DOCSLIB.ORG

HORMEL FOODS Consumer Staples (NYSE: HRL) Earnings Results

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

HORMEL FOODS Consumer Staples (NYSE: HRL) Earnings Results Rating BUY INVESTMENT SUMMARY Suitability Growth & Income We have recently upgraded shares of Hormel Foods (HRL) to Date November 25, 2008 a Buy rating from a Hold, as we believe the stock price has Price $28.41 pulled back to levels that represent an attractive buying Dividend $0.76 opportunity. We believe the market is too focused on Yield 2.7% near-term challenges, while undervaluing the company's solid Company Overview long-term earnings growth outlook, strong financial position, Founded in 1891, Hormel Foods Corp produces a and potential for rising dividends. variety of meat and food products. The company markets its products under the Hormel, Jennie-O Turkey Store, Dinty Moore, Stagg Chili, Chi Chi's Solid Long-term Track Record of Growth Mexican, Lloyd's Barbecue, and Valley Fresh Hormel has a solid track record of posting consistent growth in brands. Hormel also produces a line of easy to earnings and dividends. We expect its focus on creating innovative swallow and nutritional products distributed to and convenient products to continue to drive long-term growth, and hospitals and nursing homes. acquisitions should further enhance the company's product offering Market Data and growth rate going forward. Over the next five years, we forecast earnings per share (EPS) growth to average 8% per year, and 52-Week Range $42.77 – $33.39 dividend increases to average 10% per year. Market Cap. $4.9bn. Div. Pmt. Months Feb May Aug Nov Commodity Markets Appear More Manageable for Hormel Est. Earnings Date Aug 21, 2008 The commodity market has been quite challenging for Hormel recently, with rising feed costs in Hormel's Jennie-O turkey Valuation 2007A 2008A 2009E operations driving profitability lower. Looking ahead, we believe the Earnings 2.17 2.08 2.25 commodity environment appears more manageable for Hormel. P/E 13.1x 13.7x 12.6x Turmoil in the financial markets has driven commodity prices lower, PEGY 1.2x 1.3x 1.2x which should help Hormel's profitability to stabilize in 2009 and gradually improve over time. Growth Outlook Excellent Financial Position Balances the Challenge Est. 5-Yr. EPS Growth 8% Hormel's balance sheet is among the strongest in the entire food Est. 5-Yr. Div. Growth 10% industry, which affords the company significant financial flexibility to make acquisitions, repurchase shares, and increase the dividend. Financial Data The company is focused on increasing the amount of cash returned % Revenues International 4% to shareholders in dividends and share buybacks, while financing Debt Ratings (S&P/Moody's) A/A2 more acquisitions with debt going forward. Dividends can be increased, decreased or totally eliminated at any point without notice. Valuation We view Hormel shares as undervalued at 13 times our 2009 EPS Companies with international exposure have special risks including those related to currency fluctuations estimate. The stock is trading near the low end of its historical P/E and political and economic events. range relative to other food stocks, which we believe represents a good long-term buying opportunity in the shares. Headquarters United States of America Analyst Matt Arnold, CFA Risks We believe the biggest risk to our Buy rating is adverse price Associate swings in key protein and grain commodities. Also, we see a greater 1 Year Price History for HRL risk of product recalls associated with meat products, where 45 Hormel's product portfolio is heavily reliant. 40 35 30 25 20 Q1 Q2 Q3 2008 Created by BlueMatrix Please see important disclosure information on page 4 of this report. Page 1 of 4 November 25, 2008 HORMEL FOODS (NYSE: HRL) RECENT NEWS AND ANALYSIS Figure 1 - Hormel Foods Sales Mix 11/25/08: Hormel reported fourth-quarter earnings per share (EPS) of $0.50, which was consistent with the company's disappointing preannouncement on 10/20/08. Earnings declined from the prior-year period due to significant pressure on earnings in its Jennie-O Turkey operation, negative product mix, and investment declines in its supplemental retirement plans. The company issued 2009 EPS guidance of $2.15 to $2.25, which represents growth of 3% to 8%. We have lowered our estimate by $0.02 to $2.25, which we believe is achievable. Recent declines in commodity prices should result in a much more manageable cost environment for Hormel as the year progresses, in our view. Hormel has five separate business divisions (see 10/21/08: We are upgrading our rating on Hormel figure 1), which sell food and meat products to shares to a Buy from a Hold, as we believe the stock consumers through a combination of retail, price has declined to levels that represent an restaurant, and other foodservice outlets. We view attractive long-term buying opportunity. While the the diversification of Hormel's businesses favorably, reduction in 2008 EPS guidance on 10/20/08 was a as we believe it enables the company to post more disappointment, we