AUSTIN, Minn., Aug. 24, 2017 /PRNewswire/ -- Hormel Foods Corporation (NYSE: HRL) today reported results for the third quarter of fiscal year 2017. All comparisons are to the third quarter of fiscal year 2016. Results reflect the divestiture of the Diamond Crystal Brands business, the divestiture of the Farmer John business, and the acquisition of Justin's, LLC. The impact of these transactions is excluded in the presentation of the non-GAAP adjusted measures below.

SUMMARY - THIRD QUARTER


    --  Record earnings before income tax of $278 million, up 1 percent compared
        to 2016 earnings before income tax of $274 million
    --  Diluted earnings per share of $0.34, down 6 percent from 2016 EPS of
        $0.36
    --  Income taxes up $17 million compared to 2016; tax rate of 34.3 percent
        compared to 28.6 percent in 2016
    --  Sales of $2.2 billion, down 4 percent; Non-GAAP(1) adjusted sales(2) up
        1 percent
    --  Volume down 9 percent; Non-GAAP(1) adjusted volume(2) down 1 percent
    --  Refrigerated Foods operating profit up 15 percent; volume down 16
        percent; Non-GAAP(1) adjusted volume(2) down 1 percent; sales down 6
        percent; Non-GAAP(1) adjusted sales(2) up 5 percent
    --  Grocery Products operating profit up 10 percent; volume up 4 percent;
        Non-GAAP(1) adjusted volume(2) up 3 percent; sales up 6 percent;
        Non-GAAP(1) adjusted sales(2) up 3 percent
    --  International & Other operating profit down 16 percent; volume up 1
        percent; sales up 1 percent
    --  Specialty Foods operating profit down 14 percent; volume down 8 percent;
        Non-GAAP(1) adjusted volume(2) up 2 percent; sales down 7 percent;
        Non-GAAP(1) adjusted sales(2) down 1 percent
    --  Jennie-O Turkey Store operating profit down 20 percent; volume down 7
        percent; sales down 9 percent

STRATEGIC INVESTMENTS

"We continue to make excellent progress towards our strategic growth initiatives outlined in our 2017 Investor Day," said Jim Snee, president and chief executive officer. "We separately announced three strategic investments which perfectly align with our path forward."

"The acquisition of Fontanini Italian Meats and Sausages complements our branded foodservice business and provides additional avenues for growth in the foodservice channel as well as much-needed production capacity for our pizza toppings business," Snee said. "This morning we also announced the acquisition of the Ceratti(®) brand, a premium value-added meats company in Brazil. This acquisition expands our global presence and is a platform for future acquisitions in South America. We are excited to welcome the Fontanini and Ceratti employees into the Hormel Foods family and look forward to their contributions going forward."

"Earlier this month we committed over $130 million to expand production capacity for precooked bacon at our Dold Foods facility in Wichita, Kansas," Snee said. "The demand for bacon, especially HORMEL® BACON 1(TM) fully cooked bacon, has been incredible. This strategic investment significantly increases our capacity and gives us runway for future growth in foodservice."

COMMENTARY - THIRD QUARTER

"We generated record pre-tax earnings this quarter even as we faced record-high input costs for two of our primary raw materials, pork bellies and beef trim," Snee said. "Nevertheless the results did not meet our expectations. Our team is working to mitigate the effects of volatile commodity markets through increased pricing, strategic promotional activity, and our on-going innovation efforts."

"Strong earnings growth in Grocery Products and Refrigerated Foods was able to offset lower earnings in our other three segments," Snee said. "Specialty Foods results are disappointing, primarily caused by a soft quarter for MUSCLE MILK® ready-to-drink protein products. As we anticipated, Jennie-O Turkey Store continues to navigate through unfavorable market conditions in the turkey industry."

