Gary C. Bhojwani, a director of Hormel Foods Corp. (HRL), reported acquiring 3,028 phantom stock units on September 30, 2026, at a reported $19.94 per share. The units relate to deferrals under the Nonemployee Director Deferred Stock Subplan and include units from dividend equivalents. His direct holdings after the transaction were 33,205 shares; 32,002 shares were held indirectly through the Gary C. Bhojwani Revocable Trust. The units become payable in shares after director service ends, in a lump sum or up to ten annual installments.
Hormel Foods Corporation (HRL) agreed to acquire all outstanding membership interests of Brakebush Brothers, LLC from Brakebush Holdings, Inc. for a base purchase price of $1.055 billion in cash, subject to customary adjustments. Closing is expected during Hormel’s first quarter of fiscal 2027, subject to customary conditions, including the expiration or termination of applicable antitrust waiting periods, the absence of a law or order prohibiting the transaction, and customary conditions relating to the parties’ representations, warranties and covenants.
Brakebush, a value-added chicken provider serving foodservice customers, generated approximately $1.2 billion in net sales over the last 12 months, operates five production facilities and two research and development labs. Hormel expects to report Brakebush’s operations primarily in its Foodservice segment and expects the acquisition to be accretive to adjusted earnings per share beginning in fiscal 2028. Hormel also expects the acquisition to generate growth, operational synergies and enhanced cash flows. The agreement provides termination rights for Hormel and Brakebush Holdings, Inc. if the transaction has not closed by March 29, 2027, with an automatic three-month extension in specified circumstances involving outstanding regulatory approvals.
HORMEL FOODS CORP (HRL) filed an initial insider ownership report for Ash Bhumbla, who is identified as an Executive VP & CFO of the company. The filing lists no reportable holdings or transactions and references an attached Exhibit 24 Power of Attorney.
Hormel Foods Corporation (HRL) reported weaker GAAP results for the quarter ended July 26, 2026, as one-time charges offset relatively stable underlying operations. Net sales were $2.96 billion, down 2.4% year over year, while volume fell 7.4%.
Net earnings attributable to Hormel declined to $59.6 million from $183.7 million, and diluted EPS dropped to $0.11, largely due to a $56 million loss tied to the Brazil divestiture, a $48 million non-cash impairment of the Garudafood equity investment in Indonesia, and a $37.5 million turkey antitrust litigation settlement. By contrast, adjusted diluted EPS rose 5.7% to $0.37, reflecting lower underlying SG&A and solid Foodservice performance.
Foodservice net sales grew 1.6% and segment profit 2.7%, while Retail and International segment profits fell, with International heavily affected by the impairment. Operating cash flow for the first nine months rose 47% to $768.8 million, supported by better working capital. Total debt was broadly stable at $2.86 billion, and the company had no borrowings under its $750 million revolving credit facility.
HORMEL FOODS CORP (HRL) reported third-quarter fiscal 2026 net sales of $2.96 billion, with organic net sales down 2% from a year earlier. GAAP operating income was $111 million and GAAP operating margin fell to 3.7%, but adjusted operating income rose to $266 million and adjusted operating margin to 9.0%.
GAAP diluted EPS declined to $0.11 from $0.33, while adjusted diluted EPS increased to $0.37 from $0.35. Cash flow from operations was strong at $241 million, up 54%. Results included a $56 million loss on the Brazil divestiture, a $48.2 million non-cash impairment in Indonesia and a $38 million litigation settlement.
Retail segment net sales fell 4% and volume 9%, while Foodservice net sales grew 2% and segment profit rose 3%. International segment profit declined 254% on an impairment, though adjusted segment profit was flat. For fiscal 2026, Hormel now expects net sales of $12.1–$12.2 billion, GAAP EPS of $1.06–$1.12, and raises adjusted EPS guidance to $1.45–$1.51, implying 6–10% adjusted earnings growth.
HORMEL FOODS CORP (HRL) appointed Ash Bhumbla as Executive Vice President and Chief Financial Officer, effective September 8, 2026. Interim CFO Paul R. Kuehneman will conclude his interim role on that date and continue as Vice President and Controller and Principal Accounting Officer.
Bhumbla, age 39, previously held senior finance roles at Tyson Foods and Perdue Farms. His offer package includes an annual base salary of $700,000, target annual short-term incentive equal to 100% of base salary (prorated for fiscal 2026), and a long-term incentive target of $2.1 million, split approximately one-third each among performance-based cash, stock options, and time-based restricted stock units.
He will receive a one-time cash relocation bonus of $10,000, a cash sign-on award of $700,000 subject to multi-year repayment conditions, and a one-time RSU grant valued at $1.2 million vesting over three years. He participates in the Executive Severance Plan, with a defined lump-sum protection if that plan is reduced and he is later involuntarily terminated without cause.
Hormel Foods Corporation appointed John F. Ghingo, currently President and a director, as President and Chief Executive Officer effective October 26, 2026. He will remain on the Board. Jeffrey M. Ettinger’s service as Interim Chief Executive Officer will conclude on October 25, 2026, and he will continue as a director.
Effective July 27, 2026, Mr. Ghingo’s annual base salary as President increases from $730,000 to $1.2 million, and his fiscal 2026 short-term incentive target rises from 125% to 150% of base salary, prorated for the year. As President and Chief Executive Officer, he will receive an initial annual base salary of $1.28 million, a short-term incentive target of 150% of base salary, and an annual long-term incentive target of $6.8 million, split 50% performance-based cash, 25% stock options, and 25% time-based restricted stock units. He is also granted personal use of company aircraft up to $150,000 in aggregate incremental cost per year and eligibility under the Executive Severance Plan with a two-times severance factor.
Hormel Foods director Gary C. Bhojwani reported an open-market sale of common stock and updated his share holdings. An entity associated with him, the Gary C. Bhojwani Revocable Trust, sold 20,200 shares of Hormel Foods common stock at a volume-weighted average price of $24.5128 per share on July 8, 2026, with actual prices ranging from $24.47 to $24.57. Following these transactions, Bhojwani holds 29,551.91 shares directly and 32,002 shares indirectly through the revocable trust.
Hormel Foods Corp. filed a Form 144 notice indicating proposed sales of Common Stock that were originally acquired as Restricted Stock Awards.
The filing lists multiple award lots by grant date and share count, including 3,396 shares and 2,484 shares as representative examples. The excerpt lists prior award dates and share quantities for sale; timing and aggregate proceeds are not stated.
Hormel Foods Corporation detailed a new international assignment for Swen Neufeldt, its Group Vice President, International, who will relocate to the company’s Singapore subsidiary while remaining in his current role. The assignment is set to begin on or around July 27, 2026, for an indefinite term at the company’s discretion.
Neufeldt will keep his current annual base salary of $526,400 and receive a cost-of-living adjustment of $56,103 per year, with continued eligibility for the company’s incentive and benefit programs. The agreement adds multiple relocation and expatriate benefits, including a $20,000 relocation payment, up to $25,000 for shipment of household goods, and a company-paid housing allowance of $90,566 per year in Singapore, along with tax equalization, travel reimbursements, and other support. Certain relocation costs must be repaid on a pro-rata basis if he resigns (other than a defined Qualified Retirement) or is terminated for cause within three years of the assignment start.