would point out the primary consistent results over time. Historically, when one reason (a decline in the value of investments held in business is under pressure, another division has a trust for employee retirement savings) stemmed been able to post strong results to offset it. In the from issues outside of the company's core past 20 years, Hormel has posted growth in earnings operations. Further, we believe Hormel is now facing per share in all but two of them. The company has a more manageable commodity environnment as a increased its dividend for 42 consecutive years. result of recent declines in the financial markets. With profitability poised to stabilize in fiscal 2009, and the Approximately 55% of Hormel's profits are derived stock trading toward the low end of its historical P/E from refrigerated and frozen meat and turkey range, we see an opportunity in the stock for products via its Refrigerated Foods and Jennie-O growth-and-income investors. Turkey Store divisions. The company's strategy in meats is to offer the consumer convenient, easy to prepare meats in a variety of formats, including INDUSTRY AND COMPANY OUTLOOK cured, marinated, heat and serve, and ready to eat In our view, pricing power of food companies is a key formats. In general, meats are the most expensive factor in determining the long-term winners and part of a meal, and they also tend to require the most losers in the industry. We believe the winners will be cooking expertise. Hormel gives the consumer companies with solidly positioned brand portfolios options that require little time or cooking expertise. that enable increases in pricing through time, while Hormel's meat brands include Hormel, Lloyd's also maintaining positive growth in volumes sold. We barbecue items, Cure 81 ham, Jennie-O Turkey view Hormel Foods favorably in this respect. We products, Always Tender marinated products, and believe the company's focus on creating innovative Natural Choice deli meats. Hormel's competitors in products which satisfy consumers' demands for meats include Kraft's Oscar Mayer brand, Sara Lee's convenient and easy-to-prepare items enables Hillshire Farm and Jimmy Dean brands (among pricing power. others), and Smithfield's Butterball brand. In addition, Hormel competes with a number of smaller players, including grocers' private label meat offerings. Meat categories tend to be very fragmented, with market share spread across a vast number of competitors. The remaining 45% of profits are generated from sales of packaged food items via the Specialty Foods, International, and Grocery Products divisions. Page 2 of 4 November 25, 2008 HORMEL FOODS (NYSE: HRL) Hormel's grocery product offering spans a variety of Figure 2 - EPS Growth Track Record and food categories, and its major brands include Spam, Forecast Hormel and Stagg chilis, Chi Chi's mexican items, Compleats microwavable meals, and Dinty Moore beef stew. Hormel is driving growth in its grocery business primarily through product innovation, particularly with added convenience in its products like microwavable packaging. Hormel's biggest competitors in packaged food categories are from companies like Kraft, General Mills, Campbell Soup, and Heinz. In addition to traditional packaged food products, Hormel's Specialty Foods division manufactures a number of easy to swallow and nutritional products, which it markets to nursing homes and hospitals. We see this as a long-term growth opportunity, given the FINANCIAL POSITION general aging of the U.S. population. In our view, Hormel's financial position is very strong. While relatively small, Hormel is benefitting from the Debt ratios are considerably below those of peers above-average growth of its international business. within the food industry, and Hormel's credit rating Hormel exports consumer and pork products under from Standard & Poor's is A, which is solidly the Spam, Stagg, and Hormel brands internationally investment-grade. We believe Hormel's financial in Asia, the U.K., Europe and Australia. We expect position affords the company significant flexibility to Hormel to continue to benefit from international make acquisitions to complement its existing product expansion, with sales growth averaging about 10% portfolio and enhance its growth profile. We believe over the next five years. the company will primarily finance these acquisitions with debt. However, we believe Hormel will continue Commodity Markets Appear More Manageable its conservative approach to financing the business, Recently, Hormel has faced a very challenging and we do not expect it to stretch itself too far commodity cost environment. Within its Jennie-O financially to put its investment-grade credit rating in Turkey operations, Hormel is seeing significantly jeopardy. higher feed costs due to higher grain prices. Higher energy, packaging, and ingredient costs have also The company also generates significant amounts of put pressure on Hormel's packaged foods business.
Recommended publications
  • U.S. Bancorp 2009 Annual Report U.S. B Anco Rp 20 09 a Nn Ua L Re

