(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 | |||||||||||||||
104 | The cover page from this Current Report on Form 8-K, formatted as Inline XBRL. |
HORMEL FOODS CORPORATION | ||||||||
(Registrant) | ||||||||
Dated: | By | /s/ JAMES P. SNEE | ||||||
JAMES P. SNEE | ||||||||
Chairman of the Board, President and | ||||||||
Chief Executive Officer | ||||||||
Dated: | 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 |
Fiscal 2021 Outlook* | |||||
Net Sales Guidance (in billions) | $11.0 - $11.2 | ||||
Diluted Earnings per Share Guidance | $1.65 - $1.69 | ||||
*Includes the acquisition of the Planters® snack nuts business | |||||
Thirteen Weeks Ended | ||||||||||||||
July 25, 2021 compared to July 26, 2020 | July 25, 2021 compared to July 28, 2019 | |||||||||||||
Net Sales Percent Change (%) | ||||||||||||||
U.S. Retail | 9 | 31 | ||||||||||||
U.S. Foodservice | 45 | 17 | ||||||||||||
U.S. Deli | 12 | 16 | ||||||||||||
International | 36 | 33 | ||||||||||||
Total | 20 | 25 | ||||||||||||
RECONCILIATION OF NON-GAAP MEASURES | |||||||||||||||||||||||
In thousands, except per share amounts | |||||||||||||||||||||||
ADJUSTED FINANCIAL MEASUREMENTS (NON-GAAP) | |||||||||||||||||||||||
Thirteen Weeks Ended | |||||||||||||||||||||||
July 25, 2021 | July 26, 2020 | ||||||||||||||||||||||
Reported GAAP | Acquisition costs and adjustments | Non-GAAP | Reported GAAP | Non-GAAP % Change | |||||||||||||||||||
Net Sales | $ | 2,863,670 | $ | — | $ | 2,863,670 | $ | 2,381,457 | 20.2 | ||||||||||||||
Cost of Products Sold | 2,440,322 | (12,900) | 2,427,422 | 1,959,032 | 23.9 | ||||||||||||||||||
Gross Profit | 423,348 | 12,900 | 436,248 | 422,426 | 3.3 | ||||||||||||||||||
Selling, General and Administrative | 226,284 | (27,462) | 198,822 | 181,085 | 9.8 | ||||||||||||||||||
Equity in Earnings of Affiliates | 10,420 | — | 10,420 | 8,235 | 26.5 | ||||||||||||||||||
Operating Income | 207,484 | 40,362 | 247,846 | 249,576 | (0.7) | ||||||||||||||||||
Interest and Investment Income (Expense) | 8,457 | — | 8,457 | 15,513 | (45.5) | ||||||||||||||||||
Interest Expense | (11,703) | — | (11,703) | (5,724) | 104.5 | ||||||||||||||||||
Earnings Before Income Taxes | 204,238 | 40,362 | 244,600 | 259,364 | (5.7) | ||||||||||||||||||
Provision for Income Taxes | 27,164 | 5,368 | 32,532 | 56,103 | (42.0) | ||||||||||||||||||
Net Earnings | 177,074 | 34,994 | 212,068 | 203,260 | 4.3 | ||||||||||||||||||
Less: Net Earnings Attributable to Noncontrolling Interest | 157 | — | 157 | 141 | 11.3 | ||||||||||||||||||
Net Earnings Attributable to Hormel Foods Corporation | $ | 176,917 | $ | 34,994 | $ | 211,911 | $ | 203,119 | 4.3 | ||||||||||||||
Diluted Net Earnings Per Share | $ | 0.32 | $ | 0.06 | $ | 0.39 | $ | 0.37 | 5.4 | ||||||||||||||
Operating Margin (% of Net Sales) | 7.2 | 8.7 | 10.5 | ||||||||||||||||||||
Thirty-Nine Weeks Ended | |||||||||||||||||||||||
July 25, 2021 | July 26, 2020 | ||||||||||||||||||||||
Reported GAAP | Acquisition costs and adjustments | Non-GAAP | Reported GAAP | Non-GAAP % Change | |||||||||||||||||||
Net Sales | $ | 7,931,438 | $ | — | $ | 7,931,438 | $ | 7,188,357 | 10.3 | ||||||||||||||
