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Hormel Earnings Release Q1 2019
INVESTOR CONTACT: MEDIA CONTACT: Nathan Annis Wendy Watkins (507) 437-5248 (507) 437-5345 [email protected] [email protected] HORMEL FOODS REPORTS FIRST QUARTER RESULTS AND REAFFIRMS FISCAL 2019 GUIDANCE Growth in Sales and Pre-tax Earnings Demonstrates the Company's Balanced Business Model AUSTIN, Minn. (February 21, 2019) – Hormel Foods Corporation (NYSE: HRL), a leading global branded food company, today reported results for the first quarter of fiscal 2019. All comparisons are to the first quarter of fiscal 2018 unless otherwise noted. EXECUTIVE SUMMARY • Fiscal 2019 earnings guidance reaffirmed at $1.77 to $1.91 per share • Volume of 1.2 billion lbs., up 1% • Net sales of $2.4 billion, up 1% • Pre-tax earnings of $307 million, up 1% • Diluted earnings per share of $0.44, down $0.12 per share due to the impact of tax reform in 2018 • Effective tax rate of 21.3% compared to 0.6% last year • Operating margin of 13.0% compared to 13.0% last year • Cash flow from operations of $187 million, down 38% COMMENTARY "We had a solid quarter with sales growth from Refrigerated Foods, Grocery Products and International," said Jim Snee, chairman of the board, president and chief executive officer. "Three of our four segments generated earnings growth, which keeps us on track to deliver our full-year guidance." “Our new Hormel Deli Solutions division is off to a great start as the next growth engine for our company," Snee said. "In addition, many branded value-added businesses performed well this quarter, including our business in China and both Hormel and Jennie-O foodservice divisions. -
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
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. -
HORMEL FOODS Consumer Staples (NYSE: HRL) Earnings Results
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. -
Hormel: Company Profile '
HORMEL: COMPANY PROFILE ' TOTAL RETURN TD SHAREHOLDERS (200 6 -2015 ANNUM RAIE) Sä 3 BILLION $686 MILLION HORMEL'S -a NEW RECIPE 4 FOR SUCCESS PhO r 0 G R A P M BY ACKERMAN + GRUBER CAN-DO EXECUTIVE HORMELCEQ JEFFETTINGER INSIDE THE NEWLY OPENED SPAM MUSEUM NEAR THE COMPANY'S 304 HEADQUARTERS IN AUSTIN, MINN. As it celebrates its 125th birthday, the old-school maker of processed meats is riding a wave of growth driven by product innovation and boldly moving into the world of organic food and healthy snacks, BY KEN OTTERBOURG The cornfields come right up to the edge of Austin, Minn., which is the hometown of Hormel Foods and one of just a handful of small places left in America that a very big company still calls home. Nearly everything in Austin owes its existence to Hormel. They are "bound together, and mostly at ease with their isolation and the fact that much of what people take for granted in the rest of the country has either not yet arrived or has already left. There are no Uber drivers. No Starbucks and no Toyota dealer. The Target closed last year. Staples, the year before. The only Airbnb option is a fifth-wheel trailer. PHOTOGRAPH BY F LO TO +WA R HER [ been fueled by a flood of new products: everything from peanut- butter snacks to single-serve turkey sticks to a food-service burger made with chicken, quinoa, and, yes, kale. All were developed in Austin—proof that innovation is defined by people, not zip codes. -
OSI ETF Trust O'shares U.S
OSI ETF Trust O'Shares U.S. Quality Dividend ETF Schedule of Investments September 30, 2020 (Unaudited) Investments Shares Value ($) 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. -
WEEKLY UPDATE Economic and Market Performance HI-Quality
2-22-21 WEEKLY UPDATE Economic and Market Performance MARKET INDEX CLOSE WEEK Y-T-D 2-19-21 GAIN/LOSS GAIN/LOSS DJIA 31,494.32 +0.1% +2.9% S&P 500 3,906.71 -0.7% +4.0% NASDAQ 13,874.46 -1.6% +7.7% Weekly unemployment claims surged last week rising to 861,000, the highest level in a month, with continuing claims for the week ended February 6 at 4.494 million. January retail sales jumped 5.3% thanks to the receipt of stimulus checks and pent-up spending activity. Sales were up solidly across every retail category. The Producer Price Index for final demand rose 1.3% month-over-month in January, the largest increase since the index began in December 2009. While producers incurred higher