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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) announced the premiere of its new film Out of the Smoke, showcasing the journey of retired smokejumper Kenneth Perry. The film, created by renowned documentarians, emphasizes the relationship between smokejumpers and SPAM® products, which have been vital for wildland firefighters since 1939. Hormel has committed to donating $25,000 to the Wildland Firefighter Foundation to honor these heroes.
Hormel Foods Corporation (NYSE: HRL) declared a quarterly dividend of 24.50 cents per share on September 27, 2021. This dividend will be paid on November 15, 2021, to shareholders on record as of October 18, 2021. This payment marks the 373rd consecutive quarterly dividend since becoming public in 1928. Hormel Foods, generating over $10 billion in annual revenue, operates globally with numerous well-known brands, and is recognized as a member of the S&P 500 and Dividend Aristocrats.
Justin's, a maker of high-quality nut butters and snacks, has launched two new Super Dark Chocolate Nut Butter Cups: Super Dark Chocolate Peanut Butter Cup and Super Dark Chocolate Espresso Almond Butter Cup. These products are made with 80% cocoa, 5g of sugar, and are USDA-certified organic. The cups are designed for portability and shareability, featuring six individually wrapped units in a 4.2 oz bag. Available at Whole Foods Market, this launch marks a decade since Justin's first introduced the organic peanut butter cup.
Hormel Foods Corporation (NYSE: HRL) launched its 15th annual corporate responsibility report, showcasing achievements from fiscal 2020 and new goals for 2030. The company exceeded targets in areas such as non-renewable energy, water use, and product packaging reductions. Hormel Foods was recognized as one of the 100 Best Corporate Citizens for the 12th consecutive year. Highlights include a commitment to diversity, significant donations over $8.2 million, and launching over 500 new food items. The report aligns with the Global Reporting Initiative standards, emphasizing transparency and accountability.
Jennie-O Turkey Store has released a survey revealing consumer insights for Thanksgiving 2021, interviewing 2,000 participants. Many respondents plan for virtual gatherings alongside in-person events, with 42% also attending Friendsgiving. Meal prep begins in September, with 50% buying frozen turkeys. Interestingly, 49% feel intimidated by cooking turkey. On the day, 28% expect to eat 4-6 pounds of food. Starting Nov. 1, Jennie-O will offer support via its hotline and website to assist with holiday meal planning.
Hormel Health Labs has launched THICK & EASY® TEXTURE MODIFIED BREAD AND DESSERT MIX, designed for individuals with dysphagia, making bread consumption easier. This product meets IDDSI levels 4, 5, and 6 and is made with enriched flour, ensuring safety and nutrition. Dysphagia affects up to 40% of residents in skilled nursing facilities. The mix comes in pre-made loaves, offering 16 slices per loaf and contributes to a more varied diet for those with swallowing difficulties.
Hormel Foods introduces a unique experience with the MR. PEANUT® character's vacation home, INN a NUTshell, located in Minnesota. Starting September 17, fans can book a two-night stay for just $3.59, which includes a $1,500 travel stipend and activities to explore local scenery. This initiative celebrates the PLANTERS® brand's new home in Minnesota. Additionally, Hormel will donate $10,000 to Conservation Minnesota, supporting local wildlife preservation efforts. This marketing strategy aims to enhance brand engagement while promoting community values.
Hormel Foods Corporation (NYSE: HRL) will participate in the Barclays Global Consumer Staples Virtual Conference on September 9, 2021, at 2:40 p.m. ET. Key executives including Jim Snee, Jim Sheehan, and Jeff Frank will discuss company initiatives and strategies. A live webcast of the event will be available on the company's website, with a replay accessible for one year post-event. Hormel Foods operates globally, generating over $9 billion in annual revenue with renowned brands like SPAM and Planters.
Hormel Foods Corporation (NYSE: HRL) reported its third-quarter results for fiscal 2021, achieving record net sales of $2.9 billion, a 20% increase from the previous year. The volume reached 1.2 billion lbs., with an overall operating income of $207 million, down 17%. Despite inflationary pressures affecting raw materials and labor, the company successfully integrated the Planters® snack nuts business. Guidance for full-year net sales is projected between $11.0 - $11.2 billion, with diluted EPS guidance between $1.65 - $1.69.
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