Hormel Foods Corp Stock Price, News & Analysis

Skippy Foods, LLC is voluntarily recalling 9,353 cases (161,692 pounds) of specific SKIPPY® peanut butter products due to the potential presence of stainless steel fragments. The affected products are Reduced Fat Creamy and Chunky Peanut Butter spreads along with Creamy Peanut Butter Blended With Plant Protein, with specific 'Best If Used By' dates ranging from May 2023. Notably, there have been no consumer complaints related to this recall, and the company is taking precautionary measures to ensure consumer safety.

Hormel Foods Corporation (NYSE: HRL) announced a quarterly dividend of $0.26 per share, approved by the Board of Directors on March 28, 2022. The dividend will be paid on May 16, 2022, to stockholders of record by April 11, 2022. This marks the 375th consecutive quarterly dividend paid by the company since going public in 1928, demonstrating its commitment to returning income to shareholders and financial stability.

Jennie-O Turkey Store has confirmed the presence of Highly Pathogenic Avian Influenza (HPAI) within its supply chain, affecting one farm in Minnesota. This virus, primarily carried by migratory waterfowl, has already impacted numerous poultry farms across the region. While no cases had been reported in farms supplying Jennie-O until now, the company is taking extensive precautions to protect its turkeys. Collaborating with USDA and local health authorities, Jennie-O reassures consumers that HPAI does not pose a food safety concern.

The makers of HORMEL® refrigerated entrees announced a packaging redesign for their SQUARE TABLE™ entrees brand, emphasizing consumer benefits and improved visual appeal. These entrees are designed for quick preparation, offering meals ready in 30 minutes or less, catering to home dining trends. With no preservatives, artificial colors, or flavors, the meals encourage family togetherness. Available in eight varieties and retailing between $6.99 and $12.99, these entrees are positioned for accessibility at Walmart and other grocery stores.

Hormel Foods Corporation (NYSE: HRL) reported strong first-quarter fiscal 2022 results with a record net sales of $3.0 billion, up 24% year-over-year. Operating income reached $320 million, reflecting a 19% increase, while diluted earnings per share rose 7% to $0.44. The company reaffirmed its annual guidance with expected net sales between $11.7 billion and $12.5 billion. Despite challenges such as labor shortages and inflation, Hormel benefitted from strong demand across U.S. channels and strategic pricing actions to combat rising costs.

The makers of Columbus® Craft Meats launched their largest marketing campaign, titled "Like This." This campaign showcases how consumers can create charcuterie boards and bites using Columbus® products. As premium items gain popularity, the campaign aims to inspire easy charcuterie builds that offer elevated experiences. The new Perfect Charcuterie Bite emphasizes flavor and accessibility. It also utilizes digital channels to demonstrate charcuterie pairings, appealing to consumers seeking connection through shared culinary experiences.

Hormel Foods has partnered with The World Pizza Champions™ to introduce innovative plant-based protein pizza toppings across the U.S. in 2022. This collaboration aims to enhance menus and events, including the renowned Pizza Expo in Las Vegas. Happy Little Plants®, launched in 2019, offers delicious plant-based options appealing to health-conscious consumers. This partnership reflects Hormel's commitment to providing diverse food solutions and showcases its ability to innovate in the foodservice industry.