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) unveiled 'The Inspired People Plaza' at its Austin, Minn. headquarters on Sept. 15, 2022. The plaza features a 25-foot-tall fork sculpture made from nearly 20,000 donated forks, symbolizing the company's commitment to nourishing communities. This project, initiated by company leaders nearly two years ago, showcases the significance of food in bringing people together. CEO Jim Snee emphasized the power of food to change lives. Hormel Foods, a global food company with over $11 billion in annual revenue, aims to inspire through this artistic tribute.
Justin's, a leader in healthy food products, announced a $15,000 match donation to Conscious Alliance during Hunger Action Month. This initiative, aimed at combating food insecurity, allows supporters to double their contributions, potentially raising a total of $30,000. Justin's, which has partnered with Conscious Alliance for nearly 15 years, hopes to raise awareness and encourage community involvement in addressing hunger. In 2021, Justin's donated over $15,000 and more than 4,100 meals to similar organizations. The collaboration reflects Justin's commitment to corporate social responsibility.
Hormel Foods reported record net sales of $3.0 billion for Q3 2022, marking a 6% increase year-over-year. The company achieved operating income of $291 million, a 40% rise, with a new operating margin of 9.6%.
Despite challenges like inflation and supply chain issues, diluted earnings per share rose 25% to $0.40. Hormel updated its full-year net sales guidance to between $12.2 billion and $12.8 billion, while earnings guidance was lowered to $1.78 to $1.85.
Hormel Foods Corporation (NYSE: HRL) has launched its 16th annual Global Impact Report, detailing progress on its ESG goals for fiscal 2021. Highlights include the introduction of the 20 By 30 Challenge, aiming to meet 20 sustainability goals by 2030, renewable energy initiatives, and extensive animal care audits. The company reported $8.5 million in donations, contributing to hunger relief and educational programs. Hormel has been recognized as a responsible corporate citizen, achieving various awards for its efforts in sustainability and community support.
Justin's, a leader in real food products, announces its continued partnership with the National Honey Board's Honey Saves Hives campaign for the third year, aimed at educating consumers on the vital role of honey bees in our food system. The company highlights its 2021 Corporate Social Responsibility (CSR) Report, showcasing $61,000 donated for pollinator conservation, a 30% reduction target in plastic usage by 2022, and over $40,000 in donations for food system education. The report reflects Justin's commitment to sustainable practices and enhancing consumer awareness of honey bees.
Hormel Foods Corporation (NYSE: HRL) is transitioning to a new strategic operating model, effective October 31, 2022, to enhance agility and customer focus. The company will restructure into three segments: Retail, Foodservice, and International, each tailored to meet market demands and foster growth. This change is designed to strengthen brand leadership and expand global presence, supported by a new center of excellence called Brand Fuel. Hormel aims to report earnings under this model starting Q1 fiscal 2023, with no impact on historical financials.
Hormel Foods Corporation (NYSE: HRL) will announce its third-quarter financial results on September 1, 2022, with a related conference call scheduled for 8:00 a.m. CT. The leaders of the company, Jim Snee and Jacinth Smiley, will also speak at the 2022 Barclays Global Consumer Staples Conference on September 6, 2022, at 3:30 p.m. CT. Hormel Foods, based in Austin, Minn., generates over $11 billion in annual revenue and boasts a portfolio of over 30 well-known brands.
Hormel Foods has launched a social media contest in collaboration with musician Sammy Arriaga to find the crunchiest CORN NUTS kernel. The winner will not only have their crunch featured in a soundtrack performed live by Arriaga but also receive concert tickets and a cash prize of $5,000. The contest opened on July 26, 2022, and will close on August 3, 2022. Participants must create a 30-second TikTok video using Arriaga's sound and include #contest. CORN NUTS products are available at convenience stores and grocery retailers nationwide.
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?