SEGMENT OPERATING HIGHLIGHTS - THIRD QUARTER

Grocery Products (19% of Net Sales, 21% of Total Segment Operating Profit)
Grocery Products sales increased 6 percent aided by strong sales of WHOLLY GUACAMOLE® dips, an additional period of JUSTIN'S® specialty nut butters, and higher sales of SKIPPY® peanut butter products. Segment profit increased 10 percent as higher input costs for beef trim, pork trim, and avocadoes were offset by advertising reductions and incremental earnings from an additional period of JUSTIN'S® specialty nut butters.

Refrigerated Foods (49% of Net Sales, 49% of Total Segment Operating Profit)
Refrigerated Foods sales declined 6 percent, primarily related to the divestiture of the Farmer John business. Foodservice products such as HORMEL® BACON 1(TM) fully cooked bacon and HORMEL® pepperoni and retail products such as HORMEL® BLACK LABEL® bacon, HORMEL® pepperoni, and HORMEL GATHERINGS® party trays posted strong sales growth. Segment profit increased 15 percent as strong demand for pork and operational improvements offset higher input costs related to bellies, pork trim, and beef trim, along with the divestiture of Farmer John.

Jennie-O Turkey Store (17% of Net Sales, 16% of Total Segment Operating Profit)
Jennie-O Turkey Store sales declined 9 percent and segment profit declined 20 percent. These decreases are primarily due to lower turkey commodity prices, pricing pressure from competing proteins, and increased operating expenses. A reduction in harvest volume was the primary factor to the decline in sales and volume.

Specialty Foods (9% of Net Sales, 8% of Total Segment Operating Profit)
Specialty Foods sales declined 7 percent primarily related to one extra period of Diamond Crystal Brands in fiscal 2016 and lower sales of MUSCLE MILK® protein products. Segment profit declined 14 percent as pricing of contract packaging sales did not keep pace with input cost increases. Lower sales for MUSCLE MILK® ready-to-drink protein products also contributed to the decline in segment profit.

International & Other (6% of Net Sales, 6% of Total Segment Operating Profit)
International sales increased 1 percent and segment profit decreased 16 percent driven by lower results in China, reflecting startup costs for our Jiaxing production facility and the closing of our Shanghai facility.

OUTLOOK

"We expect continued earnings pressure from higher input costs for key raw materials such as bellies, pork trim, and beef trim," Snee said. "While we have communicated price increases in many categories, the increases will not be fully effective until late in the fourth quarter. Jennie-O Turkey Store continues to be adversely affected by unfavorable market conditions, as the industry has not returned to normalized turkey production levels. For these reasons, we are lowering our full year guidance to $1.54 - $1.58 per share from the low end of $1.65 to $1.71 per share. In the face of a challenging year, we are focused on our strategic initiatives and are committed to maintaining a long-term perspective on our decisions."

DIVIDENDS

Effective August 15, 2017, the company paid its 356(th) 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.

(2) ADJUSTED FINANCIAL MEASURES

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. Results below reflect only the incremental sales and tonnage through period 7 of fiscal 2017 for the Justin's, LLC acquisition and only through the date of divestiture, or period 7 of fiscal 2016, for the Diamond Crystal Brands divestiture. The tables below show the calculations to reconcile from the non-GAAP adjusted measures to the GAAP measures in the third quarter and third quarter year-to-date of fiscal 2016 and fiscal 2017.


    3rd Quarter

    Net Sales

    (in thousands)                         2017      Justin's                                 2017                    2016           DCB                       Farmer                                  2016        Non-GAAP
                           Net Sales               Acquisition              Non-GAAP                 Net Sales                Divestiture                   John                   Non-GAAP                    % Change
                                                   (Pd 7, 2017)             Net Sales                                         (Pd 7, 2016)                Divestiture              Net Sales
    ---                ---                          ---------                                                        ---      -----------                 ---------

    Grocery Products                   $421,986                  $(8,679)                 $413,307                $399,342         $                 -          $              -                   $399,342                        3.5%

    Refrigerated Foods                1,086,546                                          1,086,546               1,155,297                                             (121,065)                  1,034,232                        5.1%

