Hormel Foods Corporation
21.49-2.16 (-9.13%)
Oct 29, 4:04:37 PM EDT · NYSE · HRL · USD
Key Stats
Market Cap
11.82BP/E (TTM)
15.69Basic EPS (TTM)
1.37Dividend Yield
0.05%Recent Filings
8-K
8-K
Hormel Q3 sales surge, profits pinch
Hormel Foods reported third-quarter fiscal 2025 net sales of $3.03 billion, up 4.6% from last year, with organic net sales rising 6% on strong volume across segments. Yet earnings disappointed at $0.33 per share, pressured by steep commodity inflation that outpaced pricing actions. Jeff Ettinger, interim CEO, eyes fourth-quarter sales of $3.15-$3.25 billion but warns profits lag into 2026. Top-line momentum shines, but input costs sting.
10-Q
Q3 FY2025 results
Hormel Foods posted solid Q3 sales of $3.0B, up 4.6% y/y and 6% organic, fueled by turkey, Planters nuts, SPAM, and Foodservice custom solutions, though volume edged up just 2.7% y/y amid inventory builds. Gross margin slipped to 16.1% from 16.8% y/y, pressured by pork bellies, beef, and nuts costs, while operating income rose 1.2% y/y to $240M despite higher SG&A. Diluted EPS held steady at $0.33, matching y/y and reconciling neatly to 551K shares. Cash dipped to $599M with $522M operating cash flow (down 39% y/y) and $220M capex, offset by $2.9B debt at fixed rates through 2051 and full $750M revolver access. Non-GAAP metrics like adjusted EPS of $0.35 are defined and reconciled in the 10-Q. Divestitures included Hormel Health Labs in Oct 2024 for $24.5M (gain $3.9M) and Mountain Prairie in Nov 2024 for $13.6M (loss $11.3M). Yet competition in Brazil lingers as a drag.
8-K
Hormel leadership transition announced
Hormel Foods appointed Jeffrey M. Ettinger as Interim CEO and John F. Ghingo as President, both effective July 14, 2025, ahead of CEO James P. Snee's retirement on October 26, 2025. Ettinger, a former CEO returning with deep company ties, secures a $1.2M base salary and $7.2M equity grant; Ghingo, a retail veteran, gets $730K base and $3.2M long-term incentives. Leadership shifts ensure continuity. Transition risks loom until permanent successor named.
10-Q
Q2 FY2025 results
Hormel Foods posted steady net sales of $2.9B for Q2 FY2025 ended April 27, up 0.4% y/y yet flat q/q, while gross profit dipped to $484M (16.7% margin, down from 17.4% y/y) amid higher commodity costs for nuts, pork bellies, and beef. Operating income held at $248M, off 1.6% y/y, buoyed by Transform and Modernize efficiencies that lifted Retail segment profit 3.6% y/y to $137M despite volume softness; Foodservice and International segments saw profit slips from margin squeezes and export mix shifts. Diluted EPS landed at $0.33, down 2.9% y/y and matching 550K diluted shares with no anti-dilution flags. Cash equivalents stood at $670M with $366M operating cash flow for H1 (down 43% y/y, derived), offsetting $147M capex and $314M dividends against $2.9B long-term debt (rates 1.7-4.8%, maturities 2027-2051) and full $750M revolver availability sans covenants breaches; Q1 divestiture of non-core sow operation fetched $13M proceeds but a $11M loss. Non-GAAP metrics like adjusted EPS not fully reconciled in the 10-Q. Ongoing antitrust suits pose litigation risks.
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