AUSTIN, Minn., Nov. 21, 2017 /PRNewswire/ -- Hormel Foods
Corporation (NYSE: HRL) today reported results for the fourth
quarter of fiscal year 2017.
EXECUTIVE SUMMARY – FISCAL 2017
- Three of five segments delivered record segment profit
- Volume down 8%; Organic volume1 up 2%
- Sales of $9.2 billion, down 4%;
Organic net sales1 up 3%
- Diluted earnings per share of $1.57, down 4% from 2016 EPS of $1.64
- Second most profitable year in the company's history
- Record operating margin of 14.0%
- Record cash flow from operations of $1.01 billion, up 2%
EXECUTIVE SUMMARY – FOURTH QUARTER
- Volume down 10%; Organic volume up 2%
- Sales of $2.5 billion, down 5%;
Organic net sales up 5%
- Diluted EPS of $0.41, down 9%
from 2016 EPS of $0.45
- Operating margin of 13.2%
- Record cash flow from operations of $499
million, up 34%
FISCAL 2018 OUTLOOK
"Fiscal 2018 represents a return to growth with the addition of
three strategic acquisitions and contributions from innovative new
items such as HORMEL® BACON 1TM fully cooked
bacon and SKIPPY® PB BITES," said Jim Snee, chairman of the board, president and
chief executive officer. "The earnings power we are creating with
acquisitions, major capital investments in value-added capacity, a
supply chain reorganization, the union of the Grocery Products and
Specialty Products segments, and an intense focus on strategic cost
management sets us up for renewed earnings growth in 2018 and
beyond."
"We expect Refrigerated Foods, Grocery Products, and
International to drive growth as Jennie-O Turkey Store continues to
navigate difficult industry conditions," Snee said.
Net Sales Guidance
(in billions)
|
$9.40 -
$9.80
|
Earnings per Share
Guidance
|
$1.60 -
$1.70
|
Fiscal 2018 net sales and earnings per share guidance exclude
the pending acquisition of Columbus Craft Meats, which is expected
to close in December. Total sales are approximately $300 million and the transaction is expected to
be 2-3 cents per share accretive to
earnings in fiscal 2018.
DIVIDENDS
"This morning we announced a 10 percent increase to our annual
dividend, making the new dividend $0.75 per share," Snee said. "This is the
52nd consecutive year in which we've increased our
dividend."
Effective November 15, 2017, the
company paid its 357th consecutive quarterly dividend at
the annual rate of $0.68 per
share.
COMMENTARY – FOURTH QUARTER
"We delivered a quarter of strong organic volume and sales
growth despite the volatile commodity markets," Snee said. "I am
proud of our team's ability to navigate the many unique market
conditions we faced while staying focused on our key strategic
initiatives."
SEGMENT HIGHLIGHTS – FOURTH QUARTER
Grocery Products
- Volume down 4%; Organic volume up 4%
- Net sales down 1%; Organic net sales up 7%
- Segment profit up 7%
WHOLLY GUACAMOLE® dips, SPAM® family of products,
and HERDEZ® salsas all showed strong sales growth.
SKIPPY® peanut butter and HORMEL® chili experienced
volume declines as price increases took effect during the quarter.
Segment profit increased as reductions in manufacturing and
SG&A expenses more than offset higher input costs for pork,
beef, and avocados.
Refrigerated Foods
- Volume down 17%; Organic volume up 1%
- Net sales down 6%; Organic net sales up 8%
- Segment profit down 13%
Volume and sales declines were related to the divestiture of the
Farmer John business, which were partially offset by the
acquisition of Fontanini Italian Meats and Sausages. Retail items
such as HORMEL® NATURAL CHOICE® products and
foodservice items such as HORMEL® BACON 1TM
fully cooked bacon and HORMEL® pepperoni contributed to the
organic sales growth. Segment profit declined due to the
divestiture of the Farmer John business and higher input costs.
Jennie-O Turkey Store
- Volume down 7%; Organic volume flat
- Net sales down 10%; Organic net sales down 4%
- Segment profit down 24%
Decreases in sales and earnings were primarily due to the
continued oversupply in the turkey industry, leading to lower
turkey commodity prices. JENNIE-O® OVEN READY® products and
marinated tenderloins delivered excellent sales growth.