    Jennie-O Turkey
     Store                              369,078                                            369,078                 403,953                                                                          403,953                      (8.6%)

    Specialty Foods                     196,873                                            196,873                 212,197                    (13,171)                                              199,026                      (1.1%)

    International &
     Other                              132,892                                            132,892                 131,587                                                                          131,587                        1.0%
    ---------------                     -------                                            -------                 -------                                                                          -------                         ---

    Total Net Sales                  $2,207,375                  $(8,679)               $2,198,696              $2,302,376                   $(13,171)                $(121,065)                 $2,168,140                        1.4%


    Tonnage (lbs.)

    (in thousands)                         2017      Justin's                                 2017                    2016           DCB                       Farmer                                  2016        Non-GAAP
                            Tonnage                Acquisition              Non-GAAP                  Tonnage                 Divestiture                   John                   Non-GAAP                    % Change
                                                (Pd 7, 2017)              Tonnage                                          (Pd 7, 2016)                Divestiture               Tonnage
    ---                ---                           -------                                                         ---      -----------                  -------

    Grocery Products                    219,088                   (1,114)                  217,974                 210,877                                                                          210,877                        3.4%

    Refrigerated Foods                  503,296                                            503,296                 596,389                                              (87,264)                    509,125                      (1.1%)

    Jennie-O Turkey
     Store                              200,143                                            200,143                 215,447                                                                          215,447                      (7.1%)

    Specialty Foods                     111,417                                            111,417                 120,487                    (11,697)                                              108,790                        2.4%

    International &
     Other                               78,120                                             78,120                  77,235                                                                           77,235                        1.1%
    ---------------                      ------                                             ------                  ------                                                                           ------                         ---

    Total Tonnage                     1,112,064                   (1,114)                1,110,950               1,220,435                    (11,697)                  (87,264)                  1,121,474                      (0.9%)



    Year to Date

    Net Sales

    (in thousands)                         2017      Justin's               Farmer John                              2017                        2016           DCB                  Farmer John                                  2016      Non-GAAP
                           Net Sales               Acquisition            Divestiture                Non-GAAP                  Net Sales                 Divestiture             Divestiture                   Non-GAAP                 % Change
                                                 (Period 7,                                        Net Sales                                           (Pd 7, 2016                                          Net Sales
                                                  2017 YTD)                                                                                               YTD)
    ---                ---                                                                                                                      ---                                                                                                  ---

    Grocery Products                 $1,271,936                 $(43,146)    $                   -             $1,228,790                  $1,193,032           $              -       $                  -                 $1,193,032                  3.0%

    Refrigerated Foods                3,237,071                                          (100,231)              3,136,840                   3,409,897                                             (370,362)                  3,039,535                  3.2%

    Jennie-O Turkey
     Store                            1,178,304                                                                 1,178,304                   1,199,559                                                                        1,199,559                (1.8%)

    Specialty Foods                     597,716                                                                   597,716                     722,460                  (140,084)                                               582,376                  2.6%

    International &
     Other                              389,884                                                                   389,884                     370,335                                                                          370,335                  5.3%
    ---------------                     -------                                                                   -------                     -------                                                                          -------                   ---

    Total Net Sales                  $6,674,911                 $(43,146)               $(100,231)             $6,531,534                  $6,895,283                 $(140,084)                 $(370,362)                 $6,384,837                  2.3%


    Tonnage (lbs.)