Cost of Products Sold | 6,581,613 | (12,900) | 6,568,713 | 5,820,158 | 12.9 | ||||||||||||||||||
Gross Profit | 1,349,825 | 12,900 | 1,362,725 | 1,368,198 | (0.4) | ||||||||||||||||||
Selling, General and Administrative | 622,630 | (30,303) | 592,327 | 570,518 | 3.8 | ||||||||||||||||||
Equity in Earnings of Affiliates | 37,722 | — | 37,722 | 25,843 | 46.0 | ||||||||||||||||||
Operating Income | 764,917 | 43,203 | 808,120 | 823,523 | (1.9) | ||||||||||||||||||
Interest and Investment Income (Expense) | 36,740 | — | 36,740 | 25,289 | 45.3 | ||||||||||||||||||
Interest Expense | (27,718) | — | (27,718) | (12,798) | 116.6 | ||||||||||||||||||
Earnings Before Income Taxes | 773,940 | 43,203 | 817,143 | 836,014 | (2.3) | ||||||||||||||||||
Provision for Income Taxes | 146,549 | 5,975 | 152,524 | 162,186 | (6.0) | ||||||||||||||||||
Net Earnings | 627,390 | 37,228 | 664,618 | 673,828 | (1.4) | ||||||||||||||||||
Less: Net Earnings Attributable to Noncontrolling Interest | 290 | — | 290 | 103 | 181.6 | ||||||||||||||||||
Net Earnings Attributable to Hormel Foods Corporation | $ | 627,101 | $ | 37,228 | $ | 664,329 | $ | 673,726 | (1.4) | ||||||||||||||
Diluted Net Earnings Per Share | $ | 1.15 | $ | 0.06 | $ | 1.21 | $ | 1.23 | (1.6) | ||||||||||||||
Operating Margin (% of Net Sales) | 9.6 | 10.2 | 11.5 |
ORGANIC VOLUME AND NET SALES (NON-GAAP) | |||||||||||||||||||||||
Thirteen Weeks Ended | |||||||||||||||||||||||
July 25, 2021 | July 26, 2020 | ||||||||||||||||||||||
Volume (lbs.) | Reported GAAP | Acquisitions | Organic (Non-GAAP) | Reported GAAP | Non-GAAP % Change | ||||||||||||||||||
Grocery Products | 319,216 | (30,124) | 289,092 | 307,198 | (5.9) | ||||||||||||||||||
Refrigerated Foods | 591,143 | (5,784) | 585,359 | 605,546 | (3.3) | ||||||||||||||||||
Jennie-O Turkey Store | 187,220 | — | 187,220 | 171,313 | 9.3 | ||||||||||||||||||
International & Other | 83,055 | (1,001) | 82,054 | 81,156 | 1.1 | ||||||||||||||||||
Total | 1,180,634 | (36,909) | 1,143,725 | 1,165,214 | (1.8) | ||||||||||||||||||
Net Sales | |||||||||||||||||||||||
Grocery Products | $ | 698,584 | $ | (117,681) | $ | 580,903 | $ | 580,798 | — | ||||||||||||||
Refrigerated Foods | 1,624,641 | (21,002) | 1,603,639 | 1,363,092 | 17.6 | ||||||||||||||||||
Jennie-O Turkey Store | 350,897 | — | 350,897 | 286,805 | 22.3 | ||||||||||||||||||
International & Other | 189,548 | (2,657) | 186,891 | 150,762 | 24.0 | ||||||||||||||||||
Total | $ | 2,863,670 | $ | (141,340) | $ | 2,722,330 | $ | 2,381,457 | 14.3 | ||||||||||||||
Thirty-Nine Weeks Ended | |||||||||||||||||||||||
July 25, 2021 | July 26, 2020 | ||||||||||||||||||||||
Volume (lbs.) | Reported GAAP | Acquisitions | Organic (Non-GAAP) | Reported GAAP | Non-GAAP % Change | ||||||||||||||||||
Grocery Products | 937,345 | (30,124) | 907,221 | 963,819 | (5.9) | ||||||||||||||||||
Refrigerated Foods | 1,779,729 | (11,950) | 1,767,779 | 1,787,698 | (1.1) | ||||||||||||||||||
Jennie-O Turkey Store | 583,413 | — | 583,413 | 577,990 | 0.9 | ||||||||||||||||||
International & Other | 252,801 | (1,001) | 251,800 | 255,766 | (1.6) | ||||||||||||||||||
