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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 introduced the new Perfect Plate™ products designed for retailers to meet the growing demand for touch-free, convenient meal options. These products help lessen back-of-house challenges by eliminating the need for deli staff to handle or assemble meals. The offerings include five meal varieties like Brisket Mac & Cheese and Chicken Fettuccine Alfredo, and four protein starter options. Retail prices range from $6.99 to $7.99. The initiative aims to capitalize on the trend for ready-to-eat meals, enhancing the selection available in stores.
Hormel Foods Corporation (NYSE: HRL) announced on February 22, 2021, the appointment of Jeff Frank as vice president of Grocery Products, overseeing the strategic integration of the recently acquired Planters and Corn Nuts brands, expected to complete by summer 2021. Jim Snee, CEO, emphasized that this acquisition is the largest in Hormel's history, requiring focused leadership. Additionally, Annemarie Vaupel was promoted to vice president of marketing for the Foodservice division, continuing her significant contributions to the company.
Hormel Foods Corporation (NYSE: HRL) reported its first-quarter fiscal 2021 results, revealing a record net sales of $2.5 billion, up 3% year-over-year. However, pretax earnings fell 5% to $277 million, with diluted earnings per share declining 9% to $0.41. Despite a 1% drop in volume, all segments achieved sales growth, particularly Grocery Products and International segments. Looking ahead, Hormel anticipates full-year EPS guidance between $1.70 and $1.82, excluding the impact of the planned acquisition of the Planters snack nuts business for $2.79 billion.
Hormel Foods has launched its new Hormel® pretzel bites and cheese tray as part of its Hormel Gatherings® line, responding to the growing trend in snack consumption amid the COVID-19 pandemic. This innovative product features soft pretzel bites and cheddar cheese sauce, packaged for easy preparation and intended for small gatherings or in-home entertainment. Priced between $6.99 and $7.99, this product is designed to appeal to families and is available in select deli sections.
Hormel Foods Corporation (NYSE: HRL) announced its definitive agreement to acquire the Planters® snack nut portfolio from Kraft Heinz Company (Nasdaq: KHC) for $3.35 billion in cash. This transaction, expected to close in calendar Q2 2021, represents an effective purchase price of $2.79 billion after accounting for a tax benefit valued at $560 million. The acquisition adds a $1 billion brand to Hormel's portfolio, broadening its presence in the growing snacking market and anticipated to yield $50-60 million in synergies by 2024.
Hormel Foods Corporation (NYSE: HRL) will announce its first quarter financial results before the market opens on February 18, 2021. A conference call featuring CEO Jim Snee and CFO Jim Sheehan will commence at 8:00 a.m. CT (9:00 a.m. ET) to discuss the earnings report. Investors can listen live via the company's website or by dialing in using the provided numbers. Hormel Foods, a global food company based in Austin, Minn., boasts over $9 billion in annual revenue and includes well-known brands like SPAM® and SKIPPY®.
Hormel Foods Corporation (NYSE: HRL) has launched its new digital thought-leadership series, "Heart to Table", featuring stories and interviews with renowned chefs and food influencers. This initiative aims to celebrate the intersection of food, culture, and personal experiences. Brent Graber and host Laurie March lead the series, showcasing new podcast episodes and social media interactions. Esteemed guests include Chef Michael Mina and others, who share insights and recipes. The first four episodes are available now, with new releases scheduled monthly.
Hormel Foods Corporation (NYSE: HRL) announced that Glenn Leitch, executive vice president of supply chain, will retire in Q2 2021. Mark Coffey, senior vice president of supply chain and manufacturing, will take over as group vice president of supply chain. Jen Ehresmann has been named vice president of supply chain. Hormel's supply chain encompasses over 30 production facilities worldwide. Jim Snee praised Leitch's leadership during the pandemic for ensuring workforce safety and product availability. Hormel Foods reported over $9 billion in annual revenue and is part of the S&P 500 Index.
Hormel Foods Corporation (HRL) announced ambitious environmental sustainability goals as part of its 20 By 30 Challenge. By 2030, the company aims to match 100% of its global energy use with renewable sources and set science-based targets for greenhouse gas emissions reduction by 2023. Hormel also plans to enhance water quality through regenerative agriculture initiatives. These initiatives build on previous achievements in reducing packaging, energy use, emissions, water use, and landfill waste. Hormel has received recognition for its corporate responsibility, being named among the best corporate citizens and responsible companies.
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