(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification Number) |
Title of each class | Trading Symbol | Name of each exchange on which registered | |||
• | One or more of the Company's manufacturing facilities may be shutdown, or have their operations significantly impacted, due to employee illnesses, increased absenteeism, and/or actions by government agencies. Capital projects may be delayed as additional capacity is no longer currently needed. The Company's co-manufacturers and material suppliers may face similar impacts. |
• | Regulatory restrictions and measures taken at the Company's facilities to prevent or slowdown the spread of COVID-19 may impact facilities’ efficiency. |
• | Operating costs may increase as measures are put in place to prevent or slowdown the spread of COVID-19, such as facility improvements, employee testing, short term disability policies, and manufacturing employee bonus payments. |
• | Any new or additional measures required by national, state or local governments to combat COVID-19 may similarly add additional operational costs. |
• | Ongoing closure or reduced operations at foodservice establishments may impact results for the Foodservice division. Bankruptcy filings and/or delinquent payments from foodservice industry or other customers may negatively impact cash flow. |
• | A national and/or global economic downturn may impact consumer purchase behavior, such as reduced foodservice volume, lower volume in premium brands, and potential loss of business to private label. |
• | It may become more difficult and/or expensive to obtain debt or equity financing necessary to sustain our operations, make capital expenditures, and/or finance future acquisitions. |
• | The Company may face litigation by stockholders, employees, suppliers, customers, consumers, and others relating to COVID-19 and its effects. |
• | The Company relies on its dedicated employees, many of whom have a long tenure with the company. Operations may be negatively impacted if members of the Company's leadership team, or other key employees, become ill with COVID-19 or otherwise terminate their employment as a result of COVID-19. Further, we may face challenges hiring, onboarding, and training new employees, including leadership, which may impact results. The Company may also face operational challenges if government quarantine orders restrict movement of employees. |
• | In accordance with recommendations to reduce large gatherings and increase social distancing, many of the Company's office-based employees are working remotely, which may bring additional information technology and data security risks. |
• | Supply chain disruptions of various types arising from COVID-19 may impact the Company's ability to make products, the cost for such products, and the ability to deliver products to customers. Closure or reduced operations of material suppliers could result in shortages of key raw materials, as well as impact prices for those materials. The volatility in the market for raw material and supplies could impact the Company's profitability. |
• | National, state, and local government orders closing or limiting operation of borders and ports, or imposing quarantine, could impact the Company's ability to obtain raw materials and to deliver finished goods to customers. |
• | COVID-19 has wide-reaching impacts to society and the business making all decisions, interactions, and transactions significantly more complex. |
