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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 announces the launch of its Happy Little Plants® pepperoni style topping at select Papa Murphy's locations. This new plant-based option caters to the growing consumer demand for healthier food choices without sacrificing taste. Developed in collaboration with chefs and foodservice operators, the topping maintains a traditional pepperoni flavor profile. The launch will occur in cities including Austin, Dallas, and Las Vegas. Hormel continues to expand its plant-based offerings, having introduced the Happy Little Plants® brand in 2019.
Hormel Foods has launched the inaugural "10 Under 20 Food Heroes Awards" to honor ten remarkable youths working for a sustainable food system. Celebrated during the company's Spirit Week from Sept. 14-18, the awards ceremony replaces the Small Change Big Impact Food Summit at Harvard University, postponed due to COVID-19. Awardees will receive grants to support their initiatives against food insecurity and environmental protection. Hormel also recognized 19-year-old Joshua Williams for his charitable work, which has assisted over 600,000 individuals.
The HERDEZ® brand, known as the top-selling salsa brand in Mexico, has launched a new line of refrigerated guacamole featuring authentic flavors and simple ingredients. Debuting in the U.S., the HERDEZ™ Traditional Guacamole line is made with seven ingredients, including Hass avocados and fresh vegetables, and comes in Mild and Spicy varieties. Priced between $2.64 and $5.99, it aims to cater to the growing avocado consumption in American households. This new product will be available nationwide in grocery store deli sections.
Hormel Foods Corporation will participate in the Barclays Global Consumer Staples Virtual Conference on September 8, 2020, at 2:00 p.m. ET. Key executives, including Jim Snee (CEO) and Jim Sheehan (CFO), will present and engage in a fireside chat. Investors can access the live webcast via the company's website. A replay will be available for 180 days post-event. Hormel, known for brands like SPAM® and SKIPPY®, generates over $9 billion in annual revenue across more than 80 countries.
Hormel Foods has launched the Inspired Pathways program, aimed at providing college education opportunities for the dependent children of its team members. This initiative will commence in the 2021-2022 academic year, partnering with community colleges where the company operates. Designed to be inclusive, it requires only high school graduation and meeting community college entry criteria. The program also includes mentorship and career development support. This follows the success of the Hormel Foundation Austin Assurance Scholarship, affirming Hormel's commitment to educational equality.
Hormel Foods Corporation (NYSE: HRL) reported its third-quarter fiscal 2020 results, showcasing a record net sales of $2.4 billion, up 4% year-over-year. Volume increased by 4% to 1.2 billion lbs., while diluted earnings per share remained flat at $0.37. Despite a 1% decline in pretax earnings to $259 million and an 11% drop in operating margin, cash flow from operations surged by 59%. The company faced approximately $40 million in incremental supply chain costs due to COVID-19. Outlook remains cautious due to uncertain foodservice recovery but anticipates continued strength in retail.
Hormel Foods Corporation (HRL) will release its third quarter financial results on August 25, 2020, before the market opens. A conference call is scheduled for 9:00 a.m. CT (10:00 a.m. ET) to discuss the results, featuring CEO Jim Snee and CFO Jim Sheehan. Investors can access the live webcast on the company's website.
Hormel Foods, based in Austin, Minn., generates over $9 billion in annual revenue, boasting popular brands like SKIPPY and SPAM.
Fontanini Foods, a subsidiary of Hormel Foods (NYSE: HRL), has announced the return of all 150 furloughed employees as part of its recovery strategy. The furlough, initiated on May 4, was a response to challenges in the foodservice sector due to the pandemic. The company has reinstated health benefits during the furlough period. Plant manager Kyle Kuhnke expressed optimism about welcoming back the dedicated workforce. Fontanini is known for its authentic Italian products served in prominent venues, indicating a positive shift as the foodservice industry recovers.
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