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Hormel Foods Reports Third Quarter Results And Updates Full Year Earnings Guidance Range

HRL

AUSTIN, Minn., Sept. 2, 2021 /PRNewswire/ -- Hormel Foods Corporation (NYSE: HRL), a leading global branded food company, today reported results for the third quarter of fiscal 2021. All comparisons are to the third quarter of fiscal 2020 unless otherwise noted.

Hormel Foods corporate logo

EXECUTIVE SUMMARY - THIRD QUARTER

  • Volume of 1.2 billion lbs., up 1%; organic volume1 down 2%
  • Record net sales of $2.9 billion, up 20%; organic net sales1 up 14%
  • Net sales growth from all four segments and all four sales channels
  • Net sales up 25% compared to 2019 pre-pandemic levels
  • Operating income of $207 million, down 17%; adjusted operating income1 of $248 million, down 1%
  • Operating margin of 7.2%, compared to 10.5% last year; adjusted operating margin1 of 8.7%
  • Effective tax rate of 13.3%, compared to 21.6% last year
  • Diluted earnings per share of $0.32, down 14% compared to last year; adjusted diluted earnings per share1 of $0.39, up 5% compared to last year

EXECUTIVE COMMENTARY
"Our team delivered the highest quarterly net sales result in the company's history, with growth from every segment and all four channels," said Jim Snee, chairman of the board, president and chief executive officer. "This record performance demonstrates the power of our brands and our team's ability to successfully integrate the Planters® business, which is quite an accomplishment, given the difficult operating conditions again this quarter."

"Our ability to deliver consistent quarter-after-quarter top-line growth during this very dynamic time along with 25 percent sales growth over pre-pandemic levels is directly linked to the tremendous progress we have made in expanding our portfolio to reach consumers when and where they want to eat," Snee said. "Our investments in retail, deli and e-commerce helped carry us through the initial phases of the pandemic last year as consumers shifted to more at-home eating occasions. Today, our leadership positions in foodservice and snacking have fueled an acceleration in growth as consumers pivot to spending more time in restaurants, traveling, and hosting gatherings with family and friends. This balance across consumer eating occasions is just one of the many things that make our company uncommon."

"We saw significant inflationary pressure in almost all areas of our business, including raw materials, packaging, freight, labor and many other inputs during the quarter," Snee said. "We have implemented pricing actions across virtually every brand, which has been our main lever to offset these inflationary pressures. In addition, our experienced management team is taking numerous other strategic actions to offset cost increases, including optimizing promotional activity, improving product mix and rationalizing less efficient products in our portfolio."

"We are managing through industrywide operational challenges, including labor availability, upstream and downstream supply chain disruptions, and highly volatile and inflationary input costs," Snee said. "I am extremely proud of the way our team is navigating through these complexities while never losing sight of the company's long-term strategy for growth."

OUTLOOK
"We expect to deliver record sales again in the fourth quarter, along with improving margins as additional pricing actions go into effect," Snee said. "The combination of a balanced and diversified portfolio, numerous strategic investments and the addition of the Planters® brand leaves us very optimistic about our future."


Fiscal 2021 Outlook*

Net Sales Guidance (in billions)

$11.0 - $11.2

Diluted Earnings per Share Guidance

$1.65 - $1.69

*Includes the acquisition of the Planters® snack nuts business

The company issued its full-year net sales and earnings per share guidance ranges to reflect the full impact of the acquisition of the Planters® snack nuts business. Additionally, the earnings per share guidance range includes the impact of inflationary pressures on the business, which will not be fully offset this fiscal year.

PLANTERS® INTEGRATION UPDATE
In June 2021, the company closed on the acquisition of the Planters® snack nuts business. Since closing, the company has successfully integrated numerous functions. During the third quarter, the company recognized in excess of $40 million in acquisition costs and accounting adjustments related to the acquisition.

CHANNEL HIGHLIGHTS – THIRD QUARTER
In an effort to add an increased level of disclosure and clarity to sales trends compared to the prior year and pre-pandemic levels, net sales have been disaggregated into sales channels. Demand for the company's retail items remained elevated, as exhibited by growth compared to the prior year and double-digit growth over fiscal 2019. Foodservice sales continued to exceed pre-pandemic levels and accelerated compared to the second quarter of fiscal 2021. Deli channel sales increased due to growth from branded grab-and-go and prepared foods items. International sales increased due to strong growth from branded and fresh pork exports, and growth from China and Brazil. The company benefited from pricing actions across many categories and the contributions from the Planters® snack nuts business during the quarter.








