Hormel Foods Corporation (HRL)

Just three years ago, U.S. beef processors generated very robust margins that easily surpassed previous records. Now, the industry is beset by anemic cattle numbers, increased capacity and competitive threats on both the domestic and…

Our coverage universe never wants for drama, but the recent backdrop has been particularly tumultuous from supply backdrop to export prospects. YTD production has materially lagged expectations, but with the exception of turkey, the production…

Hormel reported Q1 results that fell short of both HJR and consensus estimates, although management noted it was in line with internal expectations. It did provide more detailed guidance for the out quarter (similar to…

The current domestic H5N1 outbreak could have been termed a crisis last year given the number of birds affected (about 40M table-egg layers alone), but little attention was paid outside industry circles. Following special call-outs…

Over the past couple of months, there have been changes in the fundamentals underpinning much of Hormel’s business including: 1) improved outlook for MegaMex (recovery from F’24, which was down markedly from F’23); 2) improved…

If Trump’s threat to impose sweeping 25% tariffs on imports from Canada and Mexico February 1 comes to fruition, it would potentially be hugely impactful to our coverage and a discussion is justified. It bears…

2024 animal protein production was heavily influenced by multiple factors including disease, hurricanes to new feed additives that drove strong weight gains in beef. Early 2025 production has proved far from normal, as well –…

The imminent changeover in Administrations is of greater import for our coverage universe than many other sectors as it portends material changes on multiple fronts, including regulatory policy (food and biofuels) and tariffs. Many of…

Hormel reported essentially in-line Q4 results; EBITDA missed our projection slightly, but bested consensus, while EPS was in line with HJR and consensus. Sales came in better-than-expected, but volumes missed due to International; retail and…

In an early September WSJ Op-Ed, Robert F. Kennedy Jr. (RFK) laid out prospective policy ideas that warrant examination given his nomination to lead the Department of Health and Human Services (HHS) – his nomination…