Hormel Foods Corporation (HRL)

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…

Hormel will report Q4 results in a few weeks and provide guidance for 2025. We expect management to project significant growth from 2024 and for guidance to anticipate substantial progress toward its T&I EBIT improvement…

Given the ferocity of Hurricane Helene’s winds and its drenching rains, damage to the broiler industry that is concentrated in the Southeast is to be expected. The industry is no stranger to hurricane damage as…

2024 has borne a striking resemblance to 2014/2015 – sharp contraction in cattle herd (bottomed in 2014, down 9% from 2007 peak), dropping feed costs, bird flu and supply challenges within the broiler industry. This…

Similarly to Q2, multiple factors depressed Hormel’s Q3 results sales and obscured relatively strong dynamics in the core. The top line missed on a greater-than-expected impact from lower whole bird and contract manufacturing sales, as…

Hormel has been buffeted by multiple challenges this year in addition to the overall consumer malaise affecting the entire industry. The weak whole bird market has been more of a headwind than expected and the…

HRL reported a strong Q2 EPS beat on the back of much stronger-than-expected margins; sales were dramatically below estimates and retail volumes, in particular, disappointed. Mgmt guided to a weaker Q3 (raised mid-point of full-year)…

With the exception of beef processors, the protein industry is enjoying strong, even robust, profitability. Supply has been the key factor, but demand seems to have positively inflected, as well. In our view, this should…