International & Other
- Volume up 7%; Organic volume up 5%
- Net sales up 10%; Organic net sales up 12%
- Segment profit up 18%
International sales increased due to the inclusion of sales of
CERATTI® branded products, continued growth of
SKIPPY® peanut butter, and strong exports of SPAM®
luncheon meat. Earnings growth was driven by improved performance
in China and increased
exports.
Specialty Foods
- Volume down 8%; Organic volume down 1%
- Net sales down 9%; Organic net sales down 2%
- Segment profit down 21%
Sales and earnings declines were mainly related to lower results
from MUSCLE MILK® ready-to-drink protein products in the
convenience store channel.
CONFERENCE CALL
A conference call will be webcast at 8:30
a.m. CT on Tuesday, November 21,
2017. Access is available at www.hormelfoods.com. The call
will also be available via telephone by dialing 888-394-8218 and
providing the access code 5906948. An audio replay is available by
going to www.hormelfoods.com and clicking on Investors. The
webcast replay will be available at 11:30
a.m. CT, Tuesday, November 21,
2017, and will remain on the website for one year.
ABOUT HORMEL FOODS - Inspired People. Inspired Food.™
Hormel Foods Corporation, based in Austin, Minn., is a global branded food
company with over $9 billion in
annual revenues across more than 80 countries worldwide. Its brands
include Skippy®, SPAM®, Hormel® Natural Choice®,
Applegate®, Justin's®, Wholly Guacamole®, Hormel® Black Label®
and more than 30 other beloved brands. The company is a member of
the S&P 500 Index and the S&P 500 Dividend Aristocrats, was
named one of "The 100 Best Corporate Citizens" by Corporate
Responsibility Magazine for the ninth year in a row, and has
received numerous other awards and accolades for its corporate
responsibility and community service efforts. In 2016, the company
celebrated its 125th anniversary and announced its new vision for
the future - Inspired People. Inspired Food.™ - focusing on its
legacy of innovation. For more information, visit
www.hormelfoods.com and http://csr.hormelfoods.com/.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking information based on
management's current views and assumptions. Actual events may
differ materially. Please refer to the cautionary statement
regarding Forward-Looking Statements and Risk Factors which appear
on pages 32 - 39 in the company's Form 10-Q for the quarter ended
July 30, 2017, which can be accessed
at www.hormelfoods.com under "Investors-SEC Filings."
1 COMPARISON OF U.S. GAAP TO NON-GAAP FINANCIAL
MEASUREMENTS
The non-GAAP adjusted financial measurements of organic net
sales and organic volume are presented to provide investors
additional information to facilitate the comparison of past and
present operations. The company believes these non-GAAP financial
measurements provide useful information to investors because they
are the measurements used to evaluate performance on a comparable
year-over-year basis. Non-GAAP measurements are not intended to be
a substitute for U.S. GAAP measurements in analyzing financial
performance. These non-GAAP measurements are not in accordance with
generally accepted accounting principles and may be different from
non-GAAP measures used by other companies.
Organic net sales and organic volume are defined as net sales
and volume excluding the impact of acquisitions, divestitures and
the impact of the 53rd reporting week in 2016. Organic
net sales and organic volume exclude the impacts of the acquisition
of Justin's (May 2016) in Grocery
Products, the acquisition of Fontanini Italian Meats and Sausages
(August 2017) and the divestiture of
Farmer John (January 2017) in
Refrigerated foods, the divestiture of Diamond Crystal Brands (May 2016) from Specialty Products, and the
acquisition of Ceratti (August 2017)
in International. The tables below show the calculations to
reconcile from the non-GAAP adjusted measures to the GAAP measures
in the fourth quarter and the full year of fiscal 2016 and fiscal
2017.