    (in thousands)                         2017      Justin's               Farmer John                              2017                        2016           DCB                  Farmer John                                  2016      Non-GAAP
                            Tonnage                Acquisition            Divestiture                Non-GAAP                   Tonnage                  Divestiture             Divestiture                   Non-GAAP                 % Change
                                                 (Period 7,                                         Tonnage                                            (Pd 7, 2016                                           Tonnage
                                                  2017 YTD)                                                                                               YTD)
    ---                ---                                                                                                                      ---                                                                                                  ---

    Grocery Products                    667,502                   (6,430)                                         661,072                     647,816                                                                          647,816                  2.0%

    Refrigerated Foods                1,633,211                                           (80,454)              1,552,757                   1,834,852                                             (279,771)                  1,555,081                (0.1%)

    Jennie-O Turkey
     Store                              620,343                                                                   620,343                     610,486                                                                          610,486                  1.6%

    Specialty Foods                     340,678                                                                   340,678                     456,214                  (133,733)                                               322,481                  5.6%

    International &
     Other                              233,481                                                                   233,481                     221,673                                                                          221,673                  5.3%
    ---------------                     -------                                                                   -------                     -------                                                                          -------                   ---

    Total Tonnage                     3,495,215                   (6,430)                 (80,454)              3,408,331                   3,771,041                  (133,733)                  (279,771)                  3,357,537                  1.5%

CONFERENCE CALL

A conference call will be webcast at 8:30 a.m. CT on Thursday, August 24, 2017. Access is available at www.hormelfoods.com. The call will also be available via telephone by dialing 800-263-0877 and providing the access code 9221656. 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, August 24, 2017, and will remain on the website for one year.

About Hormel Foods Corporation - Inspired People. Inspired Food.(TM)

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.(TM) - focusing on its legacy of innovation. For more information, visit www.hormelfoods.com and http://csr.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 which appear on pages 32 - 38 in the company's Form 10-Q for the quarter ended April 30, 2017, which can be accessed at www.hormelfoods.com under "Investors-SEC Filings."



    INVESTOR CONTACT:                                     MEDIA CONTACT:

    Nathan Annis                                          Wendy Watkins

    (507) 437-5248                                        (507) 437-5345

    ir@hormel.com                                         media@hormel.com

Statements Follow



                                                     HORMEL FOODS CORPORATION

                                                           SEGMENT DATA

                                                    (Unaudited) (In thousands)


                                          THIRD QUARTER - 13 WEEKS ENDED
                                          ------------------------------


    NET SALES                             July 30, 2017                        July 24, 2016            % Change
    ---------                             -------------                        -------------            --------

    Grocery Products                                                $421,986                   $399,342             5.7

    Refrigerated Foods                                             1,086,546                  1,155,297           (6.0)

    Jennie-O Turkey Store                                            369,078                    403,953           (8.6)

    Specialty Foods                                                  196,873                    212,197           (7.2)

    International & Other                                            132,892                    131,587             1.0
                                                                     -------                    -------             ---

      Total                                                       $2,207,375                 $2,302,376           (4.1)
                                                                  ==========                 ==========            ====


    OPERATING PROFIT

    Grocery Products                                                 $58,780                    $53,344            10.2

    Refrigerated Foods                                               138,314                    120,702            14.6

    Jennie-O Turkey Store                                             44,986                     56,147          (19.9)

    Specialty Foods                                                   23,336                     27,089          (13.9)

    International & Other                                             17,111                     20,308          (15.7)
                                                                      ------                     ------           -----

      Total segment operating profit                                 282,527                    277,590             1.8

      Net interest and investment expense                              1,681                        673           149.8

      General corporate expense                                        2,865                      2,922           (2.0)

      Less:  Noncontrolling interest                                      43                        122          (64.8)
                                                                         ---                        ---           -----

    Earnings before income taxes                                    $278,024                   $274,117             1.4
                                                                    ========                   ========             ===



                                          YEAR TO DATE - 39 WEEKS ENDED
                                          -----------------------------


    NET SALES                             July 30, 2017                        July 24, 2016            % Change
    ---------                             -------------                        -------------            --------

    Grocery Products                                              $1,271,936                 $1,193,032             6.6

    Refrigerated Foods                                             3,237,071                  3,409,897           (5.1)

    Jennie-O Turkey Store                                          1,178,304                  1,199,559           (1.8)

    Specialty Foods                                                  597,716                    722,460          (17.3)