Thirteen Weeks Ended



July 25, 2021
compared to
July 26, 2020


July 25, 2021
compared to
July 28, 2019

Net Sales Percent Change (%)





U.S. Retail


9



31


U.S. Foodservice


45



17


U.S. Deli


12



16


International


36



33


Total


20



25







SEGMENT HIGHLIGHTS – THIRD QUARTER

Refrigerated Foods

  • Volume down 2%; organic volume1 down 3%
  • Net sales up 19%; organic net sales1 up 18%
  • Segment profit flat

Net sales increased due to strong results from the foodservice, retail and deli businesses, and elevated pricing across most categories. The recovery in foodservice continued to accelerate, with net sales exceeding both last-year and pre-pandemic levels in almost every category. Retail and deli sales increased due primarily to growth from Hormel® Black Label® bacon, Columbus® grab-and-go items, Hormel® refrigerated entrees and Hormel® Gatherings® party trays. The decline in volume was due to lower shipments of commodity pork. Higher earnings from the foodservice business, numerous pricing actions and increased commodity profits fully offset significantly higher raw material costs and increased freight expenses. Volume, net sales and segment profit were negatively impacted by production constraints due to labor shortages.

Grocery Products

  • Volume up 4%; organic volume1 down 6%
  • Net sales up 20%; organic net sales1 flat
  • Segment profit up 1%

Volume and net sales increased due to the inclusion of the Planters® snack nuts business. On an organic basis, sales growth from brands such as SPAM®, Hormel® Compleats® and Wholly® overcame the impact of lower contract manufacturing sales. Segment profit increased due to strong results from the MegaMex joint venture and the contribution from the Planters® snack nuts business. These benefits were offset by higher input costs, and higher manufacturing and logistics costs. Volume, net sales and segment profit were negatively impacted by production constraints due to labor shortages.

Jennie-O Turkey Store

  • Volume up 9%
  • Net sales up 22%
  • Segment profit down 17%

Volume and net sales increased due to improved foodservice, whole bird and commodity shipments. Sales of Jennie-O® lean ground turkey increased due to pricing actions implemented in prior quarters and remain meaningfully above pre-pandemic levels. Segment profit was lower due to the impact of significantly higher feed costs and an increase in freight expenses.

International & Other

  • Volume up 2%; organic volume1 up 1%
  • Net sales up 26%; organic net sales1 up 24%
  • Segment profit up 18%

Strong sales growth from SPAM® luncheon meat, a recovery in foodservice exports, continued strong results in China and improved performance in Brazil led to record net sales during the quarter. In addition to higher sales, the improvement in segment profit was driven by higher branded and fresh pork export margins.

SELECTED FINANCIAL DETAILS
Income Statement

  • Selling, general and administrative expenses were up 25% compared to the prior year due to one-time acquisition costs and accounting adjustments related to the acquisition of the Planters® snack nuts business. Adjusted selling, general and administrative expenses1 as a percent of net sales decreased compared to last year.
  • Advertising spend was $31 million compared to $24 million in the prior year.
  • Interest expense increased due to additional debt issuance related to the acquisition of the Planters® snack nuts business.
  • Operating margin was 7.2% compared to 10.5% in fiscal 2020. The decline was due to one-time transaction and integration expenses related to the Planters® acquisition. Adjusted operating margin1 was 8.7%. Higher raw material costs were the primary driver to lower margins during the quarter.
  • The effective tax rate was 13.3% compared to 21.6% last year. The decrease in tax rate was due primarily to a large volume of stock option exercises and a one-time foreign tax benefit.

Cash Flow Statement

  • Cash flow from operations was $77 million, down 77%. The decrease was primarily related to an increase in inventory due to significantly higher raw material costs.
  • The company paid its 372nd consecutive quarterly dividend on Aug. 16, 2021, at the annual rate of $0.98 per share, a 5% increase over the prior year. This marks the 93rd consecutive year of uninterrupted dividend payments.
  • Capital expenditures in the third quarter were $54 million compared to $88 million last year. The company's target for capital expenditures in fiscal 2021 is $260 million. Large projects include a pepperoni capacity expansion in Nebraska and numerous other projects to support growth of branded products.
  • No shares were repurchased during the quarter.
  • Depreciation and amortization expense in the third quarter was $59 million compared to $50 million last year. The full-year expense is expected to be approximately $210 million.

