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The aggregation continues to accomplish advance arise its key cardinal initiatives

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AUSTIN, Minn., Nov. 21, 2017 /PRNewswire/ — Hormel Foods Corporation (HRL) today arise after-effects for the fourth division of budgetary year 2017.

Hormel Foods accumulated logo

EXECUTIVE SUMMARY – FISCAL 2017

EXECUTIVE SUMMARY – FOURTH QUARTER

FISCAL 2018 OUTLOOK

“Fiscal 2018 represents a acknowledgment to advance with the accession of three cardinal acquisitions and contributions from avant-garde new items such as HORMEL® BACON 1TMfully adapted bacon and SKIPPY® PB BITES,” said Jim Snee, administrator of the board, admiral and arch controlling officer. “The balance adeptness we are creating with acquisitions, above basic investments in value-added capacity, a accumulation alternation reorganization, the abutment of the Grocery Articles and Specialty Articles segments, and an acute focus on cardinal amount administration sets us up for renewed balance advance in 2018 and beyond.”

“We apprehend Refrigerated Foods, Grocery Products, and International to drive advance as Jennie-O Turkey Abundance continues to cross difficult industry conditions,” Snee said.

Net Sales Advice (in billions)

$9.40 – $9.80

Earnings per Allotment Guidance

$1.60 – $1.70

Fiscal 2018 net sales and balance per allotment advice exclude the awaiting accretion of Columbus Craft Meats, which is accustomed to aing in December. Total sales are about $300 actor and the transaction is accustomed to be 2-3 cents per allotment accretive to balance in budgetary 2018.

DIVIDENDS

“This morning we arise a 10 percent admission to our ceremony dividend, authoritative the new allotment $0.75 per share,” Snee said. “This is the 52nd after year in which we’ve added our dividend.”

Effective November 15, 2017, the aggregation paid its 357th after ceremony allotment at the ceremony amount of $0.68 per share.

COMMENTARY – FOURTH QUARTER

“We delivered a division of able amoebic aggregate and sales advance admitting the airy article markets,” Snee said. “I am appreciative of our team’s adeptness to cross the abounding altered bazaar altitude we faced while blockage focused on our key cardinal initiatives.”

SEGMENT HIGHLIGHTS – FOURTH QUARTER

Grocery Products

WHOLLY GUACAMOLE® dips, SPAM® ancestors of products, and HERDEZ® salsas all showed able sales growth. SKIPPY® peanut adulate and HORMEL® chili accomplished aggregate declines as amount increases took aftereffect during the quarter. Articulation accumulation added as reductions in accomplishment and SG&A costs added than account college ascribe costs for pork, beef, and avocados.

Refrigerated Foods

Volume and sales declines were accompanying to the denial of the Farmer John business, which were partially account by the accretion of Fontanini Italian Meats and Sausages. Retail items such as HORMEL® NATURAL CHOICE® articles and foodservice items such as HORMEL® BACON 1TMfully adapted bacon and HORMEL® pepperoni contributed to the amoebic sales growth. Articulation accumulation beneath due to the denial of the Farmer John business and college ascribe costs.

Jennie-O Turkey Store

Decreases in sales and balance were primarily due to the connected crowd in the turkey industry, arch to lower turkey article prices. JENNIE-O® OVEN READY® articles and marinated tenderloins delivered accomplished sales growth.

International & Other

International sales added due to the admittance of sales of CERATTI® branded products, connected advance of SKIPPY® peanut er, and able exports of SPAM® ogna meat. Balance advance was apprenticed by bigger achievement in China and added exports.

Story Continues

Specialty Foods

Sales and balance declines were mainly accompanying to lower after-effects from MUSCLE MILK® ready-to-drink protein articles in the accessibility abundance channel.

CONFERENCE CALL

A appointment alarm will be webcast at 8:30 a.m. CT on Tuesday, November 21, 2017. Admission is accessible at www.hormelfoods.com. The alarm will additionally be accessible via blast by dialing 888-394-8218 and accouterment the admission cipher 5906948. An audio epitomize is accessible by activity to www.hormelfoods.com and beat on Investors. The webcast epitomize will be accessible at 11:30 a.m. CT, Tuesday, November 21, 2017, and will abide on the website for one year.

ABOUT HORMEL FOODS – Inspired People. Inspired Food.™

Hormel Foods Corporation, based in Austin, Minn., is a all-around branded aliment aggregation with over $9 billion in ceremony revenues beyond added than 80 countries worldwide. Its brands accommodate Skippy®, SPAM®, Hormel® Natural Choice®, Applegate®, Justin’s®, Wholly Guacamole®, Hormel® Black Label® and added than 30 added admired brands. The aggregation is a affiliate of the S&P 500 Index and the S&P 500 Allotment Aristocrats, was called one of “The 100 Best Accumulated Citizens” by Accumulated Albatross Magazine for the ninth year in a row, and has accustomed abundant added awards and accolades for its accumulated albatross and association account efforts. In 2016, the aggregation acclaimed its 125th ceremony and arise its new eyes for the approaching – Inspired People. Inspired Food.™ – absorption on its bequest of innovation. For added information, appointment www.hormelfoods.com and http://csr.hormelfoods.com/.

