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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 (NYSE: HRL) reported its second quarter results for fiscal 2024, ending April 28. The company saw net sales of $2.89 billion, a decrease compared to $2.98 billion in the same period last year. Operating income also dropped to $252 million from $296 million. The adjusted diluted net earnings per share were $0.38, down from $0.40, while the effective tax rate increased to 22.5% from 22.1%. Despite these declines, the company experienced a 13% increase in cash flow from operations, totaling $236 million. For the first half of the year, Hormel Foods reported net sales of $5.88 billion and an operating income of $537 million. The company updated its full-year earnings outlook, reaffirming net sales growth of 1-3% and adjusting its diluted net earnings per share to $1.55-$1.65. Hormel Foods continues to focus on strategic initiatives to drive long-term growth, particularly in the Foodservice and International segments.
Hormel Foods has launched its largest-ever summer internship program, welcoming over 90 college students from more than 50 universities. The 10-week program, recognized by Vault as one of the best in the nation, covers various fields such as sales, engineering, marketing, and food science. Hormel aims to convert over 70% of these interns into full-time employees. Interns will gain hands-on experience and work across multiple company departments, contributing to a Fortune 500 global branded food company. The program runs through August 2, 2024.
The makers of WHOLLY® GUACAMOLE, America's No. 1 refrigerated guacamole brand, have introduced their latest product: WHOLLY® GUACAMOLE Extra Chunky Restaurant Style guacamole. This new product is crafted with real hand-scooped Hass avocados, tomatoes, red onions, cilantro, lime juice, jalapeño peppers, and spices to provide a medium heat kick. It aims to replicate the restaurant guacamole experience at home, catering to over 62% of consumers who are shifting towards home meals. Available in multiple sizes at various grocery retailers, this product targets those looking for convenient, authentic-tasting guacamole.
Hormel Foods (NYSE: HRL) announced its quarterly dividend of 28.25 cents per share on May 20, 2024.
The dividend is set to be paid on August 15, 2024, to shareholders on record as of July 15, 2024.
This marks the 384th consecutive quarterly dividend payment by Hormel since it became a public company in 1928.
Hormel Foods is a Fortune 500 global branded food company.
MegaMex Foods has launched a new product line called HERDEZ® Quemada Charred Salsas, aimed at enhancing restaurant menus with unique, deep charred flavors. The salsas are available in four flavors: Salsa Roja, Salsa Verde, Salsa Poblano, and Salsa Chipotle, with heat levels ranging from mild to medium. The salsas are made with ingredients like charred tomatoes, tomatillos, and various peppers, offering a house-made consistency. These products are available in 4/67 oz resealable jugs and are designed for foodservice operations seeking innovative flavors. For more information, visit MegaMex Foods’ website.
Hormel Foods announced the appointment of Colleen Batcheler as the new Senior Vice President, External Affairs & General Counsel. Batcheler will oversee the Legal and External Affairs function, reporting directly to Jim Snee, the CEO. She brings over 25 years of legal experience to the role.
Hormel Foods Sales, issued a voluntary recall for specific PLANTERS® products distributed to two retailers in five states due to potential Listeria monocytogenes contamination. No consumer illnesses reported. The affected products include Honey Roasted Peanuts and Deluxe Lightly Salted Mixed Nuts with specific UPC codes and expiration dates.
Hormel Foods (NYSE: HRL) will hold a conference call to discuss its second-quarter financial results. The call will feature key executives and will take place on May 30, 2024, at 8 a.m. CT. Interested parties can access the webcast and other related information on the company's investor website.
The PLANTERS® brand has introduced a new salt & vinegar flavored cashews to their portfolio, aiming to provide a unique snacking experience for consumers. The new flavor is part of their successful line of flavored cashews, following the release of other exciting varieties in the past.
The makers of the CORN NUTS® brand have introduced a new flavor, Loaded Taco, to their lineup. These crunchy corn kernels are now available at retailers and convenience stores nationwide, offering a bold and familiar taste experience. The addition of Loaded Taco Flavor expands the brand's already diverse portfolio of snack options, providing consumers with a satisfying and delicious snacking choice.
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