• | The Company is committed to being transparent through communications to inform shareholders, employees, customers, consumers, and others about the enhanced safety protocols implemented. The Company must keep pace with a rapidly changing media environment. If the Company's public relations efforts are not effective or if consumers perceive them to be irresponsible, the Company's competitive position, reputation, and market share may suffer. |
101 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |
104 | The cover page from this Current Report on Form 8-K, formatted as Inline XBRL. |
HORMEL FOODS CORPORATION | ||
(Registrant) | ||
Dated: May 21, 2020 | By | /s/ JAMES P. SNEE |
JAMES P. SNEE | ||
Chairman of the Board, President and | ||
Chief Executive Officer | ||
Dated: May 21, 2020 | By | /s/ JAMES N. SHEEHAN |
JAMES N. SHEEHAN | ||
Executive Vice President and | ||
Chief Financial Officer |
INVESTOR CONTACT: Nathan Annis (507) 437-5248 ir@hormel.com | MEDIA CONTACT: Media Relations (507) 437-5345 media@hormel.com |
• | Volume of 1.2 billion lbs., up 4%; organic volume1 up 7% |
• | Record net sales of $2.4 billion, up 3%; organic net sales1 up 6% |
• | Pretax earnings of $286 million, down 10%; down 5% to adjusted pretax earnings1 last year primarily due to lower investment income |
• | Operating margin of 12.1%, compared to 13.3% last year |
• | Effective tax rate of 20.6%, compared to 11.1% last year |
• | Diluted earnings per share of $0.42, down 19%; down 9% to adjusted diluted earnings per share1 last year |
• | Cash flow from operations of $360 million, up 102% |
• | Operating free cash flow1 of $280 million, up 115% |
• | Selling, general and administrative expenses increased year over year. The inclusion of the one-time gain resulting from the CytoSport divestiture led to lower expenses in fiscal 2019. |
• | Advertising investments were $35 million, flat to last year. |
• | Interest and investment income declined during the quarter due to losses on investments of $12 million. |
• | Operating margin was 12.1%, compared to 13.3% in fiscal 2019. Operating margin last year benefited from the one-time gain resulting from the CytoSport divestiture. |
• | The effective tax rate was 20.6%, compared to 11.1% last year. The lower rate in fiscal 2019 was due to the benefit of the tax gain from the CytoSport divestiture. |
• | Cash flow from operations was $360 million, up 102%. Lower levels of inventory and accounts receivable drove the majority of the increase. |
• | Operating free cash flow1 was $280 million, up 115%. |
• | The company paid its 367th consecutive quarterly dividend on May 15, 2020, at the annual rate of $0.93 per share, an 11% increase over the prior year. |
• | The company finalized the acquisition of Sadler's Smokehouse for $269 million during the quarter. |
• | Capital expenditures in the second quarter were $80 million, compared to $48 million last year. The company's target for capital expenditures in fiscal 2020 is $340 million. Large projects include the Burke pizza toppings plant expansion, a new dry sausage facility in Nebraska, Project Orion and other projects to support growth of branded products. |
• | Share repurchases for the quarter totaled $12 million, representing 0.3 million shares purchased. |
• | Depreciation and amortization expense in the second quarter was $51 million, compared to $41 million last year. The full-year expense is expected to be approximately $200 million. |