FORWARD-LOOKING STATEMENTS

This account absolution contains advanced advice based on management’s accustomed angle and assumptions. Actual contest may alter materially. Please accredit to the cautionary account apropos Forward-Looking Statements and Risk Factors which arise on pages 32 – 39 in the company’s Form 10-Q for the division concluded July 30, 2017, which can be accessed at www.hormelfoods.com beneath “Investors-SEC Filings.”

1 COMPARISON OF U.S. GAAP TO NON-GAAP FINANCIAL MEASUREMENTS

The non-GAAP adapted banking abstracts of amoebic net sales and amoebic aggregate are presented to accommodate investors added advice to facilitate the allegory of accomplished and present operations. The aggregation believes these non-GAAP banking abstracts accommodate advantageous advice to investors because they are the abstracts acclimated to appraise achievement on a commensurable year-over-year basis. Non-GAAP abstracts are not advised to be a acting for U.S. GAAP abstracts in allegory banking performance. These non-GAAP abstracts are not in accordance with about accustomed accounting attempt and may be altered from non-GAAP measures acclimated by added companies.

Organic net sales and amoebic aggregate are authentic as net sales and aggregate excluding the appulse of acquisitions, divestitures and the appulse of the 53rd advertisement anniversary in 2016. Amoebic net sales and amoebic aggregate exclude the impacts of the accretion of Justin’s (May 2016) in Grocery Products, the accretion of Fontanini Italian Meats and Sausages (August 2017) and the denial of Farmer John (January 2017) in Refrigerated foods, the denial of Diamond Crystal Brands (May 2016) from Specialty Products, and the accretion of Ceratti (August 2017) in International. The tables beneath appearance the calculations to accommodate from the non-GAAP adapted measures to the GAAP measures in the fourth division and the abounding year of budgetary 2016 and budgetary 2017.

INVESTOR CONTACT:  

MEDIA CONTACT:

Nathan Annis    

Wendy Watkins

(507) 437-5248  

(507) 437-5345

[email protected]      

[email protected]

 

4th Quarter

Volume (lbs.)

FY 2017

FY 2016

(in thousands)

Reported(GAAP)

Acquisitions

Divestitures

Organic(Non-GAAP)

Reported(GAAP)

Acquisitions

Divestitures

53rdWeek

Organic(Non-GAAP)

Organic% change

Grocery Products

249,141

249,141

258,386

(18,456)

239,930

3.8%

Refrigerated Foods

547,196

(16,727)

530,469

658,506

(95,246)

(40,233)

523,027

1.4%

Jennie-O Turkey Store

270,175

270,175

291,587

(20,828)

270,759

(0.2%)

Specialty Foods

117,344

117,344

127,053

(9,075)

117,978

(0.5%)

International & Other

91,414

(7,884)

83,530

85,454

(6,104)

79,350

5.3%

 Total Volume

1,275,270

(24,611)

1,250,659

1,420,986

(95,246)

(94,696)

1,231,044

1.6%

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 Net Sales

FY 2017

FY 2016

(in thousands)

Reported(GAAP)

Acquisitions

Divestitures

Organic(Non-GAAP)

Reported(GAAP)

Acquisitions

Divestitures

53rdWeek

Organic(Non-GAAP)

Organic% change

Grocery Products

$    489,169

$                  –

$                 –

$          489,169

$       491,724

$                  –

$                 –

$     (35,123)

$          456,601

7.1%

Refrigerated Foods

1,166,661

(44,450)

1,122,211

1,237,276

(123,256)

(79,573)

1,034,447

8.5%

Jennie-O Turkey Store

484,856

484,856

541,409

(38,672)

502,737

(3.6%)

Specialty Foods

196,792

196,792

216,674

(15,477)

201,197

(2.2%)

International & Other

155,130

(9,152)

145,978

140,858

(10,061)

130,797

11.6%

 Total Net Sales

$ 2,492,608

$         (53,602)

$                 –

$       2,439,006

$    2,627,941

$                  –

$      (123,256)

$   (178,906)

$       2,325,779

4.9%

Full Year

Volume (lbs.)

