Hormel Foods Corporation is an American food company based in Austin, Minnesota that produces Spam luncheon meat. The company was founded as George A. Hormel & Company in Austin by George A. Hormel in 1891. It changed its name to Hormel Foods in 1993.Hormel sells food under many brands, including the Chi-Chi's, Dinty Moore, Farmer John, Herdez, Jennie-O, Lloyd's, Muscle Milk, Skippy, SPAM, La Victoria and Stagg brands, as well as under its own name. The company is listed on the Fortune 500. Wikipedia.
News Article | May 25, 2017
"Despite ongoing challenges in the turkey industry, our balanced model allowed us to deliver earnings within two percent of last year's results," said Jim Snee, president and chief executive officer. "Three segments delivered earnings growth, margin expansion, and adjusted volume and sales growth this quarter." "Growth in many of our key brands drove excellent results in the Grocery Products and International segments. The divestitures of Farmer John and Diamond Crystal Brands allowed Refrigerated Foods and Specialty Foods to enhance their operating margins," Snee said. "Unfavorable market conditions in the turkey industry caused by an oversupply of turkey continued to pressure Jennie-O Turkey Store sales and earnings." Grocery Products sales increased 8 percent and segment profit increased 15 percent. These results are due to the addition of JUSTIN'S® specialty nut butters as well as the strong performance of WHOLLY GUACAMOLE® dips and SPAM® luncheon meat. Refrigerated Foods segment profit was flat and sales declined 6 percent, primarily related to the divestiture of the Farmer John business. Retail products such as HORMEL® BLACK LABEL® bacon and HORMEL® NATURAL CHOICE® meats and foodservice products such as HORMEL® BACON 1TM fully cooked bacon and HORMEL® pepperoni posted excellent results this quarter. Jennie-O Turkey Store volume declined 6 percent, sales declined 8 percent, and segment profit declined 29 percent. These decreases are primarily due to lower turkey commodity prices, pricing pressure from competing proteins, and increased operating expenses. Specialty Foods sales declined 24 percent and segment profit declined 16 percent, primarily related to the divestiture of Diamond Crystal Brands in May 2016 and reduced contract packaging sales. International & Other (6% of Net Sales, 6% of Total Segment Operating Profit) International sales increased 19 percent and segment profit increased 38 percent. Strong exports of fresh pork and SPAM® luncheon meats contributed to the growth. "We are maintaining our fiscal 2017 guidance range of $1.65 to $1.71 per share but expect the results at Jennie-O Turkey Store to push our full-year earnings toward the lower end of this range," Snee said. "We expect the pressure on Jennie-O Turkey Store to continue for the remainder of the fiscal year given the oversupply in the turkey industry." "Even in this challenging commodity environment, our team is working hard to generate earnings growth by providing customers, consumers, and operators with on-trend, innovative value-added products," Snee said. Effective May 15, 2017, the company paid its 355th consecutive quarterly dividend at the annual rate of $0.68. 1 COMPARISON OF U.S. GAAP TO NON-GAAP FINANCIAL MEASUREMENTS The non-GAAP adjusted financial measurements are presented to provide investors additional information to facilitate the comparison of past and present operations. The company believes these non-GAAP adjusted financial measurements provide useful information to investors because they are the measurements used to evaluate performance on a comparable year-over-year basis. Non-GAAP measurements are not intended to be a substitute for U.S. GAAP measurements in analyzing financial performance. These non-GAAP measurements are not in accordance with generally accepted accounting principles and may be different from non-GAAP measures used by other companies. Adjusted net sales and volume excludes the impact from the Justin's, LLC acquisition in May 2016, and the divestitures of the Diamond Crystal Brands business in May 2016, and the Farmer John business in January 2017. The tables below show the calculations to reconcile from the non-GAAP adjusted measures to the GAAP measures in the second quarter and second quarter year-to-date of fiscal 2016 and fiscal 2017. A conference call will be webcast at 8:00 a.m. CT on Thursday, May 25, 2017. Access is available at www.hormelfoods.com. The call will also be available via telephone by dialing 877-681-3367 and providing the access code 2874950. An audio replay is available by going to www.hormelfoods.com and clicking on Investors. The webcast replay will be available at 11:00 