    U.S. Bancorp 2009 Annual Report U.S. B Anco Rp 20 09 a Nn Ua L Re

    (1,1) -1- 090314 USB_09AR_cover.indd 2/25/10 3:34:19 PM Quality Strength Leadership U.S. Bancorp U. S. B anco rp 2009 20 09 Annual Report Annual A nn ua l Re po rt 090314 USB_09AR_cover.indd 1 22/25/10/25/10 33:34:18:34:18 PPMM (1,1) -2- 090314 USB_09AR_cover.indd 2/25/10 3:34:47 PM U.S. Bancorp At A Glance Corporate I Ranking U.S. Bank is 5th largest U.S. commercial bank Asset size $281 billion Executive Offi ces U.S. Bancorp Deposits $183 billion 800 Nicollet Mall Loans $195 billion Minneapolis, MN 55 Customers 17.2 million Payment services and merchant processing International Common Stock T and Registrar Wholesale banking and trust services National BNY Mellon Shareow Consumer and business banking our transfer agent a and wealth management Regional paying agent and di Bank branches 3,002 plan administrator, a shareholder records ATMs 5,148 Inquiries related to s NYSE symbol USB stock transfers, cha At year-end December 31, 2009 lost stock certificate and dividend payme to the transfer agent Sustainability Corporate Profi le BNY Mellon Shareow P.O. Box 358015 This annual report was printed at U.S. Bancorp is a diversified financial services Pittsburgh, PA 1525 Hennegan, a company committed Phone: 888-778-13 to sustaining a healthy and safe holding company and the parent company of 201-680-6578 (inter environment by exceeding regulatory Internet: bnymellon. and environmental requirements as U.S. Bank National Association, the fi fth-largest defi ned by local, state and federal commercial bank in the United States.
  • SUPERVALU INC. (Exact Name of Registrant As Specified in Its Charter) Delaware 41-0617000 (State Or Other Jurisdiction of (I.R.S

    SUPERVALU INC. (Exact Name of Registrant As Specified in Its Charter) Delaware 41-0617000 (State Or Other Jurisdiction of (I.R.S

    UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) È ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended February 22, 2003 OR ‘ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-5418 SUPERVALU INC. (Exact name of registrant as specified in its charter) Delaware 41-0617000 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 11840 Valley View Road Eden Prairie, Minnesota 55344 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code: (952) 828-4000 Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered Common Stock, par value $1.00 per share New York Stock Exchange Preferred Share Purchase Rights New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes È No ‘ Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.
  • OSI ETF Trust O'shares U.S

    OSI ETF Trust O'shares U.S

    OSI ETF Trust O'Shares U.S. Quality Dividend ETF Schedule of Investments September 30, 2020 (Unaudited) Investments Shares Value ($) Investments Shares Value ($) Rockwell Automation, Inc. 4,146 914,939 COMMON STOCKS - 99.9% 1,828,788 Electronic Equipment, Instruments & Components - 0.1% Aerospace & Defense - 3.7% Amphenol Corp., Class A 6,409 693,902 General Dynamics Corp. 13,436 1,859,946 L3Harris Technologies, Inc. 4,435 753,240 Food & Staples Retailing - 2.5% Lockheed Martin Corp. 35,607 13,647,451 Costco Wholesale Corp. 15,959 5,665,445 Northrop Grumman Corp. 10,932 3,448,937 Walmart, Inc. 55,162 7,717,715 19,709,574 13,383,160 Air Freight & Logistics - 1.8% Food Products - 1.3% CH Robinson Worldwide, Inc. 9,742 995,535 General Mills, Inc. 25,291 1,559,949 Expeditors International of Hershey Co. (The) 7,961 1,141,130 Washington, Inc. 17,449 1,579,484 Hormel Foods Corp. 29,597 1,446,997 United Parcel Service, Inc., Class B 40,608 6,766,511 Kellogg Co. 8,337 538,487 9,341,530 Mondelez International, Inc., Class Banks - 0.5% A 39,472 2,267,666 JPMorgan Chase & Co. 29,156 2,806,848 6,954,229 Health Care Equipment & Supplies - 1.7% Beverages - 4.6% Abbott Laboratories 23,962 2,607,784 Brown-Forman Corp., Class B 11,255 847,727 Medtronic plc 52,777 5,484,586 Coca-Cola Co. (The) 238,082 11,754,108 Stryker Corp. 4,753 990,383 PepsiCo, Inc. 85,663 11,872,892 9,082,753 24,474,727 Health Care Providers & Services - 2.8% Biotechnology - 3.4% Anthem, Inc.
  • Hormel Foods Corporation; Rule 14A-8 No-Action Letter