Total | 3,553,288 | (43,075) | 3,510,214 | 3,585,273 | (2.1) | ||||||||||||||||||
Net Sales | |||||||||||||||||||||||
Grocery Products | $ | 1,904,415 | $ | (117,681) | $ | 1,786,734 | $ | 1,804,674 | (1.0) | ||||||||||||||
Refrigerated Foods | 4,445,099 | (56,026) | 4,389,073 | 3,962,219 | 10.8 | ||||||||||||||||||
Jennie-O Turkey Store | 1,035,397 | — | 1,035,397 | 959,988 | 7.9 | ||||||||||||||||||
International & Other | 546,528 | (2,657) | 543,871 | 461,475 | 17.9 | ||||||||||||||||||
Total | $ | 7,931,438 | $ | (176,364) | $ | 7,755,075 | $ | 7,188,357 | 7.9 |
Thirteen Weeks Ended | ||||||||||||||||||||
July 25, 2021 | July 26, 2020 | % Change | ||||||||||||||||||
Net Sales | ||||||||||||||||||||
Grocery Products | $ | 698,584 | $ | 580,798 | 20.3 | |||||||||||||||
Refrigerated Foods | 1,624,641 | 1,363,092 | 19.2 | |||||||||||||||||
Jennie-O Turkey Store | 350,897 | 286,805 | 22.3 | |||||||||||||||||
International & Other | 189,548 | 150,762 | 25.7 | |||||||||||||||||
Total | $ | 2,863,670 | $ | 2,381,457 | 20.2 | |||||||||||||||
Segment Profit | ||||||||||||||||||||
Grocery Products | $ | 80,791 | $ | 80,169 | 0.8 | |||||||||||||||
Refrigerated Foods | 153,216 | 152,822 | 0.3 | |||||||||||||||||
Jennie-O Turkey Store | 5,874 | 7,069 | (16.9) | |||||||||||||||||
International & Other | 27,915 | 23,620 | 18.2 | |||||||||||||||||
Total Segment Profit | 267,796 | 263,679 | 1.6 | |||||||||||||||||
Net Unallocated Expense | 63,715 | 4,457 | 1,329.6 | |||||||||||||||||
Noncontrolling Interest | 157 | 141 | 11.1 | |||||||||||||||||
Earnings Before Income Taxes | $ | 204,238 | $ | 259,364 | (21.3) | |||||||||||||||
Thirty-Nine Weeks Ended | ||||||||||||||||||||
July 25, 2021 | July 26, 2020 | % Change | ||||||||||||||||||
Net Sales | ||||||||||||||||||||
Grocery Products | $ | 1,904,415 | $ | 1,804,674 | 5.5 | |||||||||||||||
Refrigerated Foods | 4,445,099 | 3,962,219 | 12.2 | |||||||||||||||||
Jennie-O Turkey Store | 1,035,397 | 959,988 | 7.9 | |||||||||||||||||
International & Other | 546,528 | 461,475 | 18.4 | |||||||||||||||||
Total | $ | 7,931,438 | $ | 7,188,357 | 10.3 | |||||||||||||||
Segment Profit | ||||||||||||||||||||
Grocery Products | $ | 270,963 | $ | 276,367 | (2.0) | |||||||||||||||
Refrigerated Foods | 467,740 | 451,596 | 3.6 | |||||||||||||||||
Jennie-O Turkey Store | 45,514 | 72,968 | (37.6) | |||||||||||||||||
International & Other | 84,600 | 66,735 | 26.8 | |||||||||||||||||
Total Segment Profit | 868,817 | 867,666 | 0.1 | |||||||||||||||||
Net Unallocated Expense | 95,166 | 31,754 | 199.7 | |||||||||||||||||
Noncontrolling Interest | 290 | 103 | 182.2 | |||||||||||||||||
Earnings Before Income Taxes | $ | 773,940 | $ | 836,014 | (7.4) |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||||||||||||
July 25, 2021 | July 26, 2020 | July 25, 2021 | July 26, 2020 | |||||||||||||||||||||||
Net Sales | $ | 2,863,670 | $ | 2,381,457 | $ | 7,931,438 | $ | 7,188,357 | ||||||||||||||||||
Cost of Products Sold | 2,440,322 | 1,959,032 | 6,581,613 | 5,820,158 | ||||||||||||||||||||||
Gross Profit | 423,348 | 422,426 | 1,349,825 | 1,368,198 | ||||||||||||||||||||||