a.m. CT, Thursday, May 25, 2017, and will remain on the website for one year. Hormel Foods Corporation, based in Austin, Minn., is a global branded food company with over $9 billion in annual revenues across 75 countries worldwide. Its brands include SKIPPY®, SPAM®, Hormel® Natural Choice®, Applegate®, Justin's®, Wholly Guacamole®, Hormel® Black Label® and more than 30 other beloved brands. The Company is a member of the S&P 500 Index and the S&P 500 Dividend Aristocrats, was named one of "The 100 Best Corporate Citizens" by Corporate Responsibility Magazine for the ninth year in a row, and has received numerous other awards and accolades for its corporate responsibility and community service efforts. In 2016, the company celebrated its 125th anniversary and announced its new vision for the future - Inspired People. Inspired Food.™ - focusing on its legacy of innovation. For more information, visit www.hormelfoods.com and http://2015csr.hormelfoods.com/. This news release contains forward-looking information based on management's current views and assumptions. Actual events may differ materially. Please refer to the cautionary statement regarding Forward-Looking Statements and Risk Factors which appear on pages 30 - 37 in the company's Form 10-Q for the quarter ended January 29, 2017, which can be accessed at www.hormelfoods.com under "Investors-SEC Filings." To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/hormel-foods-announces-second-quarter-results-and-continued-margin-expansion-300463625.html
News Article | May 24, 2017
"This investment shows the company's commitment to provide the best processing experience for our growers and to meet our customer needs," said Glenn Leitch, president at Jennie-O Turkey Store. "The new equipment will enhance our animal handling practices and the increased automation will improve people safety." The new plant is being built in Melrose to replace an existing company plant located in that city, and will have the capacity for increased production, depending on customer demands. "Jennie-O Turkey Store has had a long-standing relationship with the city of Melrose," said Leitch. "Melrose has been and will continue to be a great place for our company and our team to grow and prosper. We appreciate the support that the city of Melrose has shown us in getting this project off the ground." The current plant will remain in operation during the construction process. Once the new plant is finished in early 2019, the existing plant will be partially torn down and the remainder will be used for further value-added products. Jennie-O Turkey Store, based in Willmar, Minn., is a wholly-owned subsidiary of Hormel Foods and is a multinational manufacturer and marketer of consumer-branded meat products. The company leverages its extensive expertise, innovation and high competencies in turkey processing and marketing to bring branded, value-added products to the global marketplace. For more information, visit www.jennieo.com. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/jennie-o-turkey-store-begins-construction-of-new-plant-300462758.html
News Article | May 25, 2017
Jennie-O Turkey Store initiates new plant construction in US Hormel Foods subsidiary Jennie-O Turkey Store has commenced the construction of its processing plant in Melrose, Minnesota, US, with an investment of more than $137m. The new facility will feature advanced equipment, which is expected to increase production capacity and plant efficiency. The company anticipates that the addition of new facility would further strengthen its robust animal handling practices. Jennie-O Turkey Store president Glenn Leitch said: "This investment shows the company's commitment to provide the best processing experience for our growers and to meet our customer needs. “We appreciate the support that the city of Melrose has shown us in getting this project off the ground." "The new equipment will enhance our animal handling practices and the increased automation will improve people safety." The new plant will replace the company’s existing company plant in Melrose, and will have capacity for increased production to meet consumer demand. Leitch added: "Jennie-O Turkey Store has had a long-standing relationship with the city of Melrose. Melrose has been and will continue to be a great place for our company and our team to grow and prosper. “We appreciate the support that the city of Melrose has shown us in getting this project off the ground." The existing plant in the city will stay operational until the new plant is completed in 2019. Upon completion, the existing plant will be partially demolished and the remainder portion will be used for further value-added products.