    Hormel Foods Corporation; Rule 14A-8 No-Action Letter

    Faegre Drinker Biddle & Reath LLP 2200 Wells Fargo Center 90 South Seventh Street Minneapolis, Minnesota 55402 +1 612 766 7000 main +1 612 766 1600 fax October 7, 2020 Office of Chief Counsel BY E-MAIL Division of Corporation Finance U.S. Securities and Exchange Commission 100 F. Street, N.E. Washington, D.C. 20549 Re: Hormel Foods Corporation – Shareholder Proposal of The Humane Society of the United States (the “Proposal”) Dear Ladies and Gentlemen: On September 25, 2020, Hormel Foods Corporation, a Delaware corporation (the “Company”), submitted a no-action request to the Staff of the Division of Corporation Finance (the “Staff”) requesting that the Staff concur with the Company’s view that, for the reasons stated in the request, that the Proposal filed by The Humane Society of the United States (the “Proponent”) may be omitted from the proxy materials for the Company’s 2021 Annual Meeting of Stockholders scheduled for January 26, 2021. The Company received notification from the Proponent on October 6, 2020 that the Proponent withdraws the Proposal. Based on the withdrawal of the Proposal by the Proponent, the Company is hereby withdrawing its no-action request. A copy of this letter is being provided to the Proponent. The withdrawal notification from the Proponent is attached as Exhibit A. Please feel free to call me at 612-766-7769 or Brian Johnson at 507-437-5457 if we can be of any further assistance in this matter. Sincerely, Amy C. Seidel cc: Matthew Prescott The Humane Society of the United States Brian D. Johnson Hormel Foods Corporation US.129680018.02 EXHIBIT A October 6, 2020 Brian Johnson, VP and Secretary Hormel Foods Via email: [email protected] Dear Mr.
  • Businesses That Match Employee Donations

    Businesses That Match Employee Donations

    Minnesota Businesses that Match Employee Donations CORPORATION NAME CITY OF HEADQUARTERS 3M Company St. Paul Allianz Life Insurance Company of North America Minneapolis Ameriprise Financial Minneapolis Andersen Corporation Bayport Apogee Enterprises, Inc. Minneapolis Best Buy Co., Inc. Richfield Blue Cross and Blue Shield of Minnesota Eagan Buffalo Wild Wings Inc. Minneapolis Cargill, Incorporated Wayzata Carlson Holdings, Inc. Minnetonka Ceridian Corporation Minneapolis CHS Inc. Inver Grove Heights Compeer Financial Mankato Deluxe Corporation Shoreview Donaldson Company, Inc. Minneapolis Dorsey and Whitney LLP Minneapolis Ecolab Inc. St. Paul Edina Realty, Inc. Brainerd Federated Mutual Insurance Company Owatonna First National Bank Bemidji Bemidji General Mills, Inc. Minneapolis Graco Inc. Minneapolis H.B. Fuller Company St. Paul Homecrest Industries, Inc. Wadena Hormel Foods Corporation Austin Hutchinson Technology Incorporated Hutchinson International Dairy Queen, Inc. Minneapolis Jostens, Inc. Minneapolis Land O'Lakes, Inc. Arden Hills Larkin, Hoffman, Daly & Lindgren, Ltd. Minneapolis M. A. Mortenson Company Minneapolis Medtronic, Inc. Minneapolis Minnesota Power, Inc. Duluth Minnesota Timberwolves Basketball Limited Partnership Minneapolis Minnesota Twins Baseball Club Minneapolis Minnesota Vikings Football Club, LLC Eagan Minnesota Wild Hockey Club, LP St. Paul Opus Corporation Minnetonka Pentair, Inc. Minneapolis Polaris Industries, Inc. Medina Post Consumer Brands LLC Lakeville Rahr Malting Co. Shakopee Denotes this company also donates for employee volunteer hours 9/13/18 Minnesota Businesses that Match Employee Donations RBC Wealth Management Minneapolis Red Wing Shoe Company, Inc. Red Wing Reell Precision Manufacturing Corporation St. Paul Regis Corporation Minneapolis Riverway Co. Bloomington Robins Kaplan L.L.P. Minneapolis Schoeneckers, Inc Edina Schwan's Company Marshall Securian Financial Group, Inc. St. Paul Security State Bank Hibbing Sit Investment Associates, Inc.
  • General Mills' 2005 Annual Report

