Hormel Foods said net sales for fiscal 2024 fell 2% from the prior year to $11.9 billion, while net earnings rose 1%. Diluted earnings per share were $1.47 and adjusted diluted earnings per share were $1.58, compared with $1.45 and $1.61 a year earlier.

1. 01

   Hormel Foods said net sales for fiscal 2024 fell 2% from the prior year to $11.9 billion, while net earnings rose 1%. Diluted earnings per share were $1.47 and adjusted diluted earnings per share were $1.58, compared with $1.45 and $1.61 a year earlier.

2. 02

   The company cited significant year-over-year pricing declines for whole bird and commodity turkey and softness in the Convenient Meals & Proteins vertical as drivers of lower Retail segment sales. For the International segment, it cited lower commodity exports and lower net sales in China. Segment profit rose 2%, and Foodservice was comparable to the prior year.

3. 03

   The company said capital expenditures for fiscal 2024 were $256 million and that it paid a record $615 million in dividends. It said the annual dividend for fiscal 2025 will be $1.16 per share, an increase of 3%, marking the 59th consecutive year of dividend increases.

4. 04

   Hormel Foods expects organic net sales growth of 1 to 3% in fiscal 2025, diluted earnings per share of $1.51 to $1.65, and adjusted diluted earnings per share of $1.58 to $1.72. The company said earnings are expected to decline in the first half of the year and that segment profit is expected to grow across all three segments in the back half.

Key figures

Fiscal year ended October 27, 2024

Revenue

$11.9B

Operating income

$1.1B

Net income

$805M

EPS

$1.47

Gross profit

$2.0B

Operating cash flow

$1.3B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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