• | The company remains in a strong financial position with limited debt and consistent cash flows. |
• | The company recently renewed its shelf registration statement and will be looking at near-term opportunities to access the debt capital markets to refinance existing debt maturing in April 2021 and to maintain ample liquidity at favorable interest rates. |
• | Cash on hand decreased to $606 million from $673 million at the beginning of the year. |
• | Total debt is $315 million, up from $250 million at the beginning of the year. The increase is attributable to the adoption of the new lease accounting standards. |
• | Working capital decreased to $924 million from $1,256 million at the beginning of the year, primarily related to the long-term debt becoming a current maturity during the quarter. |
RECONCILIATION OF NON-GAAP MEASURES | ||||||||||||||||
(in thousands) | ||||||||||||||||
ADJUSTED EARNINGS (NON-GAAP) | ||||||||||||||||
Thirteen Weeks Ended | ||||||||||||||||
April 26, 2020 | April 28, 2019 | |||||||||||||||
2020 GAAP Earnings | 2019 GAAP Earnings | Gain on CytoSport Sale | 2019 Non-GAAP Adjusted Earnings | % Change | ||||||||||||
Total segment profit | $ | 309,706 | $ | 294,661 | $ | — | $ | 294,661 | 5.1 | |||||||
Net unallocated expense | 23,098 | (23,178 | ) | 16,469 | (6,709 | ) | (444.3 | ) | ||||||||
Noncontrolling interest | (119 | ) | 207 | — | 207 | (157.5 | ) | |||||||||
Earnings Before Income Taxes | $ | 286,489 | $ | 318,046 | $ | (16,469 | ) | $ | 301,577 | (5.0 | ) | |||||
Provision for income taxes | 58,873 | 35,410 | 16,972 | 52,382 | 12.4 | |||||||||||
Net Earnings | $ | 227,615 | $ | 282,636 | $ | (33,441 | ) | $ | 249,195 | (8.7 | ) | |||||
Less: Net earnings attributable to noncontrolling interest | (119 | ) | 207 | — | 207 | (157.5 | ) | |||||||||
Net Earnings attributable to Hormel Foods Corporation | $ | 227,734 | $ | 282,429 | $ | (33,441 | ) | $ | 248,988 | (8.5 | ) | |||||
Diluted Earnings Per Share | $ | 0.42 | $ | 0.52 | $ | (0.06 | ) | $ | 0.46 | (8.7 | ) |
ORGANIC VOLUME AND NET SALES (NON-GAAP) | |||||||||||||||||||||
Thirteen Weeks Ended | |||||||||||||||||||||
April 26, 2020 | April 28, 2019 | ||||||||||||||||||||
VOLUME (LBS.) | Reported GAAP | Acquisitions | Organic (Non-GAAP) | Reported GAAP | Divestitures | Organic (Non-GAAP) | Organic (Non-GAAP) % Change | ||||||||||||||
Grocery Products | 363,703 | — | 363,703 | 340,602 | (35,103 | ) | 305,499 | 19.1 | |||||||||||||
Refrigerated Foods | 576,543 | (3,730 | ) | 572,813 | 578,795 | — | 578,795 | (1.0 | ) | ||||||||||||
Jennie-O Turkey Store | 209,477 | — | 209,477 | 175,611 | — | 175,611 | 19.3 | ||||||||||||||
International & Other | 83,350 | — | 83,350 | 84,999 | (1,025 | ) | 83,974 | (0.7 | ) | ||||||||||||
TOTAL | 1,233,072 | (3,730 | ) | 1,229,343 | 1,180,007 | (36,128 | ) | 1,143,879 | 7.5 | ||||||||||||
NET SALES | |||||||||||||||||||||
Grocery Products | $ | 683,250 | $ | — | $ | 683,250 | $ | 635,319 | $ | (67,415 | ) | $ | 567,904 | 20.3 | |||||||
Refrigerated Foods | 1,247,336 | (21,610 | ) | 1,225,726 | 1,257,884 | — | 1,257,884 | (2.6 | ) | ||||||||||||
Jennie-O Turkey Store | 343,056 | — | 343,056 | 305,256 | — | 305,256 | 12.4 | ||||||||||||||
International & Other | 148,823 | — | 148,823 | 146,285 | (1,907 | ) | 144,378 | 3.1 | |||||||||||||
TOTAL | $ | 2,422,465 | $ | (21,610 | ) | $ | 2,400,855 | $ | 2,344,744 | $ | (69,322 | ) | $ | 2,275,422 | 5.5 |