News Article | May 10, 2017
NEW YORK, May 10, 2017 /PRNewswire/ -- About Frozen Food Frozen foods are packaged food items that are prepared by freezing the foods to preserved them from the time of their preparation to consumption. The freezing process is usually of two types: mechanical (with a freezing temperature of -30 °F) or flash freezing/cryogenic (with a freezing temperature of -160 °F; this process is usually used for large quantities). With the increasing hectic schedules of consumers and the subsequent demand for quick meals, the popularity of convenience food products is increasing. Improving living standards, growth of urban settlements, and growing working women population is also adding to this new trend in the global frozen food market. Read the full report: http://www.reportlinker.com/p04341699/Global-Frozen-Food-Packaging-Market.html Technavio's analysts forecast the global frozen food market to grow at a CAGR of 6.15% during the period 2017-2021. Covered in this report The report covers the present scenario and the growth prospects of the global frozen food market for 2017-2021. To calculate the market size, the report considers the revenue generated through the sales of frozen foods sold to individual customers as well as to foodservice customers through various retail outlets, which include, but are not limited to, hypermarkets, supermarkets, convenience stores, independent retailers, discount stores, warehouse clubs, and online channel. The market is divided into the following segments based on geography: • Americas • APAC • EMEA Technavio's report, Global Frozen Food Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market. Key vendors • Amy's Kitchen • Conagra Brands • McCain Foods • Tyson Foods Other prominent vendors • Ajinomoto Windsor • General Mills • Greencore • Kraft Heinz • Hormel Foods • Iceland Foods • Nomad Foods Europe • Nestlé • FINDUS • The Hain Celestial • The Schwan Food Company • 2 Sisters Food Market driver • Rising urbanization leading to demand for convenient food products. • For a full, detailed list, view our report Market challenge • Increase in consumer preference for fresh food. • For a full, detailed list, view our report Market trend • Rise in demand for gluten-free products. • For a full, detailed list, view our report Key questions answered in this report • What will the market size be in 2021 and what will the growth rate be? • What are the key market trends? • What is driving this market? • What are the challenges to market growth? • Who are the key vendors in this market space? • What are the market opportunities and threats faced by the key vendors? • What are the strengths and weaknesses of the key vendors? You can request one free hour of our analyst's time when you purchase this market report. Details are provided within the report. Methodology Read the full report: http://www.reportlinker.com/p04341699/Global-Frozen-Food-Packaging-Market.html About Reportlinker ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place. http://www.reportlinker.com __________________________ Contact Clare: email@example.com US: (339)-368-6001 Intl: +1 339-368-6001 To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/global-frozen-food-market-2017-2021-300455589.html
News Article | May 9, 2017
— The report Opportunities in the Global Meat Sector market: Analysis of Opportunities Offered by High Growth Economies brings together multiple data sources to provide a comprehensive overview of the global Meat sector. Browse the 33 Tables, 16 Figures, 17 Companies and Spread across 161 Pages Report Available at http://www.reportsnreports.com/reports/958593-opportunities-in-the-global-meat-sector-analysis-of-opportunities-offered-by-high-growth-economies.html . Asia-Pacific represents the largest regional market, with a value share of 31% in the global Meat sector in 2016. The region is also forecast to record the fastest CAGR of 3.8% during 2016-2021. Improving worldwide economies and rising consumption of Meat from an expanding global population, will continue to be major drivers for the global Meat sector. Fresh Meat (Counter) represented the largest market with a value share of 41.3% in 2016. Global Meat sector as a percentage of the overall food industry will witness decline during 2011-2021, despite growth in absolute terms. This trend is largely attributed to health and environmental reasons, which are expected to shift consumer preference towards more healthy but inexpensive poultry meat and plant-based diets. Additionally, challenging economic conditions in regions, such as Latin America and Middle East & Africa will force consumers to look for value offerings and cheaper cuts of Meat. Place Order to This Report at http://www.reportsnreports.com/purchase.aspx?name=958593 Hypermarkets & Supermarkets is the leading distribution channel for the global Meat sector, with a value share of 62.1% in 2016, followed by Food & Drinks Specialists with 28% share. The dominating share of Hypermarkets & Supermarkets across the regions can be attributed to the developed organized retail market in major countries, where most of the consumers prefer to buy packaged and fresh meat products from Hypermarkets & Supermarkets. It includes analysis on the following - Sector overview: Provides an overview of current sector scenario regarding the future outlook in terms of ingredients, product claims, labeling, and packaging. The analysis also covers regional overview across six regions Asia-Pacific, Middle East & Africa, North America, Latin America, Western Europe, and Eastern Europe highlighting sector size, growth drivers, latest