudafood Putra Putri Jaya Tbk, a leading food and beverage company in Indonesia, as part of its strategy to enhance its global presence. The deal, which closed on Dec. 15, 2022, strengthens Hormel's partnership with Garudafood, known for its popular brands such as Garuda snacks and Gery biscuits. This investment aims to leverage Garudafood's local market expertise and Hormel's extensive history to accelerate growth in Indonesia and Southeast Asia, particularly in the snacking category.
Hormel Foods reported a 4Q 2022 net sales of $3.3 billion, down 5%, with organic net sales up 2%. The company achieved a fiscal 2022 record net sales of $12.5 billion, a 9% increase, supported by strong demand in U.S. retail. Diluted earnings per share for the quarter remained at $0.51, while fiscal earnings per share rose 10% to $1.82. Despite challenges, the company plans for fiscal 2023 growth, projecting net sales between $12.6 and $12.9 billion.
Hormel Foods Corporation (NYSE: HRL) announced its 84th consecutive annual profit sharing for eligible team members on November 23, 2022. The profit-sharing grant varies yearly based on company performance, with recent distributions ranging from $14 million to $17 million.
CEO Jim Snee emphasized the company's commitment to rewarding employees who contribute to its global success. Established in 1938, this tradition has become a Thanksgiving eve event, reflecting the company's dedication to its workforce and community.
The Jennie-O turkey brand celebrated its partnership with Chef Carla Hall by honoring school cafeteria staff at Panorama High School in Los Angeles on November 17, 2022. This event is part of the School Cafeteria Takeovers initiative, which began in Knoxville, Tennessee. As the first district to serve Jennie-O's No Antibiotics Ever turkey, LAUSD emphasized the importance of nutritious meals for students. The event also featured a baking tutorial and local business support for school cafeteria heroes. Jennie-O serves over 5,000 school districts across the U.S. and is the leading turkey provider in nine of the top ten districts.
Hormel Foods Corporation (NYSE: HRL) has awarded two $10,000 scholarships through its Hormel Heroes Scholarship Program to support students with military backgrounds pursuing careers in culinary arts. Recipients Kristal Qualls, a U.S. Army member studying baking and pastry arts, and Rose Picard, a military veteran completing her studies in applied food studies, received recognition on Veterans Day for their dedication and contributions. Hormel Foods aims to assist veterans in their educational pursuits, reflecting its commitment to the military community.
Hormel Foods CEO Jim Snee Recognized
Hormel Foods Corporation (NYSE: HRL) announced that its chairman and CEO, Jim Snee, was awarded the 2022 Responsible CEO of the Year by 3BL Media for his transformative leadership. This recognition highlights Hormel's commitment to environmental, social, and governance (ESG) initiatives, especially in equity in education and food security. The award was presented on October 25, 2022, during the Brands Taking Stands forum in New York City. Hormel Foods continues to receive accolades for its ESG efforts, underscoring its role in fostering community well-being.
Hormel Foods Corporation (NYSE: HRL) will host a conference call on November 30, 2022, to discuss its fourth quarter and full-year financial results. The earnings press release will be issued before the market opens that day. Jim Snee, the CEO, and Jacinth Smiley, the CFO, will lead the call at 8 a.m. CT (9 a.m. ET). Investors can access the webcast and additional information on the company's investor website.
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