Twenty-Six Weeks Ended | ||||||||||||||||||||
April 26, 2020 | April 28, 2019 | |||||||||||||||||||
VOLUME (LBS.) | Reported GAAP | Acquisitions | Organic (Non-GAAP) | Reported GAAP | Divestitures | Organic (Non-GAAP) | Organic (Non-GAAP) % Change | |||||||||||||
Grocery Products | 656,621 | — | 656,621 | 679,345 | (69,910 | ) | 609,435 | 7.7 | ||||||||||||
Refrigerated Foods | 1,182,152 | (3,730 | ) | 1,178,422 | 1,168,151 | — | 1,168,151 | 0.9 | ||||||||||||
Jennie-O Turkey Store | 406,676 | — | 406,676 | 357,770 | — | 357,770 | 13.7 | |||||||||||||
International & Other | 174,610 | — | 174,610 | 171,634 | (2,052 | ) | 169,583 | 3.0 | ||||||||||||
TOTAL | 2,420,059 | (3,730 | ) | 2,416,329 | 2,376,900 | (71,962 | ) | 2,304,939 | 4.8 | |||||||||||
NET SALES | ||||||||||||||||||||
Grocery Products | $ | 1,223,876 | $ | — | $ | 1,223,876 | $ | 1,242,144 | $ | (130,588 | ) | $ | 1,111,556 | 10.1 | ||||||
Refrigerated Foods | 2,599,127 | (21,610 | ) | 2,577,516 | 2,536,631 | — | 2,536,631 | 1.6 | ||||||||||||
Jennie-O Turkey Store | 673,183 | — | 673,183 | 626,490 | — | 626,490 | 7.5 | |||||||||||||
International & Other | 310,714 | — | 310,714 | 299,834 | (3,889 | ) | 295,946 | 5.0 | ||||||||||||
TOTAL | $ | 4,806,899 | $ | (21,610 | ) | $ | 4,785,289 | $ | 4,705,099 | $ | (134,477 | ) | $ | 4,570,623 | 4.7 |
OPERATING FREE CASH FLOW (NON-GAAP) | |||||||||||||||||||
Thirteen Weeks Ended | Twenty-Six Weeks Ended | ||||||||||||||||||
April 26, 2020 | April 28, 2019 | % Change | April 26, 2020 | April 28, 2019 | % Change | ||||||||||||||
Net cash provided by operating activities | $ | 359,872 | $ | 178,168 | $ | 548,290 | $ | 365,593 | |||||||||||
Purchases of property/equipment | (80,352 | ) | (48,191 | ) | (138,563 | ) | (87,621 | ) | |||||||||||
Operating free cash flow | $ | 279,520 | $ | 129,977 | 115.1 | $ | 409,727 | $ | 277,972 | 47.4 |
Thirteen Weeks Ended | |||||||||||
April 26, 2020 | April 28, 2019 | % Change | |||||||||
NET SALES | |||||||||||
Grocery Products | $ | 683,250 | $ | 635,319 | 7.5 | ||||||
Refrigerated Foods | 1,247,336 | 1,257,884 | (0.8 | ) | |||||||
Jennie-O Turkey Store | 343,056 | 305,256 | 12.4 | ||||||||
International & Other | 148,823 | 146,285 | 1.7 | ||||||||
TOTAL | $ | 2,422,465 | $ | 2,344,744 | 3.3 | ||||||
SEGMENT PROFIT | |||||||||||
Grocery Products | $ | 127,763 | $ | 104,499 | 22.3 | ||||||
Refrigerated Foods | 131,431 | 158,088 | (16.9 | ) | |||||||
Jennie-O Turkey Store | 27,348 | 17,749 | 54.1 | ||||||||
International & Other | 23,164 | 14,325 | 61.7 | ||||||||
TOTAL SEGMENT PROFIT | 309,706 | 294,661 | 5.1 | ||||||||
Net unallocated expense | 23,098 | (23,178 | ) | (199.7 | ) | ||||||
Noncontrolling interest | (119 | ) | 207 | (157.5 | ) | ||||||
EARNINGS BEFORE INCOME TAX | $ | 286,489 | $ | 318,046 | (9.9 | ) |
Twenty-Six Weeks Ended | |||||||||||
April 26, 2020 | April 28, 2019 | % Change | |||||||||
NET SALES | |||||||||||
Grocery Products | $ | 1,223,876 | $ | 1,242,144 | (1.5 | ) | |||||
Refrigerated Foods | 2,599,127 | 2,536,631 | 2.5 | ||||||||
Jennie-O Turkey Store | 673,183 | 626,490 | 7.5 | ||||||||
International & Other | 310,714 | 299,834 | 3.6 | ||||||||
TOTAL | $ | 4,806,899 | $ | 4,705,099 | 2.2 | ||||||
SEGMENT PROFIT | |||||||||||
Grocery Products | $ | 196,198 | $ | 199,796 | (1.8 | ) | |||||
Refrigerated Foods | 298,775 | 320,681 | (6.8 | ) | |||||||
Jennie-O Turkey Store | 65,899 | 55,653 | 18.4 | ||||||||
International & Other | 43,115 | 39,303 | 9.7 | ||||||||