prices in January, last week's Consumer Price Index showed that there wasn't any meaningful pass-through to consumers…yet. Industrial production increased 0.9% month-over-month in January. The capacity utilization rate jumped to 75.6% from an upwardly revised 74.9% in December. This reflects the continued strength in manufacturing output, which occurred despite a decline in the index for motor vehicles and parts attributed to a shortage in semiconductors used in vehicle components. Housing starts declined 6.0% in January to a seasonally adjusted annual rate of 1.580 million units while building permits increased 10.4% to 1.881 million. Existing home sales increased 0.6% in January to a seasonally adjusted annual rate of 6.69 million with the supply of existing homes for sale at an all-time low. -
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
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. -
Our Perspective
Our Perspective HSA Adoption Case Study: How Hormel Foods Corporation Achieved Exceptionally High Enrollment Rates with HSA On Demand®, Strategic Plan Design and Effective Communications Hormel Foods Corporation (Hormel), a multinational manufacturer and marketer of consumer-branded food and meat products, recently faced benefit challenges shared by employers across the country. Rising health care costs compelled the company to look for a strategic change that would not only help manage costs, but would also help the company forge a partnership with employees in managing their health. Hormel executives were attracted to the cost savings offered Founded in Austin, MN, in 1891, by high-deductible health plans (HDHP), especially when paired Hormel employs nearly 20,000 with an employee-friendly savings option such as a health employees worldwide, and savings account (HSA) or health reimbursement arrangement manufactures a well-rounded portfolio (HRA). But despite the numerous benefits, there were some of trusted, household products limitations and challenges presented by HDHPs – Hormel including Skippy peanut butter, needed to find a solution that helped employees cover any Chi-Chi’s salsa, Jennie-O turkey and potential personal financial burdens. SPAM. Hormel gives generously to Fast forward to a year and a half later, and Hormel executives charities and fosters an environment are pleased to report extremely high year one results – 62% of engaged employees. enrollment in its HSA-based HDHP plans. How did Hormel manage such a successful -
News Release
News Release Hormel Foods Reports Third Quarter Earnings and Raises Full Year Earnings Guidance AUSTIN, Minn.--(BUSINESS WIRE)--Aug. 19, 2015-- Hormel Foods Corporation (NYSE: HRL) today reported record performance for the fiscal year 2015 third quarter. All comparisons are to the third quarter of fiscal 2014. SUMMARY Record diluted EPS of $0.54; non-GAAP1 diluted EPS of $0.56 excluding Applegate Farms, LLC (“Applegate”) transaction costs of $8.6 million or $0.02 per share. 2015 non-GAAP1 adjusted earnings guidance range increased to $2.57 to $2.63 per share2, includes neutral full year impact of Applegate acquisition. Record volume sales, up 3 percent; dollar sales of $2.2 billion, down 4 percent. Refrigerated Foods segment operating profit up 9 percent (including Applegate transaction costs of $8.6 million); volume up 2 percent; dollar sales down 11 percent. Jennie-O Turkey Store segment operating profit down 45 percent; volume down 16 percent; dollar sales down 12 percent. Decreases reflect the substantial impact of the avian influenza outbreak earlier this year. Grocery Products segment operating profit up 57 percent; volume up 10 percent; dollar sales up 8 percent. Excluding incremental net sales of MegaMex Foods products, volume and dollar sales flat. Specialty Foods segment operating profit up 79 percent; volume up 26 percent; dollar sales up 31 percent. Excluding incremental sales of CytoSport Holdings, Inc. (“CytoSport”) products, volume up 1 percent and dollar sales down 7 percent. International & Other segment operating profit up 3 percent; volume down 4 percent; dollar sales down 6 percent. On a GAAP basis, the company reported fiscal 2015 third quarter net earnings of $146.9 million, up 6 percent from net earnings of $138.0 million a year earlier. -
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.