Hormel Foods Corporation - HRL STOCK NEWS

Hormel Foods Corporation (NYSE: HRL) announced its annual profit-sharing distribution to eligible team members, marking the 82nd consecutive year of this tradition. CEO Jim Snee highlighted the importance of sharing profits, especially in this unprecedented year due to the pandemic. The profit-sharing program was initiated in 1938 and is granted at the Board of Directors' discretion. Hormel Foods, based in Austin, Minnesota, generates over $9 billion in annual revenue and operates globally with a portfolio of well-known brands, reinforcing its commitment to corporate responsibility and community service.

Hormel Foods Corporation (NYSE: HRL) reported its fourth quarter results for fiscal 2020, highlighting a 1% growth in total volume to 4.8 billion lbs. and a 1% increase in net sales to $9.6 billion. However, operating income fell 8% to $1.1 billion, with diluted earnings per share also declining 8% to $1.66. The company faced significant challenges due to COVID-19, resulting in over $80 million in incremental supply chain costs. Despite these setbacks, a 5% increase in dividends was announced, marking the 55th consecutive year of dividend growth.

The Board of Directors of Hormel Foods Corporation (NYSE: HRL) announced a 5% increase in the annual dividend, raising it to $0.98 per share from $0.93. This marks the 55th consecutive annual dividend increase. The first quarterly dividend of $0.2450 per share will be paid on February 16, 2021, to stockholders of record by January 11, 2021. Hormel Foods has maintained uninterrupted quarterly dividends since becoming public in 1928, highlighting its financial stability and commitment to shareholders.

Hormel Foods Corporation (NYSE: HRL) is hosting the World's Largest Virtual Friendsgiving on Tuesday, Nov. 24, from 7-8 p.m. CT. This event will feature celebrity appearances, musical performances, and holiday cooking tips on the Hormel Foods YouTube channel. In response to the pandemic, Hormel has previously hosted various virtual events and donated over $1.5 million to hunger causes. During the Friendsgiving, an additional 250,000 meals will be donated to Feeding America. The event will be hosted by Paul Zahn and feature performances by Boyz II Men and Taylor Dayne.

Columbus Craft Meats has announced the expansion of its popular Columbus® Charcuterie Tasting Board line with the launch of its Mediterranean variant, just in time for the holidays. Retailing at approximately $13.99, this new offering features premium Mediterranean ingredients such as chorizo, prosciutto, Fontina cheese, and dried Turkish apricots, all presented on a wood-printed board. The company aims to provide convenient and visually appealing charcuterie options for consumers gathering in smaller groups. Columbus Craft Meats is a subsidiary of Hormel Foods (NYSE: HRL).

Jennie-O Turkey Store has enlisted culinary experts to assist consumers with Thanksgiving meal preparation via the 1-800-TURKEYS hotline from Nov. 19-25. Notable chefs, including Food Network champions and specialized influencers, will offer advice on various cooking techniques. The initiative aims to support first-time holiday hosts, with additional resources available through the Jennie-O website. Consumers can text 'Turkey' to 73876 for assistance and track their turkey's origin through the Turkey Tracker. This effort emphasizes Jennie-O's commitment to a stress-free holiday experience.

Columbus Craft Meats, a growing deli brand, announces the launch of three premium charcuterie gift collections: Charcuterie 101 Collection, Charcuterie Entertaining Collection, and Felino Gold. These items cater to holiday gifting trends, delivering unique offerings directly to consumers. Each collection offers a curated selection of artisan meats, cheeses, and accompaniments alongside a guide for creating charcuterie boards. The products will be available for online order, enhancing convenience during the festive season.

Hormel Foods Corporation (NYSE: HRL) announced the recipients of the 2020 Hormel Heroes Scholarships, awarding $10,000 each to Christina Gilman and Angela Thompson. Both recipients have military backgrounds and are pursuing degrees in hospitality management and foodservice. Gilman, a U.S. Marine Corps sergeant, is studying at American Public University, while Thompson, a U.S. Air Force veteran, is enrolled at St. Louis Community College. Hormel Foods emphasizes its commitment to supporting veterans in their educational pursuits, as stated by Mark Ourada, group vice president of Hormel Foods Foodservice.

Hormel Foods Corporation (NYSE: HRL) will host a conference call on November 24, 2020, at 9:00 a.m. CT to discuss its fourth quarter and full-year financial results. The earnings press release will be issued before the market opens on the same day. Interested participants can join via phone or webcast through Hormel's website. The company, based in Austin, Minn., boasts over $9 billion in annual revenue and is a member of the S&P 500 Index.