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Hormel Foods Celebrates Accomplishments and Highlights International Growth at Annual Shareholder Meeting

AUSTIN, Minn. | January 29, 2014

During its annual shareholder meeting in Austin, Minn., Hormel Foods Corporation (NYSE: HRL), a multinational marketer of consumer-branded food and meat products, celebrated a record fiscal year 2013, as well as the expanding role of the company’s International & Other division.

Jeffrey M. Ettinger, chairman of the board, president and chief executive officer at Hormel Foods, offered insights about the company’s recent growth and shared highlights from the year, including:

  • Sales growth of 6 percent, ending the year at a record $8.8 billion, with all five business segments registering sales gains;
  • Increasing the annual dividend for the 48th consecutive year;
  • The success of the SKIPPY® peanut butter acquisition;
  • The launch of several successful new products such as Hormel® REV® wraps and the foodservice item, Hormel® Fire Braised™ meats; and
  • Showcasing the team finalists of the company’s annual Best of the Best and Sustainability Best of the Best competitions.

“The company’s record year in 2013 is a direct result of our dedicated employees, focusing on innovation and delivering safe, quality and convenient products to customers and consumers,” Ettinger said. “We achieved $8.8 billion in sales, delivered a record earnings per share of $1.95 and increased annual dividends for the 48th consecutive year.”

“We completed the successful integration of the SKIPPY® brand into our Grocery Products and International & Other segments and introduced innovative, new products such as Hormel® REV® wraps and our line of Hormel® Fire Braised™ meats for foodservice operators.” Ettinger added, “We expect to deliver continued sales and earnings growth in fiscal 2014.”

James P. Snee, group vice president and president of Hormel Foods International Corporation, delivered the meeting’s featured presentation. He discussed how the International & Other division is poised to drive accelerated growth for Hormel Foods and showcased the company’s four expatriates living and doing business in international markets.

In his remarks, Snee said, “The goal of Hormel Foods International Corporation is to deliver accelerated growth to the company. The foundation of our SPAM® family of products and well-developed fresh pork exports, plus the SKIPPY® line of products and our focus on China, has us poised to continue our strong performance in 2014 and beyond.”

FY2013 Financial Results

During fiscal year 2013, Hormel Foods:

  • Experienced record dollar sales of $8.8 billion, up 6 percent from the previous year;
  • Increased net earnings per share by 5 percent over 2012; and
  • Delivered both segment profit and sales increases in four of our five segments:
    • Grocery Products operating profit up 18 percent; volume up 29 percent; dollar sales up 30 percent.
    • Refrigerated Foods operating profit up 2 percent; volume down 4 percent; dollar sales were up 1 percent.
    • Jennie-O Turkey Store operating profit down 7 percent; volume up 1 percent; dollar sales up 3 percent.
    • Specialty Foods operating profit up 7 percent; volume down 2 percent; dollar sales up 1 percent.
    • International & Other operating profit up 43 percent; volume up 19 percent; dollar sales up 23 percent.

About Hormel Foods
Hormel Foods Corporation, based in Austin, Minn., is a multinational manufacturer and marketer of consumer-branded food and meat products, many of which are among the best known and trusted in the food industry. The company leverages its extensive expertise, innovation and high competencies in pork and turkey processing and marketing to bring branded, value-added products to the global marketplace. The company is a member of the Standard & Poor's (S&P) 500 Index, S&P Dividend Aristocrats for 2013, Maplecroft Climate Innovation Indexes, Global 1000 Sustainable Performance Leaders and was again named one of “The 100 Best Corporate Citizens” by Corporate Responsibility Magazine for the fifth year in a row. Hormel Foods was recognized on the G.I. Jobs magazine list of America’s Top 100 Military Friendly Employers in 2012 and 2013, and named one of the 2014 40 Best Companies for Leaders by Chief Executive magazine. The company enjoys a strong reputation among consumers, retail grocers, foodservice and industrial customers for products highly regarded for quality, taste, nutrition, convenience and value. For more information, visit http://www.hormelfoods.com.

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