FY 2017

FY 2016

(in thousands)

Reported(GAAP)

Acquisitions

Divestitures

Organic(Non-GAAP)

Reported(GAAP)

Acquisitions

Divestitures

53rdWeek

Organic(Non-GAAP)

Organic% change

Grocery Products

916,643

(6,430)

910,213

906,202

(18,456)

887,746

2.5%

Refrigerated Foods

2,180,407

(16,727)

(80,454)

2,083,226

2,493,358

(375,017)

(40,233)

2,078,108

0.2%

Jennie-O Turkey Store

890,518

890,518

902,073

(20,828)

881,245

1.1%

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Specialty Foods

458,022

458,022

583,267

(133,733)

(9,075)

440,459

4.0%

International & Other

324,895

(7,884)

317,011

307,127

(6,104)

301,023

5.3%

 Total Volume

4,770,485

(31,041)

(80,454)

4,658,990

5,192,027

(508,750)

(94,696)

4,588,581

1.5%

  Net Sales

FY 2017

FY 2016

(in thousands)

Reported(GAAP)

Acquisitions

Divestitures

Organic(Non-GAAP)

Reported(GAAP)

Acquisitions

Divestitures

53rdWeek

Organic(Non-GAAP)

Organic% change

Grocery Products

$ 1,761,105

$         (43,146)

$                 –

$       1,717,959

$    1,684,756

$                  –

$                 –

$     (35,123)

$       1,649,633

4.1%

Refrigerated Foods

4,403,732

(44,450)

(100,231)

4,259,051

4,647,173

(493,618)

(79,573)

4,073,982

4.5%

Jennie-O Turkey Store

1,663,160

1,663,160

1,740,968

(38,672)

1,702,296

(2.3%)

Specialty Foods

794,508

794,508

939,134

(140,084)

(15,477)

783,573

1.4%

International & Other

545,014

(9,152)

535,862

511,193

(10,061)

501,132

6.9%

 Total Net Sales

$ 9,167,519

$         (96,748)

$      (100,231)

$       8,970,540

$    9,523,224

$                  –

$      (633,702)

$   (178,906)

$       8,710,616

3.0%

Statements Follow

HORMEL FOODS CORPORATION

SEGMENT DATA

(Unaudited) (In thousands)

FOURTH QUARTER

13 WEEKS ENDED

14 WEEKS ENDED

NET SALES

October 29, 2017

October 30, 2016

% Change

Grocery Products

$ 489,169

$      491,724

(0.5)

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Refrigerated Foods

1,166,661

1,237,276

(5.7)

Jennie-O Turkey Store

484,856

541,409

(10.4)

Specialty Foods

196,792

216,674

(9.2)

International & Other

155,130

140,858

10.1

  Total

$   2,492,608

$   2,627,941

(5.1)

OPERATING PROFIT

Grocery Products

$        88,915

$        82,734

7.5

Refrigerated Foods

145,613

168,040

(13.3)

Jennie-O Turkey Store

70,370

92,299

(23.8)

Specialty Foods

15,933

20,182

(21.1)

International & Other

23,113

19,570

18.1

  Total articulation operating profit

343,944

382,825

(10.2)

  Net absorption and advance (income) amount

(639)

1,017

(162.8)

  Accepted accumulated expense

14,783

17,325

(14.7)

  Less:  Noncontrolling interest

209

250

(16.4)

Earnings afore assets taxes

$      330,009

$      364,733

(9.5)

YEAR TO DATE

52 WEEKS ENDED

53 WEEKS ENDED

NET SALES

October 29, 2017

October 30, 2016

% Change

Grocery Products

$   1,761,105

$   1,684,756

4.5

Refrigerated Foods

4,403,732

4,647,173

(5.2)

Jennie-O Turkey Store

1,663,160

1,740,968

(4.5)

Specialty Foods

794,508

939,134

(15.4)

International & Other

545,014

511,193

6.6

  Total

$   9,167,519

$   9,523,224

(3.7)

OPERATING PROFIT

Grocery Products

$      290,809

$      268,461

8.3

Refrigerated Foods

587,929

585,652

0.4

Jennie-O Turkey Store

247,322

329,427

(24.9)

Specialty Foods

96,828

110,917

(12.7)

International & Other

85,304

78,409

8.8

  Total articulation operating profit

1,308,192

1,372,866

(4.7)

  Net absorption and advance amount (income)

1,824

6,680

(72.7)

  Accepted accumulated expense

28,091

49,436

(43.2)

  Less:  Noncontrolling interest

368

465

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(20.9)

Earnings afore assets taxes

$   1,278,645

$   1,317,215

(2.9)

 

HORMEL FOODS CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited) (In thousands, except per allotment amounts)