developments, and future inhibitors for the region. Change in consumption: Provides a shift in the consumption of Meat as compared to other major sectors such as Prepared Meals, Savory Snacks, Bakery & Cereals, and Dairy Foods during 2011-2021 at global and regional level. High potential countries: Provides Risk-Reward analysis of 50 countries across six regions based on market assessment, economic development, socio-demographic, governance indicators, and technological infrastructure. Out of 50, a total of 10 high potential countries are shortlisted. Country and regional analysis: Provides deep-dive analysis of 10 high potential countries covering value growth during 2016-2021, key challenges, consumer demographics, and key trends. It also includes regional analysis covering new product launches in the primary countries and future outlook for the region. Health & Wellness analysis: Provides insights on the Health & Wellness products in terms of value and percentage share in the overall Meat sector at global and regional level during 2011-2021. The analysis includes key Health & Wellness attributes and consumer benefits driving the sales of Meat products across the six regions in 2016. It also covers the market share of leading companies offering Meat products with health and wellness attributes in the same year. Competitive landscape: Provides an overview of leading brands at global and regional level, besides analyzing the product profile, country level presence, market share, and growth of private labels in each region. Key distribution channels: Provides analysis on the leading distribution channels in the global Meat sector in 2016. It covers four distribution channels: Hypermarkets & Supermarkets, Convenience Stores, Food & Drinks Specialists, and Others, which includes Cash & Carries and Warehouse Clubs, Dollar Stores, Department Stores, e-Retailers, and General retailers. Companies mentioned in this Meat market report: Henan Shuanghui Investment and Development Company, WH Group Ltd., Hormel Foods Corporation, Butterball, Brasil Foods, Itoham Foods Inc., by Inner Mongolia Prairie Xingfa Food Co., Ltd, NH Foods Ltd., Duox, Faragalla Group, Aytab, Al-Watania Poultry, Tyson Foods, Inc., Seara Group, Aurora Alimentos Ltda., JBS S.A., Yasar Holding. About Us: ReportsnReports.com is your single source for all market research needs. Our database includes 500,000+ market research reports from over 95 leading global publishers & in-depth market research studies of over 5000 micro markets. With comprehensive information about the publishers and the industries for which they publish market research reports, we help you in your purchase decision by mapping your information needs with our huge collection of reports. For more information, please visit http://www.reportsnreports.com/reports/958593-opportunities-in-the-global-meat-sector-analysis-of-opportunities-offered-by-high-growth-economies.html
Hormel Foods | Date: 2013-10-17
An extended shelf life sandwich and a method of forming the sandwich is provided. The method includes processing meat to be used in the sandwich. The processing includes: applying a humectant to a meat; acidulating the meat; drying the meat until a water activity of no less than 0.85 is achieved. The process is completed by wrapping the processed meat into a bread-type product.
Hormel Foods | Date: 2013-03-12
A fire searing process for meat comprises cooking meat in an oven and then at least crust-freezing the meat in a freezer. The oven has a temperature of at least 1500 F., and the meat is cooked in the oven for approximately 10 seconds to 3 minutes. The meat is cooked to a depth of approximately 0.25 to 25% of the meat extending into an inner surface of the meat from an outer surface of the meat to form a crust-like portion proximate the outer surface of the meat. The meat is then at least crust-frozen in a freezer having a temperature of approximately 35 to 0 F. for approximately 1 to 6 minutes. The freezer prevents the meat from being further cooked to preserve the crust-like portion proximate the outer surface of the meat.
Hormel Foods | Date: 2012-10-26
A sanitizer assembly for foot wear is provided that includes a base platform, a plurality of nozzles and an activation pump. The base platform includes a grate upon which footwear can be placed. The plurality of nozzles are positioned under the grate. The nozzles are configured and arranged to dispense a fine mist of alcohol-based sanitizer on the footwear. The activation pump is in fluid communication with the plurality of nozzles. The activation pump is further in fluid communication with a supply of alcohol-based sanitizer. In addition, the activation pump is configured and arranged to pump the alcohol-based sanitizer to the nozzles.
Hormel Foods | Date: 2013-03-14
A method for coating a food product comprises placing a food product including fat and moisture in a vacuum mixer, applying low temperature heat to the food product to create a heated food product, the low temperature heat being below a melting point of the fat in the food product, applying vacuum to the heated food product, adding a first flavoring to the vacuum mixer, and applying vacuum to the heated food product and the first flavoring to create a first coated food product.
Hormel Foods | Date: 2014-05-28
A method for smoking meat comprises applying a dry smoke powder to an exterior surface of a meat to create a treated meat, inserting the treated meat into a cooking bag, sealing the cooking bag to create a bagged meat, and cooking the bagged meat with steam to a desired internal temperature of the meat.