    General Mills' 2005 Annual Report

    General Mills 2005 Annual Report General Mills at a Glance Selected Brands Cheerios, Betty Crocker, Wheaties, Pillsbury, Gold Medal, Hamburger Helper, Old El Paso, Totino’s, Yoplait, Green Giant, Progresso, Bisquick, Nature Valley, Cascadian Farm, Grands!, Chex Mix, Lucky Charms, Pop.Secret, Bugles, Total, Häagen-Dazs, Chex, Muir Glen, Fruit Roll-Ups, Gardetto’s, Kix, Colombo, Wanchai Ferry, Latina, La Salteña, Forno de Minas, Frescarini, Nouriche, Cinnamon Toast Crunch U.S. Retail Bakeries and International Joint Ventures Foodservice Our U.S. Retail business This segment of our We market our products in We are partners in several segment includes the business generates over $1.7 more than 100 countries out- joint ventures around the six major marketing divisions billion in sales. We customize side the United States.Our world. Cereal Partners listed below. We market our packaging of our retail prod- largest international brands Worldwide is our joint venture products in a variety of ucts and market them to are Häagen-Dazs ice cream, with Nestlé. We participate domestic retail outlets includ- convenience stores and food- Old El Paso Mexican foods, in four Häagen-Dazs joint ing traditional grocery stores, service outlets such as Green Giant vegetables and ventures, the largest of which natural food chains, mass schools, restaurants and hotels. Pillsbury dough products. is in Japan. And we are merchandisers and member- We sell baking mixes and This business segment partners with DuPont in ship stores. This segment frozen dough-based products accounts for 15 percent of 8th Continent, which produces accounts for 69 percent of to supermarket, retail and total company sales.
  • Hormel Foods Adds Another Strategic Leading Brand to Its Portfolio with the Acquisition of Planters®

    Hormel Foods Adds Another Strategic Leading Brand to Its Portfolio with the Acquisition of Planters®

    FOR IMMEDIATE RELEASE Contact: Media Relations 507-434-6352 [email protected] Hormel Foods Adds Another Strategic Leading Brand to its Portfolio with the Acquisition of Planters® Acquisition of the Iconic Planters® Brand is a Continuation of the Company’s Evolution as a Global Branded Food Company AUSTIN, Minn., (Feb. 11, 2021) — Hormel Foods Corporation (NYSE: HRL), a global branded food company, announced today that it has entered into a definitive agreement to acquire the Planters® snack nut portfolio from the Kraft Heinz Company (Nasdaq: KHC). The proposed transaction is expected to close in calendar Q2 2021, subject to regulatory review and approval. The acquisition includes the Planters®, NUT-rition®, Planters® Cheez Balls and Corn Nuts® brands. Hormel Foods will acquire the business for $3.35 billion in cash in a transaction that provides a tax benefit valued at approximately $560 million, equating to an effective purchase price of $2.79 billion. “Planters® is an iconic leading snack brand with universal consumer awareness,” said Jim Snee, chairman of the board, president and chief executive officer of Hormel Foods. “The acquisition of the Planters® business adds another $1 billion brand to our portfolio and significantly expands our presence in the growing snacking space. The Planters® brand enhances our portfolio built for individual and social snacking occasions, and perfectly complements our snacking brands such as Hormel Gatherings®, Columbus®, Justin’s®, SKIPPY®, Herdez® and Wholly®. This acquisition also meaningfully broadens our scope for future acquisitions in the snacking space.” “Our competencies in brand stewardship, revenue growth management, e-commerce, innovation and consumer insights will be key to driving growth for the Planters® brand and for our customers,” Snee said.
  • How to Pay for Recreational Use of School Property in Minnesota