Balance Sheet

  • The acquisition of the Planters® snack nuts business was financed through a combination of cash on hand of $1.1 billion and long-term debt of $2.3 billion.
  • Cash on hand decreased to $0.3 billion from $1.7 billion at the beginning of the year.
  • Total debt increased to $3.3 billion from $1.3 billion at the beginning of the year.
  • Including treasury locks, weighted average cost of debt is 1.6%.
  • Working capital decreased to $1.4 billion from $2.1 billion at the beginning of the year.

PRESENTATION
A conference call will be webcast at 8 a.m. CDT on Sept. 2, 2021. Access is available at www.hormelfoods.com by clicking on "Investors." The call will also be available via telephone by dialing 888-317-6003 and providing the access code 3284028. An audio replay is available by going to www.hormelfoods.com. The webcast replay will be available at noon CDT, Sept. 2, 2021, and will remain on the website for one year.

ABOUT HORMEL FOODS - Inspired People. Inspired Food.™
Hormel Foods Corporation, based in Austin, Minn., is a global branded food company with over $9 billion in annual revenue across more than 80 countries worldwide. Its brands include Planters®, SKIPPY®, SPAM®, Hormel® Natural Choice®, Applegate®, Justin's®, Wholly®, Hormel® Black Label®, Columbus® 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 on the "Global 2000 World's Best Employers" list by Forbes magazine for three years, is one of Fortune magazine's most admired companies, has appeared on Corporate Responsibility Magazine's "The 100 Best Corporate Citizens" list for 12 years, and has received numerous other awards and accolades for its corporate responsibility and community service efforts. The company lives by its purpose statement — Inspired People. Inspired Food.™ — to bring some of the world's most trusted and iconic brands to tables across the globe. For more information, visit www.hormelfoods.com.

FORWARD-LOOKING STATEMENTS
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 statements regarding "Forward-Looking Statements" and "Risk Factors" that appear on pages 28-35 in the company's Form 10-Q for the fiscal quarter ended Apr. 25, 2021, which can be accessed at hormelfoods.com in the "Investors" section.

Note: Due to rounding, numbers presented throughout this news release may not sum precisely to the totals provided, and percentages may not precisely reflect the absolute figures.

1COMPARISON OF U.S. GAAP TO NON-GAAP FINANCIAL MEASUREMENTS
The non-GAAP adjusted financial measurements of adjusted operating income, adjusted operating margin, adjusted selling, general and administrative expenses, and adjusted diluted earnings per share are presented to provide investors with additional information to facilitate the comparison of past and present operations. Adjusted operating income, adjusted operating margin, adjusted selling, general and administrative expenses, and adjusted diluted earnings per share exclude the impact of the acquisition-related expenses and accounting adjustments related to the acquisition of the Planters® snack nuts business. The tax impact was calculated using the effective tax rate for the quarter in which the expenses and accounting adjustments were incurred.

The non-GAAP adjusted financial measurements of organic net sales and organic volume are presented to provide investors with additional information to facilitate the comparison of past and present operations. Organic net sales and organic volume are defined as net sales and volume, excluding the impact of acquisitions and divestitures. Organic net sales and organic volume exclude the impacts of the acquisition of the Planters® snack nuts business (June 2021) in the Grocery Products, Refrigerated Foods and International & Other segments and the Sadler's Smokehouse acquisition (March 2020) in the Refrigerated Foods segment.

The company believes these non-GAAP 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.

The tables below show the calculations to reconcile from the GAAP measures to the non-GAAP adjusted measures.

