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Hormel Foods Corporation (HRL) has filed its annual report on Form 10-K for the fiscal year ended October 27, 2024 filing.
The company reported net sales of $11.9 billion, a decrease of 1.6% compared to the previous year. The decline was attributed to lower sales in the Retail and International segments.
Net earnings attributable to Hormel Foods Corporation were $805 million, a 1.4% increase from the prior year. Diluted earnings per share were $1.47, up from $1.45 in the previous year.
The Retail segment experienced a 4.8% decline in net sales, primarily due to lower sales in the Value Added Meats and Convenient Meals & Proteins verticals. Segment profit decreased by 2.6%.
The Foodservice segment saw a 5.6% increase in net sales, driven by strong performance across various categories. Segment profit remained flat compared to the previous year.
The International segment reported a 2.8% decrease in net sales, with lower commodity exports and sales in China. However, segment profit increased by 66.7% due to improved export margins and favorable results in China.
The company announced a dividend increase for fiscal 2025 to $1.16 per share, marking the 59th consecutive year of dividend increases.
Hormel Foods Corporation continues to focus on its Transform and Modernize initiative, which aims to deliver long-term value through cost savings and operational improvements.
The company anticipates organic net sales growth of 1% to 3% in fiscal 2025, supported by higher volumes, brand support, and innovation.
Hormel Foods Corporation maintains a strong financial position with consistent cash flow, liquidity, and a solid balance sheet, enabling continued investment in growth and shareholder returns.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Hormel Foods Corporation annual 10-K report dated December 5, 2024. To report an error, please email earnings@qz.com.