SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 13, 1995
HORMEL FOODS CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation)
1-2402 41-0319970
(Commission File Number) (IRS Employer Identification Number)
1 Hormel Place, Austin, Minnesota 55912
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (507) 437-5737
Pages: This report contains four (4) pages numbered sequentially from
this cover page.
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Item 5. OTHER MATERIALLY IMPORTANT EVENTS
October 13, 1995
The Company announced today that it expects earnings for the fiscal
year which ends October 28, 1995, to meet or slightly exceed last
year's earnings per share of $1.54. The anticipated results for the
year are below Wall Street estimates which average $1.76 per share.
The text of the Company's press release making this announcement is as
follows:
FOR RELEASE UPON RECEIPT:
AUSTIN, MINN. (Oct. 13, 1995) -- Hormel Foods Corporation reported
today it expects earnings for the fiscal year which ends October 28,
1995, to be below current Wall Street estimates. In making the
announcement, the company indicated it anticipates results for the
year may meet or slightly exceed last year's earnings per share of
$1.54. Current Wall Street estimates for the year average $1.76 per
share.
"Comparisons made for the fourth quarter of fiscal 1995 and the first
quarter of fiscal 1996 are against unusually fine quarters of the
previous years," said Joel W. Johnson, president and chief executive
officer. "Pork raw material prices were very favorable one year ago,
dropping as low as $26 per hundredweight for live hogs in the fourth
quarter of 1994 and the first quarter of 1995. In contrast to the
extremely low prices experienced last year, the current quarter has
seen sharply higher prices which climbed to $50 per hundredweight at
one point and presently remain around $47 per hundredweight."
Despite the unpredictable nature of the hog market, Johnson emphasized
that increased investments continue to be made in marketing and
promotion and in capital additions to property, plant and equipment.
"We fully expect these investments to provide important future rewards
in support of new and established products and in the quality and
efficiency with which they are produced." He noted that record 1995
marketing expenditures have helped provide increased sales in branded
products for both the company's Foodservice Group and Meat Products
Group. Tonnage volume in the Grocery Products Division, he said, has
been suppressed due to reductions in major retailer inventories
largely attributed to an industrywide move to a "just-in-time"
replenishment system.
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Johnson stated that Jennie-O Foods, Inc., based in Willmar, Minn.,
will have a good year but that profits will be lower than anticipated.
"The summer's extraordinary heat levels caused high mortality losses
which, in turn, contributed to reduced turkey supplies." In September,
Dubuque Foods, Inc., terminated its purchase of the fresh pork output
of FDL Foods, Inc., because of management's confidence it could obtain
needed raw materials more efficiently from other sources. This move,
Johnson added, is also expected to improve results in the years ahead.
"We remain confident about our ability to continue to grow the
profitability of the business," said Johnson. "Our strategies are
sound and resources are in place to accomplish continued profit growth
and marketplace success."
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SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the Registrant has duly caused this Report
to be signed on its behalf by the undersigned thereunto
duly authorized.
HORMEL FOODS CORPORATION
(Registrant)
By
D. J. HODAPP
Executive Vice President
and Chief Financial Officer
By
R. J. THATCHER
Vice President and
Treasurer
Dated: October 13, 1995
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