RECONCILIATION OF NON-GAAP MEASURES

In thousands, except per share amounts









ADJUSTED FINANCIAL MEASUREMENTS (NON-GAAP)










Thirteen Weeks Ended


July 25, 2021


July 26, 2020



Reported

GAAP

Acquisition
costs and
adjustments

Non-GAAP


Reported

GAAP


Non-GAAP

% Change

Net Sales

$

2,863,670


$


$

2,863,670



$

2,381,457



20.2


Cost of Products Sold

2,440,322


(12,900)


2,427,422



1,959,032



23.9


Gross Profit

423,348


12,900


436,248



422,426



3.3


Selling, General and Administrative

226,284


(27,462)


198,822



181,085



9.8


Equity in Earnings of Affiliates

10,420



10,420



8,235



26.5


Operating Income

207,484


40,362


247,846



249,576



(0.7)


Interest and Investment Income (Expense)

8,457



8,457



15,513



(45.5)


Interest Expense

(11,703)



(11,703)



(5,724)



104.5


Earnings Before Income Taxes

204,238


40,362


244,600



259,364



(5.7)


Provision for Income Taxes

27,164


5,368


32,532



56,103



(42.0)


Net Earnings

177,074


34,994


212,068



203,260



4.3


Less: Net Earnings Attributable to
Noncontrolling Interest

157



157



141



11.3


Net Earnings Attributable to Hormel
Foods Corporation

$

176,917


$

34,994


$

211,911



$

203,119



4.3










Diluted Net Earnings Per Share

$

0.32


$

0.06


$

0.39



$

0.37



5.4










Operating Margin (% of Net Sales)

7.2



8.7



10.5













Thirty-Nine Weeks Ended


July 25, 2021


July 26, 2020



Reported

GAAP

Acquisition
costs and
adjustments

Non-GAAP


Reported

GAAP


Non-GAAP

% Change

Net Sales

$

7,931,438


$


$

7,931,438



$

7,188,357



10.3


Cost of Products Sold

6,581,613


(12,900)


6,568,713



5,820,158



12.9


Gross Profit

1,349,825


12,900


1,362,725



1,368,198



(0.4)


Selling, General and Administrative

622,630


(30,303)


592,327



570,518



3.8


Equity in Earnings of Affiliates

37,722



37,722



25,843



46.0


Operating Income

764,917


43,203


808,120



823,523



(1.9)


Interest and Investment Income (Expense)

36,740



36,740



25,289



45.3


Interest Expense

(27,718)



(27,718)



(12,798)



116.6


Earnings Before Income Taxes

773,940


43,203


817,143



836,014



(2.3)


Provision for Income Taxes

146,549


5,975


152,524



162,186



(6.0)


Net Earnings

627,390


37,228


664,618



673,828



(1.4)


Less: Net Earnings Attributable to
Noncontrolling Interest

290



290



103



181.6


Net Earnings Attributable to Hormel
Foods Corporation

$

627,101


$

37,228


$

664,329



$

673,726



(1.4)










Diluted Net Earnings Per Share

$

1.15


$

0.06


$

1.21



$

1.23



(1.6)










Operating Margin (% of Net Sales)

9.6



10.2



11.5




ORGANIC VOLUME AND NET SALES (NON-GAAP)










Thirteen Weeks Ended


July 25, 2021


July 26, 2020



Volume (lbs.)

Reported

GAAP

Acquisitions

Organic

(Non-GAAP)


Reported

GAAP


Non-GAAP

% Change

Grocery Products

319,216


(30,124)


289,092



307,198



(5.9)


Refrigerated Foods

591,143


(5,784)


585,359



605,546



(3.3)


Jennie-O Turkey Store

187,220



187,220



171,313



9.3


International & Other

83,055


(1,001)


82,054



81,156



1.1


Total

1,180,634


(36,909)


1,143,725



1,165,214



(1.8)


Net Sales








Grocery Products

$

698,584


$

(117,681)


$

580,903



$

580,798




Refrigerated Foods

1,624,641


(21,002)


1,603,639



1,363,092



17.6


Jennie-O Turkey Store

350,897



350,897



286,805



22.3


International & Other

189,548


(2,657)


186,891



150,762



24.0


Total

$

2,863,670


$

(141,340)


$

2,722,330



$

2,381,457



14.3











Thirty-Nine Weeks Ended


July 25, 2021


July 26, 2020



Volume (lbs.)