    How to Pay for Recreational Use of School Property in Minnesota

    MINNESOTA RECREATIONAL USE How to Pay for Recreational Use of School Property in Minnesota Being physically active is important for both individual and public health.1 The obesity epidemic is driven, in part, by sedentary lifestyles and the lack of physical activity. For people to be physically active, they must have access to safe, affordable, and convenient recreational facilities. As many communities do not have these recreational facilities available to them, public health advocates are focusing attention on ways to increase community access to safe, affordable, and convenient places to be physically active.2 Communities with limited access to public recreational space are exploring opportunities to develop partnerships with schools for the use of school property to promote physical activity in the community. School property can provide a valuable resource for community recreational space and facilitate physical activity through recreation and sport activities before, during, and after school hours.3 At the same time, schools and communities need to find ways to fund these efforts. The public health interest in promoting the recreational use of school property by communities is largely driven by efforts to reverse the rising rates of obesity and create healthier communities through increased physical activity. With greater access to recreational facilities, Minnesotans will have more opportunities to live healthy and active lifestyles. Public Health Law Center 875 Summit Avenue St. Paul, Minnesota 55105 www.publichealthlawcenter.org 651.290.7506 How to Pay for Recreational Use of School Property in Minnesota | 2 There are many sources which provide grants for various projects, including recreational use of school property.
  • The U.S. Food Marketing System, 2002--AER-811

    The U.S. Food Marketing System, 2002--AER-811

    Electronic Report from the Economic Research Service United States Department www.ers.usda.gov of Agriculture The U.S. Food Marketing System, Agricultural Economic 2002 Report No. 811 Competition, Coordination, and Technological Innovations Into June 2002 the 21st Century J. Michael Harris, Phil R. Kaufman, Steve W. Martinez (coordinator), and Charlene Price Abstract This report focuses on recent trends in the food supply chain. Chapters on food manu- facturing, wholesaling, grocery retailing, and food service provide a detailed overview of structure, performance, information systems, new technology, and foreign direct invest- ments. The report also contains a comprehensive set of appendix tables containing sales, concentration, trade, productivity, and other indicators. At the time of publication, most of the data sets used in this report included data through the year 2000. Keywords: Consolidation, concentration, trade, sales, technology, profits, foreign direct investment. Acknowledgments We are indebted to several reviewers for helping us to get this publication off the ground. Special thanks are due to Jean Kinsey, University of Minnesota; Jim MacDonald, Economic Research Service; and Brian Todd, The Food Institute; for detailed comments and suggestions on the entire draft. We also thank Joe Uhl, Purdue University; John Connor, Purdue University; and Gerald Grinnell, Grain Inspection, Packers and Stockyards Administration (GIPSA); for detailed comments on specific chapters. Finally, we gratefully acknowledge Alden Manchester and Mark Denbaly, Economic Research Service, for their valuable comments on the manuscript; Veronica Jones for invaluable assistance with the extensive set of appendix tables; Dale Simms for excellent editorial assistance; and Wynnice Pointer-Napper for exquisite design. Note: Use of brand or firm names in this publication does not imply endorsement by the U.S.
  • Layoffs at General Mills and Lessons from Minnesotaâ•Žs Fortune 500