Selling, General and Administrative | 226,284 | 181,085 | 622,630 | 570,518 | ||||||||||||||||||||||
Equity in Earnings of Affiliates | 10,420 | 8,235 | 37,722 | 25,843 | ||||||||||||||||||||||
Operating Income | 207,484 | 249,576 | 764,917 | 823,523 | ||||||||||||||||||||||
Interest and Investment Income (Expense) | 8,457 | 15,513 | 36,740 | 25,289 | ||||||||||||||||||||||
Interest Expense | (11,703) | (5,724) | (27,718) | (12,798) | ||||||||||||||||||||||
Earnings Before Income Taxes | 204,238 | 259,364 | 773,940 | 836,014 | ||||||||||||||||||||||
Provision for Income Taxes | 27,164 | 56,103 | 146,549 | 162,186 | ||||||||||||||||||||||
Effective Tax Rate | 13.3 | % | 21.6 | % | 18.9 | % | 19.4 | % | ||||||||||||||||||
Net Earnings | 177,074 | 203,260 | 627,390 | 673,828 | ||||||||||||||||||||||
Less: Net Earnings (Loss) Attributable to Noncontrolling Interest | 157 | 141 | 290 | 103 | ||||||||||||||||||||||
Net Earnings Attributable to Hormel Foods Corporation | $ | 176,917 | $ | 203,119 | $ | 627,101 | $ | 673,726 | ||||||||||||||||||
Net Earnings Per Share | ||||||||||||||||||||||||||
Basic | $ | 0.33 | $ | 0.38 | $ | 1.16 | $ | 1.25 | ||||||||||||||||||
Diluted | $ | 0.32 | $ | 0.37 | $ | 1.15 | $ | 1.23 | ||||||||||||||||||
Weighted-average Shares Outstanding | ||||||||||||||||||||||||||
Basic | 541,746 | 539,108 | 540,618 | 537,434 | ||||||||||||||||||||||
Diluted | 548,072 | 547,149 | 547,684 | 546,112 | ||||||||||||||||||||||
Dividends Declared per Share | $ | 0.2450 | $ | 0.2325 | $ | 0.7350 | $ | 0.6975 | ||||||||||||||||||
July 25, 2021 | October 25, 2020 | |||||||||||||
Assets | ||||||||||||||
Cash and Cash Equivalents | $ | 291,363 | $ | 1,714,309 | ||||||||||
Short-term Marketable Securities | 18,372 | 17,338 | ||||||||||||
Accounts Receivable | 896,008 | 702,419 | ||||||||||||
Inventories | 1,426,738 | 1,072,762 | ||||||||||||
Income Taxes Receivable | 16,408 | 41,449 | ||||||||||||
Prepaid Expenses | 26,250 | 18,349 | ||||||||||||
Other Current Assets | 13,534 | 12,438 | ||||||||||||
Total Current Assets | 2,688,672 | 3,579,063 | ||||||||||||
Goodwill | 4,907,073 | 2,612,727 | ||||||||||||
Other Intangibles | 1,863,713 | 1,076,285 | ||||||||||||
Pension Assets | 203,093 | 183,232 | ||||||||||||
Investments In and Receivables From Affiliates | 304,417 | 308,372 | ||||||||||||
Other Assets | 298,071 | 250,382 | ||||||||||||
Net Property, Plant and Equipment | 2,067,141 | 1,898,222 | ||||||||||||
Total Assets | $ | 12,332,182 | $ | 9,908,282 | ||||||||||
Liabilities and Shareholders' Investment | ||||||||||||||
Accounts Payable | $ | 654,162 | $ | 644,609 | ||||||||||
Accrued Expenses | 51,108 | 59,136 | ||||||||||||
Accrued Workers Compensation | 29,278 | 25,070 | ||||||||||||
Accrued Marketing Expenses | 133,925 | 108,502 | ||||||||||||
Employee Related Expenses | 216,065 | 252,845 | ||||||||||||
Taxes Payable | 17,453 | 22,480 | ||||||||||||
Interest and Dividends Payable | 140,469 | 132,632 | ||||||||||||
Current Maturities of Long-term Debt | 8,732 | 258,691 | ||||||||||||
Total Current Liabilities | 1,251,191 | 1,503,965 | ||||||||||||
Long-term Debt - Less Current Maturities | 3,316,262 | 1,044,936 | ||||||||||||
