Hormel Foods Corp. Reports Q1 2024 Results

TL;DR

Hormel Foods Corp. reported Q1 2024 net sales of $3.0 billion and net earnings of $250.1 million, with diluted EPS at $0.44.

AI Summary

HORMEL FOODS CORP /DE/ (HRL) filed a Quarterly Report (10-Q) with the SEC on February 29, 2024. Net sales for the first quarter of 2024 were $3.0 billion. Net earnings for the first quarter of 2024 were $250.1 million. Diluted earnings per share (EPS) for the first quarter of 2024 were $0.44. The company reported $1.1 billion in net sales for the Refrigerated Foods segment. The company reported $650.1 million in net sales for the Spiced Foods segment.

Why It Matters

For investors and stakeholders tracking HORMEL FOODS CORP /DE/, this filing contains several important signals. The filing provides detailed financial performance for the quarter ending January 28, 2024, allowing investors to assess the company's operational efficiency and profitability. Specific segment sales figures, such as $1.1 billion for Refrigerated Foods and $650.1 million for Spiced Foods, offer insights into the performance drivers within Hormel's diverse business units.

Risk Assessment

Risk Level: low — HORMEL FOODS CORP /DE/ shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediately apparent significant risks or negative trends highlighted.

Analyst Insight

Monitor future filings for trends in segment performance and any changes in cost of goods sold or operating expenses.

Financial Highlights

revenue

3.0 billion

net Income

250.1 million

eps

0.44

Revenue Breakdown

Key Numbers

• 3.0 billion — Net Sales (First quarter of 2024)
• 250.1 million — Net Earnings (First quarter of 2024)
• 0.44 — Diluted EPS (First quarter of 2024)
• 1.1 billion — Net Sales - Refrigerated Foods (First quarter of 2024)
• 650.1 million — Net Sales - Spiced Foods (First quarter of 2024)

Key Players & Entities

• HORMEL FOODS CORP /DE/ (company) — FILER
• 0000048465 (company) — CENTRAL INDEX KEY
• 2024-01-28 (date) — CONFORMED PERIOD OF REPORT
• 2024-02-29 (date) — FILED AS OF DATE
• AUSTIN (location) — CITY
• MN (location) — STATE
• 55912-3680 (postal_code) — ZIP
• 1 HORMEL PLACE (address) — BUSINESS ADDRESS

FAQ

Key Dates

• 2024-01-28: End of Fiscal Quarter — Reporting period for the 10-Q filing.
• 2024-02-29: Filing Date — Date the 10-Q was officially submitted to the SEC.

Key Financial Figures

• $0.01465 — ange on which registered Common Stock $0.01465 par value HRL New York Stock Exchange
• $0.01 — ue 547,687,578 Common Stock Nonvoting $0.01 par value 0 Table of Contents TABLE

Filing Documents

• hrl-20240128.htm (10-Q) — 1070KB
• ex31-restatedcertificateof.htm (EX-3.1) — 52KB
• ex101-hrllongxtermincentiv.htm (EX-10.1) — 70KB
• ex102-hrlstockoptionagreem.htm (EX-10.2) — 41KB
• ex103-hrlrestrictedstockun.htm (EX-10.3) — 34KB
• hrlq12024ex311ceosoxcertif.htm (EX-31.1) — 10KB
• hrlq12024ex312cfosoxcertif.htm (EX-31.2) — 11KB
• hrlq12024exhibit321.htm (EX-32.1) — 6KB
• hrl-20240128_g1.jpg (GRAPHIC) — 7KB
• 0000048465-24-000011.txt ( ) — 6884KB
• hrl-20240128.xsd (EX-101.SCH) — 40KB
• hrl-20240128_cal.xml (EX-101.CAL) — 80KB
• hrl-20240128_def.xml (EX-101.DEF) — 272KB
• hrl-20240128_lab.xml (EX-101.LAB) — 633KB
• hrl-20240128_pre.xml (EX-101.PRE) — 423KB
• hrl-20240128_htm.xml (XML) — 926KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 3 Item 1.

Financial Statements

Financial Statements 3 Consolidated Statements of Operations 3 Consolidated Statements of Comprehensive Income 4 Consolidated Condensed Statements of Financial Position 5 Consolidated Statements of Changes in Shareholders ' Investment 6 Consolidated Condensed Statements of Cash Flows 7 Notes to the Co nsolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Results of Operations 20 Overview 20 Consolidated Results 20 Segment Results 22 Related Party Transactions 24 Non-GAAP Financial Measures 24 Liquidity and Capital Resources 26 Critical Accounting Estimates 27

Forward-looking Statements

Forward-looking Statements 28 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 28 Item 4.

Controls and Procedures

Controls and Procedures 29

- OTHER INFORMATION

PART II - OTHER INFORMATION 29 Item 1.

Legal Proceedings

Legal Proceedings 29 Item 1A.

Risk Factors

Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30 Item 3. Defaults Upon Senior Securities 30 Item 4. Mine Safety Disclosures 30 Item 5. Other Information 30 Item 6. Exhibits 30

SIGNATURES

SIGNATURES 31 2 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS HORMEL FOODS CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS Unaudited Quarter Ended In thousands, except per share amounts January 28, 2024 January 29, 2023 Net Sales $ 2,996,911 $ 2,970,992 Cost of Products Sold 2,488,178 2,475,043 Gross Profit 508,733 495,949 Selling, General, and Administrative 240,386 222,056 Equity in Earnings of Affiliates 16,091 15,559 Operating Income 284,438 289,452 Interest and Investment Income 19,434 10,096 Interest Expense 18,326 18,347 Earnings Before Income Taxes 285,547 281,201 Provision for Income Taxes 66,818 63,551 Net Earnings 218,729 217,651 Less: Net Earnings (Loss) Attributable to Noncontrolling Interest ( 134 ) ( 69 ) Net Earnings Attributable to Hormel Foods Corporation $ 218,863 $ 217,719 Net Earnings Per Share Basic $ 0.40 $ 0.40 Diluted $ 0.40 $ 0.40 Weighted-average Shares Outstanding Basic 547,020 546,384 Diluted 547,920 550,031 See Notes to the Consolidated Financial Statements 3 Table of Contents HORMEL FOODS CORPORATION CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Unaudited Quarter Ended In thousands January 28, 2024 January 29, 2023 Net Earnings $ 218,729 $ 217,651 Other Comprehensive Income (Loss), Net of Tax: Foreign Currency Translation 11,459 15,046 Pension and Other Benefits 2,129 2,990 Derivatives and Hedging 5,206 ( 14,514 ) Equity Method Investments 2,884 — Total Other Comprehensive Income (Loss) 21,678 3,522 Comprehensive Income 240,407 221,173 Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interest 75 154 Comprehensive Income Attributable to Hormel Foods Corporation $ 240,332 $ 221,019 See Notes to the Consolidated Financial Statements 4 Table of Contents HORMEL FOODS CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF FINANCIAL POSITION Unaudited In thousands, except share and per share amounts January 28, 2024 October 29, 2023 Assets Cash and Cash Equivalents $ 963,212 $ 736,5

View Full Filing

View this 10-Q filing on SEC EDGAR