TOTAL SEGMENT PROFIT | 603,986 | 615,433 | (1.9 | ) | |||||||
Net unallocated expense | 27,297 | (9,287 | ) | (393.9 | ) | ||||||
Noncontrolling interest | (39 | ) | 301 | (113.0 | ) | ||||||
EARNINGS BEFORE INCOME TAX | $ | 576,651 | $ | 625,021 | (7.7 | ) |
Thirteen Weeks Ended | Twenty-Six Weeks Ended | ||||||||||||||||
April 26, 2020 | April 28, 2019 | April 26, 2020 | April 28, 2019 | ||||||||||||||
Net sales | $ | 2,422,465 | $ | 2,344,744 | $ | 4,806,899 | $ | 4,705,099 | |||||||||
Cost of products sold | 1,945,113 | 1,875,595 | 3,861,127 | 3,747,616 | |||||||||||||
GROSS PROFIT | 477,352 | 469,149 | 945,773 | 957,483 | |||||||||||||
Selling, general and administrative | 193,912 | 170,076 | 389,433 | 363,620 | |||||||||||||
Equity in earnings of affiliates | 10,021 | 13,291 | 17,608 | 24,749 | |||||||||||||
OPERATING INCOME | 293,460 | 312,364 | 573,948 | 618,612 | |||||||||||||
Interest & investment income (expense) | (3,474 | ) | 11,297 | 9,777 | 18,171 | ||||||||||||
Interest expense | (3,497 | ) | (5,615 | ) | (7,074 | ) | (11,762 | ) | |||||||||
EARNINGS BEFORE INCOME TAXES | 286,489 | 318,046 | 576,651 | 625,021 | |||||||||||||
Provision for income taxes | 58,873 | 35,410 | 106,083 | 100,866 | |||||||||||||
(effective tax rate) | 20.6 | % | 11.1 | % | 18.4 | % | 16.1 | % | |||||||||
NET EARNINGS | 227,615 | 282,636 | 470,568 | 524,155 | |||||||||||||
Less: Net earnings (loss) attributable to noncontrolling interest | (119 | ) | 207 | (39 | ) | 301 | |||||||||||
NET EARNINGS ATTRIBUTABLE TO HORMEL FOODS CORPORATION | $ | 227,734 | $ | 282,429 | $ | 470,606 | $ | 523,854 | |||||||||
NET EARNINGS PER SHARE | |||||||||||||||||
Basic | $ | 0.42 | $ | 0.53 | $ | 0.88 | $ | 0.98 | |||||||||
Diluted | $ | 0.42 | $ | 0.52 | $ | 0.86 | $ | 0.96 | |||||||||
WEIGHTED-AVERAGE SHARES OUTSTANDING | |||||||||||||||||
Basic | 538,119 | 535,480 | 536,597 | 534,988 | |||||||||||||
Diluted | 546,373 | 546,330 | 545,594 | 546,724 | |||||||||||||
Dividends declared per share | $ | 0.2325 | $ | 0.2100 | $ | 0.4650 | $ | 0.4200 |
April 26, 2020 | October 27, 2019 | |||||||
ASSETS | ||||||||
Cash and cash equivalents | $ | 606,073 | $ | 672,901 | ||||
Short-term marketable securities | 16,841 | 14,736 | ||||||
Accounts receivable | 536,009 | 574,396 | ||||||
Inventories | 1,048,992 | 1,042,362 | ||||||
Income taxes receivable | 342 | 19,924 | ||||||
Prepaid expenses | 24,229 | 22,637 | ||||||
Other current assets | 16,410 | 14,457 | ||||||
TOTAL CURRENT ASSETS | 2,248,896 | 2,361,413 | ||||||
Goodwill | 2,682,839 | 2,481,645 | ||||||
Other intangibles | 1,023,936 | 1,033,862 | ||||||
Pension assets | 147,878 | 135,915 | ||||||
Investments in and receivables from affiliates | 303,194 | 289,157 | ||||||
Other assets | 238,273 | 177,901 | ||||||
Property, plant & equipment, net | 1,750,165 | 1,629,111 | ||||||
TOTAL ASSETS | $ | 8,395,181 | $ | 8,109,004 | ||||
LIABILITIES AND SHAREHOLDERS’ INVESTMENT | ||||||||
Accounts payable | $ | 502,133 | $ | 590,033 | ||||
Accrued expenses | 67,481 | 62,031 | ||||||
Accrued workers' compensation | 25,339 | 24,272 | ||||||
Accrued marketing | 111,657 | 96,305 | ||||||
Employee-related expenses | 179,328 | 213,515 | ||||||
Taxes payable | 54,765 | 6,208 | ||||||
Interest and dividends payable | 125,595 | 112,685 | ||||||
Current maturities of long-term debt | 258,295 | — | ||||||
TOTAL CURRENT LIABILITIES | 1,324,595 | 1,105,049 | ||||||
