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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 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.
Hormel Foods Corporation (NYSE: HRL) has been recognized as the 21st company on Selling Power's 50 Best Companies to Sell For list, marking the 20th consecutive year for this honor. This accolade highlights Hormel's commitment to providing exceptional benefits and training for its sales team. The ranking considers factors such as compensation, hiring and training, and customer retention. According to Selling Power's founder, this recognition reflects a strong sales culture at Hormel, making it an attractive option for top sales talent.
Hormel Foods Corporation (NYSE: HRL) announced a commitment of up to $300,000 to support education and equity through its Inspired Giving program. This initiative allows matching donations from employees and retirees to selected charities. Three organizations, including the Minorities in Agriculture, Natural Resources and Related Sciences (MANRRS), were chosen by the company’s Inclusion and Diversity Guiding Coalition. Hormel has contributed over $50 million to charitable causes in the past five years, reinforcing its commitment to corporate social responsibility.
Hormel Foods Corporation (NYSE: HRL) has announced the reopening of its popular SPAM Museum in Austin, Minnesota, on July 2, 2020. The museum will offer both in-person visits and live virtual tours via Zoom. Previously closed due to COVID-19, the museum's team delivered over 20,000 meals to seniors in the Austin community during its closure. The reopening includes strict cleaning protocols and social distancing measures. For those interested in virtual experiences, customized tours are now available to enhance guest interaction.
The makers of Lloyd's® barbeque products announced the launch of two new offerings: pecanwood smoked pulled pork and hardwood smoked chicken, both featuring the award-winning Pig Beach Mustard BBQ Sauce. The sauce has won the Memphis in May World Championship two times. The new products are perfect for gatherings or quick meals. Each 16-ounce tray is priced between $5.99 and $7.99 and is available at select retailers nationwide. Hormel Foods, the parent company, boasts over $9 billion in annual revenue.
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