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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.
The makers of the SPAM® brand have unveiled a new flavor, SPAM® Korean BBQ, which is now exclusively available at Walmart and Walmart.com. This new variety incorporates a unique blend of umami and Korean-inspired spices, including soy sauce, garlic, ginger, paprika, sesame, and gochujang paste. Known for its historical significance in Korean culture, the SPAM® brand continues to innovate with this latest offering, which aims to attract both loyal fans and new customers. The product is designed to be versatile, suitable for grilling, rice dishes, or sandwiches. Esteemed New York City Chef Esther Choi has joined the launch, bringing her culinary expertise to showcase the new flavor in signature dishes. Visit spam.com for recipes and preparation tips.
The Skippy® brand, the Official Peanut Butter partner of USA Gymnastics, has teamed up with Olympic legends Dominique Dawes and Chellsie Memmel for Gymnastics City USA 2024 in Minneapolis.
This partnership aims to promote Skippy® peanut butter as a nutritious protein snack for athletes.
Dawes and Memmel, both Olympic medalists, will sign autographs and engage with fans in the Flip Zone at Target Plaza outside the Target Center, the site of the Olympic Trials.
Visitors can enjoy interactive experiences, product samples, and have a chance to win Skippy® branded prizes.
Skippy® will also provide its products to athletes throughout the event. For more details, visit @skippybrand on Instagram or gymnasticscity24.com.
The PLANTERS® brand proudly introduces its new trio of Peanutters who will pilot the iconic NUTmobile for the next year. Chosen for their dynamic personalities and love for adventure, the new Peanutters—Jessie Carl, Katie Krupinski, and Ryan Connors—bring diverse talents from musical theatre, public relations, and communications.
They underwent two weeks of training at Hormel Foods' headquarters in Austin, Minnesota, and are set to embark on a year-long nationwide tour. Fans can follow their journey on Instagram and TikTok, and even request the NUTmobile to stop at local events via www.RequestTheNutmobile.com.
The LA Galaxy and Dignity Health Sports Park have announced a multi-year partnership with MegaMex Foods, maker of the HERDEZ® brand, the top-selling salsa brand in Mexico.
This collaboration makes HERDEZ® the official salsa of the LA Galaxy and an official partner of Dignity Health Sports Park (DHSP).
The partnership will see HERDEZ® salsa integrated into all DHSP concessions, enhancing the game-day experience with authentic Mexican flavors.
HERDEZ® branding will be featured prominently during Galaxy games through static and digital signage, LED ribbon boards, and digital scoreboards.
The HERDEZ® brand will also engage fans with a custom activation space during four MLS regular season games and support a special content series during Hispanic Heritage Month.
Both parties aim to enrich the fan experience and deepen connections with the community.
Hormel Foods (NYSE: HRL), a global branded food company, has announced its participation in the 2024 Oppenheimer Consumer Growth & E-Commerce Conference on June 10, 2024. The event will take place at 11:45 a.m. CT (12:45 p.m. ET). Representing Hormel Foods will be Jim Snee, chairman, president, and CEO, along with Jacinth Smiley, executive vice president and CFO. Interested parties can access the live webcast and replay on Hormel Foods' investor website.
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.
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