    International & Other                                            389,884                    370,335             5.3
                                                                     -------                    -------             ---

      Total                                                       $6,674,911                 $6,895,283           (3.2)
                                                                  ==========                 ==========            ====


    OPERATING PROFIT

    Grocery Products                                                $201,894                   $185,727             8.7

    Refrigerated Foods                                               442,316                    417,612             5.9

    Jennie-O Turkey Store                                            176,952                    237,128          (25.4)

    Specialty Foods                                                   80,895                     90,735          (10.8)

    International & Other                                             62,191                     58,839             5.7
                                                                      ------                     ------             ---

      Total segment operating profit                                 964,248                    990,041           (2.6)

      Net interest and investment expense                              2,463                      5,663          (56.5)

      General corporate expense                                       13,308                     32,111          (58.6)

      Less:  Noncontrolling interest                                     159                        215          (26.0)
                                                                         ---                        ---           -----

    Earnings before income taxes                                    $948,636                   $952,482           (0.4)
                                                                    ========                   ========            ====



                                                          HORMEL FOODS CORPORATION

                                                    CONSOLIDATED STATEMENTS OF OPERATIONS

                                            (Unaudited) (In thousands, except per share amounts)


                                                       Thirteen Weeks Ended              Thirty-Nine Weeks Ended
                                                       --------------------              -----------------------

                                                          July 30, 2017                       July 24, 2016            July 30 2017            July 24, 2016
                                                          -------------                       -------------            ------------            -------------


    Net sales                                                          $2,207,375                           $2,302,376              $6,674,911               $6,895,283


    Cost of products sold                                               1,754,966                            1,827,091               5,183,302                5,335,628
                                                                        ---------                            ---------               ---------                ---------


    GROSS PROFIT                                                          452,409                              475,285               1,491,609                1,559,655


      Selling, general and administrative                                 176,660                              206,876                 567,886                  627,968

      Goodwill impairment charge                                                -                                   -                      -                     991

      Equity in earnings of affiliates                                      3,956                                6,381                  27,376                   27,449
                                                                            -----                                -----                  ------                   ------


    OPERATING INCOME                                                      279,705                              274,790                 951,099                  958,145


    Other income & expenses:

      Interest & investment income                                          1,376                                2,474                   6,643                    3,920

      Interest expense                                                    (3,057)                             (3,147)                (9,106)                 (9,583)
                                                                           ------                               ------                  ------                   ------


    EARNINGS BEFORE INCOME TAXES                                          278,024                              274,117                 948,636                  952,482


    Provision for income taxes                                             95,473                               78,341                 319,896                  306,155

      (effective tax rate)                                                 34.34%                              28.58%                 33.72%                  32.14%
                                                                            -----                                -----                   -----                    -----


    NET EARNINGS                                                          182,551                              195,776                 628,740                  646,327

    Less: net earnings attributable to

         noncontrolling interest                                               43                                  122                     159                      215
                                                                              ---                                  ---                     ---                      ---

    NET EARNINGS ATTRIBUTABLE TO

         HORMEL FOODS CORPORATION                                        $182,508                             $195,654                $628,581                 $646,112
                                                                         ========                             ========                ========                 ========


    NET EARNINGS PER SHARE

             Basic                                                          $0.35                                $0.37                   $1.19                    $1.22
                                                                            =====                                =====                   =====                    =====

             Diluted                                                        $0.34                                $0.36                   $1.17                    $1.19
                                                                            =====                                =====                   =====                    =====


    WEIGHTED AVG. SHARES OUTSTANDING

             Basic                                                        528,165                              529,660                 528,487                  529,473

             Diluted                                                      538,814                              542,163                 539,504                  542,890


    DIVIDENDS DECLARED
              PER SHARE
                                                                                                             $0.145                  $0.510                   $0.435

                                                                           $0.170
                                                                           ======


                                                              HORMEL FOODS CORPORATION

                                               CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

                                                             (Unaudited) (In thousands)