INVESTOR
CONTACT:
|
MEDIA
CONTACT:
|
Nathan
Annis
|
Wendy
Watkins
|
(507)
437-5248
|
(507)
437-5345
|
ir@hormel.com
|
media@hormel.com
|
4th
Quarter
|
|
|
|
|
|
|
|
|
|
Volume
(lbs.)
|
FY
2017
|
FY
2016
|
|
(in
thousands)
|
Reported
(GAAP)
|
Acquisitions
|
Divestitures
|
Organic
(Non-GAAP)
|
Reported
(GAAP)
|
Acquisitions
|
Divestitures
|
53rd
Week
|
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%
|
|
|
|
|
|
|
|
|
|
|
|
Net
Sales
|
FY
2017
|
FY
2016
|
|
(in
thousands)
|
Reported
(GAAP)
|
Acquisitions
|
Divestitures
|
Organic
(Non-GAAP)
|
Reported
(GAAP)
|
Acquisitions
|
Divestitures
|
53rd
Week
|
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
|
53rd
Week
|
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%
|
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
|
53rd
Week
|
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)
|
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
segment operating profit
|
343,944
|
382,825
|
(10.2)
|
Net interest
and investment (income) expense
|
(639)
|
1,017
|
(162.8)
|
General
corporate expense
|
14,783
|
17,325
|
(14.7)
|
Less:
Noncontrolling interest
|
209
|
250
|
(16.4)
|
Earnings before
income 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
segment operating profit
|
1,308,192
|
1,372,866
|
(4.7)
|
Net interest
and investment expense (income)
|
1,824
|
6,680
|
(72.7)
|
General
corporate expense
|
28,091
|
49,436
|
(43.2)
|
Less:
Noncontrolling interest
|
368
|
465
|
(20.9)
|
Earnings before
income taxes
|
$ 1,278,645
|
$ 1,317,215
|
(2.9)
|
HORMEL FOODS
CORPORATION
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(Unaudited) (In
thousands, except per share amounts)
|
|
|
|
|
|
Thirteen
Weeks Ended
|
Fourteen
Weeks Ended
|
Fifty-Two
Weeks Ended
|
Fifty-Three
Weeks 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 products
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,
general and administrative
|
194,218
|
244,006
|
762,104
|
871,974
|
Goodwill/intangible impairment
|
180
|
-
|
180
|
991
|
Equity in
earnings of affiliates
|
12,214
|
11,236
|
39,590
|
38,685
|
|
|
|
|
|
OPERATING
INCOME
|
329,370
|
365,750
|
1,280,469
|
1,323,895
|
|
|
|
|
|
Other income &
expenses:
|
|
|
|
|
Interest &
investment income
|
4,216
|
2,271
|
10,859
|
6,191
|
Interest
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 income
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 earnings
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
|
October 30,
2016
|
|
|
|
ASSETS
|
|
|
|
CURRENT
ASSETS
|
|
|
Cash and cash
equivalents
|
$
444,122
|
$
415,143
|
Accounts
receivable
|
618,351
|
591,310
|
Inventories
|
921,022
|
985,683
|
Income taxes
receivable
|
22,346
|
18,282
|
Prepaid
expenses
|
16,144
|
13,775
|
Other current
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-Three
Weeks Ended
|
|
October 29,
2017
|
October 30,
2016
|
|
|
OPERATING
ACTIVITIES
|
|
|
Net
earnings
|
$
847,103
|
$
890,517
|
Depreciation
and amortization of intangibles
|
130,977
|
131,968
|
Goodwill/intangible impairment
|
180
|
991
|
Decrease
(increase) in working capital
|
303
|
(51,425)
|
Other
|
31,633
|
20,797
|
NET CASH PROVIDED
BY OPERATING ACTIVITIES
|
1,010,196
|
992,848
|
|
|
|
INVESTING
ACTIVITIES
|
|
|
Proceeds from
sale 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, equity in affiliates, and other
assets
|
8,792
|
11,078
|
NET CASH USED IN
INVESTING ACTIVITIES
|
(593,003)
|
(408,959)
|
|
|
|
FINANCING
ACTIVITIES
|
|
|
Net (payments)
proceeds from short-term debt
|
-
|
(185,000)
|
Dividends paid
on common stock
|
(346,010)
|
(296,493)
|
Share
repurchase
|
(94,487)
|
(87,885)
|
Other
|
51,239
|
59,732
|
NET CASH USED IN
FINANCING ACTIVITIES
|
(389,258)
|
(509,646)
|
Effect of exchange
rate changes on cash
|
1,044
|
(6,339)
|
INCREASE IN CASH
AND CASH EQUIVALENTS
|
28,979
|
67,904
|
Cash and cash
equivalents at beginning of year
|
415,143
|
347,239
|
CASH AND CASH
EQUIVALENTS AT END OF YEAR
|
$ 444,122
|
$ 415,143
|
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SOURCE Hormel Foods Corporation