Long-term debt, less current maturities | 56,861 | 250,000 | ||||||
Pension and post-retirement benefits | 542,753 | 536,490 | ||||||
Other long-term liabilities | 139,517 | 115,356 | ||||||
Deferred income taxes | 165,253 | 176,574 | ||||||
Accumulated other comprehensive loss | (447,908 | ) | (399,500 | ) | ||||
Other shareholders' investment | 6,614,110 | 6,325,035 | ||||||
TOTAL LIABILITIES & SHAREHOLDERS’ INVESTMENT | $ | 8,395,181 | $ | 8,109,004 |
Thirteen Weeks Ended | Twenty-Six Weeks Ended | |||||||||||||||
April 26, 2020 | April 28, 2019 | April 26, 2020 | April 28, 2019 | |||||||||||||
OPERATING ACTIVITIES | ||||||||||||||||
Net earnings | $ | 227,615 | $ | 282,636 | $ | 470,568 | $ | 524,155 | ||||||||
Depreciation and amortization | 50,588 | 40,725 | 99,917 | 80,743 | ||||||||||||
Decrease (increase) in working capital | 65,774 | (84,828 | ) | (37,065 | ) | (166,487 | ) | |||||||||
Other | 15,895 | (60,365 | ) | 14,870 | (72,818 | ) | ||||||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES | 359,872 | 178,168 | 548,290 | 365,593 | ||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||
Net (purchase) sale of securities | (1,975 | ) | (6,664 | ) | (1,991 | ) | (6,664 | ) | ||||||||
Proceeds from sale of business | — | 473,885 | — | 473,885 | ||||||||||||
Acquisitions of businesses/intangibles | (268,878 | ) | — | (268,878 | ) | — | ||||||||||
Purchases of property/equipment | (80,352 | ) | (48,191 | ) | (138,563 | ) | (87,621 | ) | ||||||||
Proceeds from sales of property/equipment | 7 | 862 | 1,121 | 31,167 | ||||||||||||
Increase in investments, equity in affiliates, and other assets | (11,433 | ) | 6,614 | (14,824 | ) | 14,060 | ||||||||||
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES | (362,631 | ) | 426,506 | (423,135 | ) | 424,827 | ||||||||||
FINANCING ACTIVITIES | ||||||||||||||||
Repayments of long-term debt and finance leases | (2,050 | ) | (374,878 | ) | (4,069 | ) | (374,840 | ) | ||||||||
Dividends paid on common stock | (124,501 | ) | (112,162 | ) | (236,750 | ) | (212,287 | ) | ||||||||
Share repurchase | (12,360 | ) | (22,813 | ) | (12,360 | ) | (67,622 | ) | ||||||||
Other | 28,095 | 28,280 | 64,448 | 44,277 | ||||||||||||
NET CASH USED IN FINANCING ACTIVITIES | (110,816 | ) | (481,573 | ) | (188,731 | ) | (610,472 | ) | ||||||||
Effect of exchange rate changes on cash | (4,771 | ) | 3,537 | (3,252 | ) | 243 | ||||||||||
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (118,346 | ) | 126,638 | (66,828 | ) | 180,191 | ||||||||||
Cash and cash equivalents at beginning of period | 724,419 | 512,689 | 672,901 | 459,136 | ||||||||||||
CASH AND CASH EQUIVALENTS AT END OF QUARTER | $ | 606,073 | $ | 639,327 | $ | 606,073 | $ | 639,327 |
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Document and Entity Information |
May 21, 2020 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | May 21, 2020 |
Entity Registrant Name | HORMEL FOODS CORPORATION |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 1-2402 |
Entity Tax Identification Number | 41-0319970 |
Entity Address, Address Line One | 1 Hormel Place |
Entity Address, City or Town | Austin |
Entity Address, State or Province | MN |
Entity Address, Postal Zip Code | 55912 |
City Area Code | 507 |
Local Phone Number | 437-5611 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock $0.01465 par value |
Trading Symbol | HRL |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000048465 |
Amendment Flag | false |