                                                                                   July 30, 2017             October 30, 2016
                                                                                   -------------             ----------------

                                                                     ASSETS
                                                                     ------


    CURRENT ASSETS

      Cash and cash equivalents                                                                     $633,341                    $415,143

      Accounts receivable                                                                            549,011                     591,310

      Inventories                                                                                  1,013,214                     985,683

      Income taxes receivable                                                                              -                     18,282

      Prepaid expenses                                                                                17,096                      13,775

      Other current assets                                                                             4,433                       5,719
                                                                                                       -----                       -----


         TOTAL CURRENT ASSETS                                                                      2,217,095                   2,029,912


    DEFERRED INCOME TAXES                                                                                  -                      6,223


    INTANGIBLES                                                                                    2,705,388                   2,737,755


    OTHER ASSETS                                                                                     531,386                     490,728


    PROPERTY, PLANT & EQUIPMENT, NET                                                               1,054,096                   1,105,449
                                                                                                   ---------                   ---------


         TOTAL ASSETS                                                                             $6,507,965                  $6,370,067
                                                                                                  ----------                  ----------


                                                    LIABILITIES AND SHAREHOLDERS' INVESTMENT
                                                    ----------------------------------------


    CURRENT LIABILITIES                                                                             $877,771                  $1,053,196


    LONG-TERM DEBT - LESS CURRENT MATURITIES                                                         250,000                     250,000


    DEFERRED INCOME TAXES                                                                              9,571                           -


    OTHER LONG-TERM LIABILITIES                                                                      617,443                     615,465


    SHAREHOLDERS' INVESTMENT                                                                       4,753,180                   4,451,406
                                                                                                   ---------                   ---------


        TOTAL LIAB. & SHAREHOLDERS' INVESTMENT                                                    $6,507,965                  $6,370,067
                                                                                                  ----------                  ----------



                                                                HORMEL FOODS CORPORATION

                                                    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

                                                               (Unaudited) (In thousands)


                                                                                   Thirty-Nine Weeks Ended
                                                                                   -----------------------

                                                                                        July 30, 2017           July 24, 2016
                                                                                        -------------           -------------


    OPERATING ACTIVITIES

      Net earnings                                                                                     $628,740                 $646,327

      Depreciation and amortization of intangibles                                                       96,121                   96,520

      Goodwill impairment charge                                                                              -                     991

      Increase in working capital                                                                     (203,393)                (99,467)

      Other                                                                                             (9,995)                (22,685)
                                                                                                         ------                  -------

    NET CASH PROVIDED BY OPERATING ACTIVITIES                                                           511,473                  621,686


    INVESTING ACTIVITIES

      Proceeds from sale of business                                                                    135,944                  110,149

      Acquisitions of businesses/intangibles                                                                  -               (281,655)

      Net purchases of property/equipment                                                             (115,979)               (163,238)

      (Increase) decrease in investments, equity in
       affiliates, and other assets                                                                     (1,154)                   6,865
                                                                                                         ------                    -----

    NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES                                                  18,811                (327,879)


    FINANCING ACTIVITIES

      Net payments on short-term debt                                                                         -                (40,000)

      Dividends paid on common stock                                                                  (256,341)               (219,744)

      Share repurchase                                                                                 (94,487)                (44,976)

      Other                                                                                              39,196                   48,423
                                                                                                         ------                   ------

    NET CASH USED IN FINANCING ACTIVITIES                                                             (311,632)               (256,297)

    Effect of exchange rate changes on cash                                                               (454)                 (5,152)
                                                                                                           ----                   ------

    INCREASE IN CASH AND CASH EQUIVALENTS                                                               218,198                   32,358

    Cash and cash equivalents at beginning of year                                                      415,143                  347,239
                                                                                                        -------                  -------

    CASH AND CASH EQUIVALENTS AT END OF QUARTER                                                        $633,341                 $379,597
                                                                                                       --------                 --------

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