Reported

GAAP

Acquisitions

Organic

(Non-GAAP)


Reported

GAAP


Non-GAAP

% Change

Grocery Products

937,345


(30,124)


907,221



963,819



(5.9)


Refrigerated Foods

1,779,729


(11,950)


1,767,779



1,787,698



(1.1)


Jennie-O Turkey Store

583,413



583,413



577,990



0.9


International & Other

252,801


(1,001)


251,800



255,766



(1.6)


Total

3,553,288


(43,075)


3,510,214



3,585,273



(2.1)


Net Sales








Grocery Products

$

1,904,415


$

(117,681)


$

1,786,734



$

1,804,674



(1.0)


Refrigerated Foods

4,445,099


(56,026)


4,389,073



3,962,219



10.8


Jennie-O Turkey Store

1,035,397



1,035,397



959,988



7.9


International & Other

546,528


(2,657)


543,871



461,475



17.9


Total

$

7,931,438


$

(176,364)


$

7,755,075



$

7,188,357



7.9



HORMEL FOODS CORPORATION

SEGMENT DATA

Unaudited

In thousands








Thirteen Weeks Ended



July 25, 2021


July 26, 2020


% Change

Net Sales







Grocery Products


$

698,584



$

580,798



20.3


Refrigerated Foods


1,624,641



1,363,092



19.2


Jennie-O Turkey Store


350,897



286,805



22.3


International & Other


189,548



150,762



25.7


Total


$

2,863,670



$

2,381,457



20.2
















Segment Profit







Grocery Products


$

80,791



$

80,169



0.8


Refrigerated Foods


153,216



152,822



0.3


Jennie-O Turkey Store


5,874



7,069



(16.9)


International & Other


27,915



23,620



18.2


Total Segment Profit


267,796



263,679



1.6


Net Unallocated Expense


63,715



4,457



1,329.6


Noncontrolling Interest


157



141



11.1


Earnings Before Income Taxes


$

204,238



$

259,364



(21.3)


















Thirty-Nine Weeks Ended



July 25, 2021


July 26, 2020


% Change

Net Sales







Grocery Products


$

1,904,415



$

1,804,674



5.5


Refrigerated Foods


4,445,099



3,962,219



12.2


Jennie-O Turkey Store


1,035,397



959,988



7.9


International & Other


546,528



461,475



18.4


Total


$

7,931,438



$

7,188,357



10.3
















Segment Profit







Grocery Products


$

270,963



$

276,367



(2.0)


Refrigerated Foods


467,740



451,596



3.6


Jennie-O Turkey Store


45,514



72,968



(37.6)


International & Other


84,600



66,735



26.8


Total Segment Profit


868,817



867,666



0.1


Net Unallocated Expense


95,166



31,754



199.7


Noncontrolling Interest


290



103



182.2


Earnings Before Income Taxes


$

773,940



$

836,014



(7.4)


HORMEL FOODS CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited

In thousands, except per share amounts












Thirteen Weeks Ended


Thirty-Nine Weeks Ended



July 25, 2021


July 26, 2020


July 25, 2021


July 26, 2020

Net Sales


$

2,863,670



$

2,381,457



$

7,931,438



$

7,188,357


Cost of Products Sold


2,440,322



1,959,032



6,581,613



5,820,158


Gross Profit


423,348



422,426



1,349,825



1,368,198


Selling, General and Administrative


226,284



181,085



622,630



570,518


Equity in Earnings of Affiliates


10,420



8,235



37,722



25,843


Operating Income


207,484



249,576



764,917



823,523


Interest and Investment Income (Expense)


8,457



15,513



36,740



25,289


Interest Expense


(11,703)



(5,724)



(27,718)



(12,798)