Pension and Post-retirement Benefits | 559,958 | 552,878 | ||||||||||||
Other Long-term Liabilities | 174,473 | 157,399 | ||||||||||||
Deferred Income Taxes | 236,566 | 218,779 | ||||||||||||
Accumulated Other Comprehensive Loss | (317,528) | (395,250) | ||||||||||||
Other Shareholders' Investment | 7,111,259 | 6,825,576 | ||||||||||||
Total Liabilities and Shareholders' Investment | $ | 12,332,182 | $ | 9,908,282 |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||||||||||||
July 25, 2021 | July 26, 2020 | July 25, 2021 | July 26, 2020 | |||||||||||||||||||||||
Operating Activities | ||||||||||||||||||||||||||
Net Earnings | $ | 177,074 | $ | 203,260 | $ | 627,390 | $ | 673,828 | ||||||||||||||||||
Depreciation and Amortization | 59,183 | 49,857 | 162,490 | 149,774 | ||||||||||||||||||||||
Decrease (Increase) in Working Capital | (160,219) | 82,926 | (350,602) | 45,862 | ||||||||||||||||||||||
Other | 489 | (6,247) | (1,491) | 8,621 | ||||||||||||||||||||||
Net Cash Provided by (Used in) Operating Activities | 76,527 | 329,797 | 437,786 | 878,086 | ||||||||||||||||||||||
Investing Activities | ||||||||||||||||||||||||||
Net (Purchase) Sale of Securities | (583) | (651) | (1,304) | (2,642) | ||||||||||||||||||||||
Acquisitions of Businesses/Intangibles | (3,396,246) | (1,911) | (3,396,246) | (270,789) | ||||||||||||||||||||||
Purchases of Property and Equipment | (53,817) | (88,267) | (139,361) | (226,830) | ||||||||||||||||||||||
Proceeds From Sales of Property and Equipment | 257 | 344 | 1,910 | 1,466 | ||||||||||||||||||||||
Decrease (Increase) in Investments, Equity in Affiliates, and Other Assets | 7,325 | 7,580 | 4,683 | (7,244) | ||||||||||||||||||||||
Net Cash Provided by (Used in) Investing Activities | (3,443,064) | (82,905) | (3,530,320) | (506,040) | ||||||||||||||||||||||
Financing Activities | ||||||||||||||||||||||||||
Proceeds from Long-term Debt | 2,276,292 | 992,381 | 2,276,292 | 992,381 | ||||||||||||||||||||||
Repayments of Long-term Debt and Finance Leases | (2,175) | (2,152) | (256,535) | (6,221) | ||||||||||||||||||||||
Dividends Paid on Common Stock | (132,419) | (125,253) | (390,206) | (362,003) | ||||||||||||||||||||||
Share Repurchase | — | — | (9,653) | (12,360) | ||||||||||||||||||||||
Other | 30,666 | 7,747 | 44,007 | 72,195 | ||||||||||||||||||||||
Net Cash Provided by (Used in) Financing Activities | 2,172,364 | 872,723 | 1,663,905 | 683,992 | ||||||||||||||||||||||
Effect of Exchange Rate Changes on Cash | 1,003 | 3,680 | 5,683 | 428 | ||||||||||||||||||||||
Increase (Decrease) in Cash and Cash Equivalents | (1,193,170) | 1,123,294 | (1,422,946) | 1,056,466 | ||||||||||||||||||||||
Cash and Cash Equivalents at Beginning of Period | 1,484,533 | 606,073 | 1,714,309 | 672,901 | ||||||||||||||||||||||
Cash and Cash Equivalents at End of Quarter | $ | 291,363 | $ | 1,729,368 | $ | 291,363 | $ | 1,729,368 |
Document and Entity Information |
Sep. 02, 2021 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Sep. 02, 2021 |
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 |
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