ThirteenWeeks Ended

FourteenWeeks Ended

Fifty-TwoWeeks Ended

Fifty-ThreeWeeks Ended

October 29,2017

October 30,2016

October 29,2017

October 30,2016

Net sales

$ 2,492,608

$ 2,627,941

$ 9,167,519

$ 9,523,224

Cost of articles sold

1,981,054

2,029,421

7,164,356

7,365,049

GROSS PROFIT

511,554

598,520

2,003,163

2,158,175

  Selling, accepted and administrative

194,218

244,006

762,104

871,974

  Goodwill/intangible impairment

180

180

991

  Disinterestedness in balance of affiliates

12,214

11,236

39,590

38,685

OPERATING INCOME

329,370

365,750

1,280,469

1,323,895

Other assets & expenses:

  Absorption & advance income

4,216

2,271

10,859

6,191

  Absorption expense

(3,577)

(3,288)

(12,683)

(12,871)

EARNINGS BEFORE INCOME TAXES

330,009

364,733

1,278,645

1,317,215

Provision for assets taxes

111,646

120,543

431,542

426,698

  (effective tax rate)

33.83%

33.05%

33.75%

32.39%

NET EARNINGS

218,363

244,190

847,103

890,517

Less: net balance attributable to   

     noncontrolling interest

209

250

368

465

NET EARNINGS ATTRIBUTABLE TO

     HORMEL FOODS CORPORATION

$    218,154

$    243,940

$    846,735

$    890,052

NET EARNINGS PER SHARE

         Basic

$          0.41

$          0.46

$          1.60

$          1.68

         Diluted

$          0.41

$          0.45

$          1.57

$          1.64

WEIGHTED AVG. SHARES OUTSTANDING

         Basic

527,990

528,778

528,363

529,290

         Diluted

537,952

541,312

539,116

542,473

DIVIDENDS DECLARED

        PER SHARE

$        0.170

$        0.145

$          0.68

$          0.58

 

HORMEL FOODS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Unaudited) (In thousands)

October 29, 2017

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October 30, 2016

ASSETS

CURRENT ASSETS

  Banknote and banknote equivalents

$     444,122

$     415,143

  Accounts receivable

618,351

591,310

  Inventories

921,022

985,683

  Assets taxes receivable

22,346

18,282

  Prepaid expenses

16,144

13,775

  Added accustomed assets

4,538

5,719

     TOTAL CURRENT ASSETS

2,026,523

2,029,912

DEFERRED INCOME TAXES

6,223

INTANGIBLES

3,146,827

2,737,755

OTHER ASSETS

599,307

490,728

PROPERTY, PLANT & EQUIPMENT, NET

1,203,251

1,105,449

     TOTAL ASSETS

$  6,975,908

$   6,370,067

LIABILITIES AND SHAREHOLDERS’ INVESTMENT

CURRENT LIABILITIES

$  1,058,212

$  1,053,196

LONG-TERM DEBT – LESS CURRENT MATURITIES

250,000

250,000

DEFERRED INCOME TAXES

98,410

OTHER LONG-TERM LIABILITIES

629,589

615,465

SHAREHOLDERS’ INVESTMENT

4,939,697

4,451,406

    TOTAL LIAB. & SHAREHOLDERS’ INVESTMENT

$  6,975,908

$  6,370,067

 

HORMEL FOODS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited) (In thousands)

Fifty-Two

 Weeks Ended

Fifty-ThreeWeeks Ended

October 29, 2017

October 30, 2016

OPERATING ACTIVITIES

  Net earnings

$  847,103

$  890,517

  Depreciation and acquittal of intangibles

130,977

131,968

  Goodwill/intangible impairment

180

991

  Decrease (increase) in alive capital

303

(51,425)

  Other

31,633

20,797

NET CASH PROVIDED BY OPERATING ACTIVITIES

1,010,196

992,848

INVESTING ACTIVITIES

  Gain from auction of business

135,944

110,149

  Acquisitions of businesses/intangibles

(520,463)

(280,889)

  Net purchases of property/equipment

(217,276)

(249,297)

  Decrease (increase) in investments, disinterestedness in affiliates, and added assets

8,792

11,078

NET CASH USED IN INVESTING ACTIVITIES

(593,003)

(408,959)

FINANCING ACTIVITIES

  Net (payments) gain from concise debt

(185,000)

  Dividends paid on accepted stock

(346,010)

(296,493)

  Allotment repurchase

(94,487)

(87,885)

  Other

51,239

59,732

NET CASH USED IN FINANCING ACTIVITIES

(389,258)

(509,646)

Effect of barter amount changes on cash

1,044

(6,339)

INCREASE IN CASH AND CASH EQUIVALENTS

28,979

67,904

Cash and banknote equivalents at alpha of year

415,143

347,239

CASH AND CASH EQUIVALENTS AT END OF YEAR

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$  444,122

$  415,143

 

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