    Layoffs at General Mills and Lessons from Minnesotaâ•Žs Fortune 500

    College of Saint Benedict and Saint John's University DigitalCommons@CSB/SJU Economics Faculty Publications Economics 5-23-2012 Layoffs at General Mills and lessons from Minnesota’s Fortune 500 companies Louis D. Johnston College of Saint Benedict/Saint John's University, [email protected] Follow this and additional works at: https://digitalcommons.csbsju.edu/econ_pubs Recommended Citation Johnston, L.D. 2012. "Layoffs at General Mills and lessons from Minnesota’s Fortune 500 companies". MinnPost, May 23, 2012. https://www.minnpost.com/macro-micro-minnesota/2012/05/layoffs-general- mills-and-lessons-minnesota%E2%80%99s-fortune-500-companies. This Article is brought to you for free and open access by DigitalCommons@CSB/SJU. It has been accepted for inclusion in Economics Faculty Publications by an authorized administrator of DigitalCommons@CSB/SJU. For more information, please contact [email protected]. Layoffs at General Mills and lessons from Minnesota’s Fortune 500 com... https://www.minnpost.com/macro-micro-minnesota/2012/05/layoffs-gene... By Louis D. Johnston | 05/23/12 General Mills, one of Courtesy of General Mills General Mills, with headquarters in Golden Valley, announced layoffs on Tuesday. Minnesota’s first Fortune 500 companies, announced Tuesday that it is eliminating 850 jobs, with about half of the losses in the Twin Cities. The cuts are related to struggles in the U.S. food industry, and General Mills says it is restructuring to “accelerate administrative efficiencies across the company.” But the news raises bigger questions about the state of Minnesota’s Fortune 500 companies and whether we should be alarmed.
  • 2014 Annual Report 7% Sales Growth 5 Year CAGR

    2014 Annual Report 7% Sales Growth 5 Year CAGR

    foods for the way we live 2014 annual report 7% Sales growth 5 year CAGR 1 2% EPS growth 5 year CAGR 48 Consecutive years of dividend increases 30+ Brands with No. 1 or No. 2 market share Jeffrey M. Ettinger Chairman of the Board, President and Chief Executive Offi cer Dear fellow shareholders, Fiscal 2014 represented another excellent year for Hormel Foods, as we achieved record dollar sales of $9.3 billion and double-digit earnings growth of a record $2.23 per share. This strong performance was rewarded in the market, with our share price climbing over 20% this fi scal year. Refrigerated Foods achieved 45% operating profi t launched Skippy Yippee™, a national advertising cam- growth on a sales increase of 9% in the face of paign for our iconic peanut butter brand, after many extremely tight raw material supplies. With a focus on years off the air. innovative product solutions such as Hormel® Bacon 1TM CytoSport acquisition In the third quarter we fully cooked bacon in our foodservice channel and the announced the acquisition of CytoSport Holdings, Inc., expansion of our contemporary Hormel® REV® wraps maker of Muscle Milk® protein-rich beverages and in the retail trade, we continued to expand our value- powders. This transaction expands the Specialty Foods added portfolio. segment offerings in sports nutrition products. Muscle Jennie-O Turkey Store had strong profi t increases and Milk® is the number one brand of ready-to-drink sales growth this year, driving demand with our Make protein-rich beverages, and the product line is an The Switch® advertising campaign featuring ground excellent fi t for today’s on the go lifestyles.
  • Low Iodine Diet and Brands Using Non Iodized Salt

    Low Iodine Diet and Brands Using Non Iodized Salt

    Which foods can’t I eat? The foods highest in iodine are: Dairy (milk and milk-based Seaweed products) Egg Yolks Chocolate Certain grains made with Fish added iodine. See table for a list of safe grains. Shellfsh Aside from these foods, most Americans get iodine from iodized salt—which is salt with added iodine—and from food additives. Use the following guide to help you make safe food choices. It will help you understand which • Foods you can’t eat at all • Foods you can eat, but only in small amounts • Foods you can eat wihout limits Patient Education 2 Low-Iodine Diet: Preparing to receive radioactive iodine READING INGREDIENT LABELS FOR IODINE You can’t fnd iodine on a food label. But you can look for certain ingredients that contain iodine. Not-Allowed Ingredients While you’re on the low-iodine diet, you can’t eat these ingredients at all. Look for them on food labels. 1 Bread conditioners Companies and bakeries may add high-iodine bread conditioners to baked goods. Avoid any product with: • calcium iodate • potassium iodate Home-made bread/baked goods without these conditioners are allowed. 2 Red Dye #3 This food coloring—called erythrosine or E127 in Europe—is rare now. But always check labels on foods dyed red or orange. 3 Seaweed and seaweed-based ingredients These are used to thicken jellies, soup, ice cream, salad dressings, and toothpaste. Seaweed is also in sushi. Avoid ingredients like: • AIginate • Nori • Algin • Algae • Agar-agar • Kelp • Carrageenan • Seaweed 4 Egg Yolk All the iodine in an egg is in the yolk, not the egg white.