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Hormel Foods Celebrates Record Year and Highlights Foodservice Channel Growth at Annual Shareholder Meeting

2016 annual meeting
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January 28, 2015

Austin, Minn.

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 2014, and highlighted the company’s foodservice business under its Refrigerated Foods segment.

Jeffrey M. Ettinger, chairman of the board, president and chief executive officer at Hormel Foods, spoke about the company’s continued growth and success from the year. “I am pleased to share the fantastic results of our company during this past year,” Ettinger said. “We achieved record dollar sales and record earnings per share in fiscal 2014. Additionally, we raised our annual dividend by 25 percent to $1 per share for fiscal 2015, marking the 49th consecutive year we have increased our dividend.”

“During fiscal 2014 we acquired CytoSport Holdings, makers of Muscle Milk®products, as a growth catalyst for our Specialty Foods segment. We also introduced innovative, new products such as SKIPPY®singles and Hormel® REV® AM breakfast wraps to capitalize on the growing on-the-go meal opportunity.”

Deanna T. Brady, group vice president, foodservice, delivered the meeting’s featured presentation. She discussed how the foodservice group has focused on colleges and universities, the healthcare segment and product innovation to drive growth for the Refrigerated Foods segment of Hormel Foods.

In her comments, Brady said, “Our ability to identify new customers and deliver on-trend menu solutions through a talented and unique sales team has allowed us to exceed industry growth rates.”

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 500 Dividend Aristocrats for 2014, was named the 2013 Sustainable Supply Chain of the Year by Refrigerated & Frozen Foods magazine, and was again named one of “The 100 Best Corporate Citizens” by Corporate Responsibility Magazine for the sixth year in a row. Hormel Foods was also recognized as a 2015 Military Friendly Employer by G.I. Jobs magazine, 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.

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 that appear on pages 26-30 in the company’s Annual Report for the fiscal year ended October 26, 2014, which can be accessed at HormelFoods.com under “Investors-SEC Filings.”