AUSTIN, Minn.--(BUSINESS WIRE)--
During its annual shareholder meeting in Austin, Minn., Hormel Foods
Corporation (NYSE:HRL) celebrated a record fiscal year in 2015, and
highlighted the company’s Refrigerated Foods segment.
Jeffrey M. Ettinger, chairman of the board and chief executive officer
at Hormel Foods, spoke about the company’s continued growth and success
for the year. “The results we achieved in 2015 were strong," Ettinger
said. "We reported record bottom line results, with adjusted net
earnings* up 19 percent over last year and all five segments registering
earnings growth. Additionally, we raised our annual dividend by 16
percent to $1.16 per share, marking the 50th consecutive year we have
increased our dividend.”
James P. Snee, president and chief operating officer at Hormel Foods,
highlighted the company’s key reasons for past success and how it will
continue to grow in the future. "For 125 years, we have been focused on
continuous improvement, and it has been a critical component for our
success."
“Additionally, our broad portfolio is a clear strength for Hormel Foods.
Our strong brands connect with consumers across the entire demographic
spectrum, and there is still tremendous potential for us to increase
household penetration in almost all categories.”
Thomas R. Day, group vice president, Refrigerated Foods, delivered the
meeting’s feature presentation. Day discussed how the segment has
delivered solid performance with its core offerings and how the addition
of the Applegate® brand will add to the group. “We
identified the opportunity for continued growth within Refrigerated
Foods was in the natural and organic market. We believe that through the Applegate®
products, we are able to offer consumers the choices they’re asking for
with the number one brand in the natural and organic meats category.”
A video of the meeting can be viewed at hormelfoods.com under the Press
Releases section at http://www.hormelfoods.com/Newsroom/Press-Releases.
*Adjusted Financial Measures
Adjusted net earnings exclude charges relating to the closure of the
Stockton, California, manufacturing facility, the exit from
international joint venture businesses, the goodwill impairment charge
associated with the Diamond Crystal Brands business and an adjustment to
the contingent consideration accrual for CytoSport in fiscal 2015. The
tables below show the calculations to reconcile from the non-GAAP
adjusted measures to the GAAP measures for the full year.
|
| |
| |
| |
| |
| |
| |
Full Year | | | | | | | | | | | | |
|
(In thousands,
| |
2015 Non-
| | | | | |
Diamond
| | CytoSport | | |
|
except per share
| |
GAAP
| | Stockton | |
International
| |
Crystal
| |
Contingent
| | |
|
amounts)
| |
Adjusted
| |
Plant
| |
Business
| |
Brands
| |
Consideration
| |
2015 GAAP
|
| |
Earnings
| |
Closure
| |
Exit
| |
Impairment
| |
Adjustment
| |
Earnings
|
Total segment operating profit | |
$
|
1,134,082
| | |
$
|
(10,526
|
)
| |
$
|
(9,546
|
)
| |
$
|
(21,537
|
)
| |
$
|
8,870
| |
$
|
1,101,343
| |
General corporate expense
| | |
(35,199
|
)
| | | | | | | | | | |
(35,199
|
)
|
Net interest & investment expense
| |
|
(10,177
|
)
| |
| |
| |
| |
| |
|
(10,177
|
)
|
Earnings before income taxes | | |
1,088,706
| | | |
(10,526
|
)
| | |
(9,546
|
)
| | |
(21,537
|
)
| | |
8,870
| | |
1,055,967
| |
Income taxes
| |
|
(374,334
|
)
| |
|
3,685
|
| |
|
770
|
| |
| |
| |
|
(369,879
|
)
|
Net earnings attributable to Hormel Foods Corporation | |
$
|
714,372
|
| |
$
|
(6,841
|
)
| |
$
|
(8,776
|
)
| |
$
|
(21,537
|
)
| |
$
|
8,870
| |
$
|
686,088
|
|
| | | | | | | | | | | |
|
Diluted net earnings per share* | |
$
|
2.64
| | |
$
|
(0.03
|
)
| |
$
|
(0.03
|
)
| |
$
|
(0.08
|
)
| |
$
|
0.03
| |
$
|
2.54
| |
|
*Earnings per share does not sum across due to rounding
|
|
|
About Hormel Foods
Hormel Foods Corporation, based in Austin, Minn., is a multinational
manufacturer and marketer of consumer-branded food and meat products,
many of which are among the best known and trusted in the food industry.
Hormel Foods, which leverages its extensive expertise, innovation and
high competencies in pork and turkey processing and marketing to bring
branded, value-added products to the global marketplace, will celebrate
its 125th anniversary in 2016. The company is a member of the
Standard & Poor's (S&P) 500 Index, S&P 500 Dividend Aristocrats, and was
named one of “The 100 Best Corporate Citizens” by Corporate
Responsibility Magazine for the seventh year in a row. Hormel Foods also
received a perfect score on the 2016 Human Rights Campaign Corporate
Equality Index, was recognized on the 2015 Best for Vets Employers List
by Military Times, and was named one of the 2015 40 Best Companies for
Leaders by Chief Executive magazine. The company enjoys a strong
reputation among consumers, retail grocers, foodservice and industrial
customers for products highly regarded for quality, taste, nutrition,
convenience and value. For more information, visit http://www.hormelfoods.com
and http://2014csr.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 statement regarding
Forward-Looking Statements and Risk Factors that appear on pages 26-30
in the company’s Annual Report for the fiscal year ended October 25,
2015, which can be accessed at www.hormelfoods.com
under “Investors-SEC Filings.”
View source version on businesswire.com: http://www.businesswire.com/news/home/20160127005451/en/
Hormel Foods Corporation
Richard M. Williamson
media@hormel.com
Source: Hormel Foods Corporation