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Hormel Foods Reveals Third Quarter Financial Results; Jim Snee Comments

Hormel Foods Reveals Third Quarter Financial Results; Jim Snee Comments


AUSTIN, MN
Tuesday, September 6th, 2022

A $3 billion boost and a suite of senior leadership appointments? Now that’s a clear sign of ongoing growth. Revealing record net sales of $3 billion in its third quarter financial report, Hormel Foods is fortifying its operations even further to continue on this upward trajectory.

Jim Snee, Chairman of the Board, President, and Chief Executive Officer, Hormel Foods"We delivered another quarter of record sales and double-digit operating income growth," said Jim Snee, Chairman of the Board, President, and Chief Executive Officer. "In the current environment, delivering seven straight quarters of record sales and four consecutive quarters of earnings growth is a notable achievement and speaks to the effectiveness of our strategy and the importance of our brands in uncertain times. Our team's execution played a pivotal role in our growth this quarter, as together, we overcame significant challenges, including continued broad-based inflationary pressures, persistent upstream and downstream supply chain disruptions, limited turkey supply, and impacts in China from COVID-related restrictions and temporary plant shutdowns."

According to a press release, Hormel will be transitioning to three operating segments—Retail, Foodservice, and International—and will begin operating under the new model on October 31, 2022.

Continuing seven straight quarters of record sales and four consecutive quarters of earnings growth, Hormel Foods recently announced $3 billion in net sales for its third quarter

To back this ambitious new model, the supplier revealed the following leadership appointments:

  • The company's largest segment, Retail, will be led by Deanna Brady, as Executive Vice President of Retail
  • The Foodservice segment will be led by Mark Ourada, Group Vice President of Foodservice
  • Swen Neufeldt will continue to lead the company's international business as Group Vice President, President of Hormel Foods International Corporation

"Our balanced model, strategic investments, and experienced management team have served us well in the past and will be key to our success in the coming years," Snee said. "Under the leadership of Deanna, Mark, and Swen, we expect to drive sustainable growth in line with our long-term growth goals. Each of these leaders has over 25 years of experience with the company and proven reputation for delivering results. I could not be more excited for the future of our company."

The meat maven also highlighted several other key growth aspects in its report, including:

  • Operating income of $291 million, up 40 percent
  • Operating margin of 9.6 percent, compared to 7.2 percent last year
  • Diluted earnings per share of $0.40, up 25 percent
  • Cash flow from operations of $186 million, up 143 percent

To read more of these results and comments, click here.

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Hormel Foods
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