Hormel Foods Corp Stock Price, News & Analysis

Hormel Foods Corporation (NYSE: HRL) reported its third-quarter fiscal 2020 results, showcasing a record net sales of $2.4 billion, up 4% year-over-year. Volume increased by 4% to 1.2 billion lbs., while diluted earnings per share remained flat at $0.37. Despite a 1% decline in pretax earnings to $259 million and an 11% drop in operating margin, cash flow from operations surged by 59%. The company faced approximately $40 million in incremental supply chain costs due to COVID-19. Outlook remains cautious due to uncertain foodservice recovery but anticipates continued strength in retail.

Hormel Foods Corporation (HRL) will release its third quarter financial results on August 25, 2020, before the market opens. A conference call is scheduled for 9:00 a.m. CT (10:00 a.m. ET) to discuss the results, featuring CEO Jim Snee and CFO Jim Sheehan. Investors can access the live webcast on the company's website.

Hormel Foods, based in Austin, Minn., generates over $9 billion in annual revenue, boasting popular brands like SKIPPY and SPAM.

Fontanini Foods, a subsidiary of Hormel Foods (NYSE: HRL), has announced the return of all 150 furloughed employees as part of its recovery strategy. The furlough, initiated on May 4, was a response to challenges in the foodservice sector due to the pandemic. The company has reinstated health benefits during the furlough period. Plant manager Kyle Kuhnke expressed optimism about welcoming back the dedicated workforce. Fontanini is known for its authentic Italian products served in prominent venues, indicating a positive shift as the foodservice industry recovers.

Hormel Foods Corporation (NYSE: HRL) has been recognized as the 21st company on Selling Power's 50 Best Companies to Sell For list, marking the 20th consecutive year for this honor. This accolade highlights Hormel's commitment to providing exceptional benefits and training for its sales team. The ranking considers factors such as compensation, hiring and training, and customer retention. According to Selling Power's founder, this recognition reflects a strong sales culture at Hormel, making it an attractive option for top sales talent.

Hormel Foods Corporation (NYSE: HRL) announced a commitment of up to $300,000 to support education and equity through its Inspired Giving program. This initiative allows matching donations from employees and retirees to selected charities. Three organizations, including the Minorities in Agriculture, Natural Resources and Related Sciences (MANRRS), were chosen by the company’s Inclusion and Diversity Guiding Coalition. Hormel has contributed over $50 million to charitable causes in the past five years, reinforcing its commitment to corporate social responsibility.

Hormel Foods Corporation (NYSE: HRL) has announced the reopening of its popular SPAM Museum in Austin, Minnesota, on July 2, 2020. The museum will offer both in-person visits and live virtual tours via Zoom. Previously closed due to COVID-19, the museum's team delivered over 20,000 meals to seniors in the Austin community during its closure. The reopening includes strict cleaning protocols and social distancing measures. For those interested in virtual experiences, customized tours are now available to enhance guest interaction.

The makers of Lloyd's® barbeque products announced the launch of two new offerings: pecanwood smoked pulled pork and hardwood smoked chicken, both featuring the award-winning Pig Beach Mustard BBQ Sauce. The sauce has won the Memphis in May World Championship two times. The new products are perfect for gatherings or quick meals. Each 16-ounce tray is priced between $5.99 and $7.99 and is available at select retailers nationwide. Hormel Foods, the parent company, boasts over $9 billion in annual revenue.

Hormel Foods has launched a new advertising campaign for SKIPPY peanut butter titled Go To Your SKIPPY Place™, aimed at encouraging consumers to take a break and enjoy their favorite snack. The campaign features national TV spots titled 'Puppy Parenting' and 'Fun Aunt', showcasing joyful moments with pets and children. Brand manager Jennesa Kinscher highlights the importance of small moments of relaxation in today's hectic environment. The campaign is part of a broader strategy to connect emotionally with consumers.

Hormel Foods Corporation has opened a new state-of-the-art health center in Austin, Minnesota, aimed at providing high-quality healthcare access to its employees and their families. Operated in partnership with Premise Health and linked with the Mayo Clinic, the facility will serve approximately 4,700 individuals, offering services like primary care, physical therapy, and lab services. This initiative underscores Hormel's commitment to employee wellbeing and enhances its existing comprehensive benefits.