Hormel Foods Corp Stock Price, News & Analysis

Hormel Foods introduces the Hardcourt Smoked HORMEL® BLACK LABEL® Bacon, a unique product for basketball fans, officially launched on March 13, 2023. This limited-run bacon is smoked with the actual northern cherry maple wood used for the floors of the NCAA basketball tournament. Fans can enter to win one of 68 commemorative packages from March 13 to March 20 by registering at www.Hardcourt.BlackLabelBacon.com. Each package includes bacon, a certificate, collectible maple wood chips, and coupons. This collaboration with Connor® Sports aims to enhance the fan experience for NCAA basketball enthusiasts.

Hormel Foods has partnered with The World Pizza Champions™ to enhance its Rosa Grande® pepperoni brand, aiming to deliver innovative pizza toppings across the U.S. This collaboration focuses on quality and diverse offerings in the pizza industry, with both parties expressing excitement about future expansions. The partnership is built on mutual interests and shared goals to elevate pizza-making standards. Hormel Foods boasts over $12 billion in annual revenue and is recognized for its commitment to excellence in food quality and community service.

Hormel Foods Corporation (NYSE: HRL) will engage in a fireside chat at the BofA Securities 2023 Consumer & Retail Conference on March 14, 2023, at 10:20 a.m. CT. Key executives, including Jacinth Smiley, Deanna Brady, and Scott Aakre, will represent the company. The live webcast and replay information will be available on Hormel's investor website. Hormel Foods, based in Austin, Minn., boasts over $12 billion in annual revenue, offering brands like Planters, SPAM, and Jennie-O across more than 80 countries. It is part of the S&P 500 Index and recognized for its corporate responsibility.

Hormel Foods Corporation (NYSE: HRL) reported Q1 fiscal 2023 results with net sales of $3.0 billion and diluted EPS of $0.40. Operating income stood at $289 million, with an operating margin of 9.7%. Despite strong demand for core brands like Hormel® Black Label® bacon, overall results fell short of expectations due to inflationary pressures and lower sales volumes. The company anticipates net sales growth of 1-3% for the full year and maintains EPS guidance of $1.70 to $1.82. Challenges include high inventory levels and supply chain inefficiencies, particularly in the snack nuts category and turkey supply.

Hormel Foods celebrates the 12th annual MLK essay contest, honoring students who write about Dr. Martin Luther King Jr.'s legacy. Winners Ava Pigrum, Andre Smith, and Michael Htoo visited Hormel's headquarters to share their essays. Sponsored by the Black Leaders & Allies Advancing Cultural Knowledge (BLAACK) group, the competition aims to promote the legacy of Dr. King and reinforce cultural diversity. Hormel, a global food brand with over $12 billion in annual revenue, continues to integrate community initiatives with corporate values, striving to uplift humanity through this educational outreach.

Hormel Foods teamed up with the World Pizza Champions to host the world's largest in-person pizza party, aiming to raise funds for Make-A-Wish. The event took place at the University of Tulsa, Oklahoma, where 40 renowned pizza-makers participated. Hormel Foods sponsored the gathering with a $10,000 donation to Make-A-Wish, encouraging attendees to contribute as well. This follows Hormel's record for the largest virtual pizza party, highlighting their commitment to community engagement and charity.

Jennie-O, a prominent turkey brand, collaborates with chef Carla Hall to honor school cafeteria staff through the School Cafeteria Takeovers program. This initiative, launched in October, aims to appreciate the unsung heroes in education by providing a special event at Mandarin Immersion Magnet School in Houston. The campaign includes baking tutorials, wellness activities, and personal gratitude notes from students. Additionally, Jennie-O will donate $25,000 in kitchen equipment to four schools to support those in need. Jennie-O is recognized as the leading turkey provider for over 5,000 school districts across the U.S.

Hormel Foods Corporation (NYSE: HRL) announced that its Columbus® Charcuterie Tasting Board has won the Appetizer Category in the 2023 Product of the Year Canada awards. Recognized for its innovation, the product is gaining traction in Canada and the U.S. as a premium charcuterie option, providing convenience for consumers who prefer ready-made options. The Product of the Year award is based on votes from 4,000 consumers, highlighting the product's popularity and quality. Hormel Foods operates globally with over $12 billion in annual revenue and a diverse portfolio of brands.