Earnings Before Income Taxes


204,238



259,364



773,940



836,014


Provision for Income Taxes


27,164



56,103



146,549



162,186


Effective Tax Rate


13.3

%


21.6

%


18.9

%


19.4

%

Net Earnings


177,074



203,260



627,390



673,828


Less: Net Earnings (Loss) Attributable to
Noncontrolling Interest


157



141



290



103


Net Earnings Attributable to Hormel
Foods Corporation


$

176,917



$

203,119



$

627,101



$

673,726











Net Earnings Per Share









Basic


$

0.33



$

0.38



$

1.16



$

1.25


Diluted


$

0.32



$

0.37



$

1.15



$

1.23











Weighted-average Shares Outstanding







Basic


541,746



539,108



540,618



537,434


Diluted


548,072



547,149



547,684



546,112











Dividends Declared per Share


$

0.2450



$

0.2325



$

0.7350



$

0.6975



HORMEL FOODS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

Unaudited

In thousands








July 25, 2021


October 25, 2020

Assets

Cash and Cash Equivalents


$

291,363



$

1,714,309


Short-term Marketable Securities


18,372



17,338


Accounts Receivable


896,008



702,419


Inventories


1,426,738



1,072,762


Income Taxes Receivable


16,408



41,449


Prepaid Expenses


26,250



18,349


Other Current Assets


13,534



12,438


Total Current Assets


2,688,672



3,579,063







Goodwill


4,907,073



2,612,727


Other Intangibles


1,863,713



1,076,285


Pension Assets


203,093



183,232


Investments In and Receivables From Affiliates


304,417



308,372


Other Assets


298,071



250,382


Net Property, Plant and Equipment


2,067,141



1,898,222


Total Assets


$

12,332,182



$

9,908,282












Liabilities and Shareholders' Investment

Accounts Payable


$

654,162



$

644,609


Accrued Expenses


51,108



59,136


Accrued Workers Compensation


29,278



25,070


Accrued Marketing Expenses


133,925



108,502


Employee Related Expenses


216,065



252,845


Taxes Payable


17,453



22,480


Interest and Dividends Payable


140,469



132,632


Current Maturities of Long-term Debt


8,732



258,691


Total Current Liabilities


1,251,191



1,503,965







Long-term Debt - Less Current Maturities


3,316,262



1,044,936


Pension and Post-retirement Benefits


559,958



552,878


Other Long-term Liabilities


174,473



157,399


Deferred Income Taxes


236,566



218,779


Accumulated Other Comprehensive Loss


(317,528)



(395,250)


Other Shareholders' Investment


7,111,259



6,825,576


Total Liabilities and Shareholders' Investment


$

12,332,182



$

9,908,282



HORMEL FOODS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Unaudited

In thousands








Thirteen

Weeks Ended


Thirty-Nine

Weeks Ended



July 25, 2021


July 26, 2020


July 25, 2021


July 26, 2020

Operating Activities









Net Earnings


$

177,074



$

203,260



$

627,390



$

673,828


Depreciation and Amortization


59,183



49,857



162,490



149,774


Decrease (Increase) in Working Capital


(160,219)



82,926



(350,602)



45,862


Other


489



(6,247)



(1,491)



8,621


Net Cash Provided by (Used in) Operating
Activities


76,527



329,797



437,786



878,086











Investing Activities









Net (Purchase) Sale of Securities


(583)



(651)



(1,304)



(2,642)


Acquisitions of Businesses/Intangibles


(3,396,246)



(1,911)



(3,396,246)



(270,789)


Purchases of Property and Equipment


(53,817)



(88,267)



(139,361)



(226,830)


Proceeds From Sales of Property and Equipment


257



344



1,910



1,466


Decrease (Increase) in Investments, Equity in Affiliates,
and Other Assets


7,325



7,580



4,683



(7,244)


Net Cash Provided by (Used in) Investing Activities


(3,443,064)



(82,905)



(3,530,320)



(506,040)











Financing Activities









Proceeds from Long-term Debt


2,276,292



992,381



2,276,292



992,381


Repayments of Long-term Debt and Finance Leases


(2,175)



(2,152)



(256,535)



(6,221)


Dividends Paid on Common Stock


(132,419)



(125,253)



(390,206)



(362,003)


Share Repurchase






(9,653)



(12,360)


Other


30,666



7,747



44,007



72,195


Net Cash Provided by (Used in) Financing
Activities


2,172,364



872,723



1,663,905



683,992


Effect of Exchange Rate Changes on Cash


1,003



3,680



5,683



428


Increase (Decrease) in Cash and Cash Equivalents


(1,193,170)



1,123,294



(1,422,946)



1,056,466


Cash and Cash Equivalents at Beginning of Period


1,484,533



606,073



1,714,309



672,901


Cash and Cash Equivalents at End of Quarter


$

291,363



$

1,729,368



$

291,363



$

1,729,368


INVESTOR CONTACT:

Nathan Annis

(507) 437-5248

ir@hormel.com


MEDIA CONTACT:

Media Relations

(507) 437-5345

media@hormel.com

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/hormel-foods-reports-third-quarter-results-and-updates-full-year-earnings-guidance-range-301368003.html

SOURCE Hormel Foods Corporation



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