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)
August 6, 1996
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 three (3) pages numbered
sequentially from
this cover page.
Item 5. OTHER MATERIALLY IMPORTANT EVENTS
August 6, 1996
The Company announced today that third quarter earnings to
be released
August 15, 1996 are expected to be in the range of $0.04 and
$0.06 per
share. The anticipated results for the quarter are below
Wall Street
estimates and the $0.28 per share earned for the third
quarter of
1995.
The text of the Company's press release making this
announcement is as
follows:
FOR RELEASE UPON RECEIPT:
AUSTIN, MINN. (August 6, 1996) -- Hormel Foods corporation
today
announced third quarter earnings to be released August 15
fall below
analysts' current estimates. Noting that analysts have
estimated
earnings in a relatively wide range for the quarter ending
July 27,
1996, Joel W. Johnson, chairman, president and CEO stated
that
earnings for the quarter are expected to be in the range of
$0.04 and
$0.06 per share, compared to $0.28 per share for the third
quarter of
1995.
Johnson attributed the decline in earnings to the high costs
of feed
grains and hogs, and the inability to increase prices
quickly enough
to pass through raw materials costs increases.
Due to last year's poor corn crop and growing international
demand,
feed costs have escalated to record highs. Feed costs to
raise a
pound of live turkey during the third quarter of this year
were more
than 50 percent higher than at the same time last year.
Also, due to
tightening hog supplies relative to demand, live hog costs
rose over
33 percent as compared to last year's third quarter.
Johnson stated, "As the quarter progressed, the pressure of
increasing raw materials costs against margins became
pronounced. The
outlook for the remainder of this year is one of continuing
pressure
due to these high costs. However, we intend to continue to
pursue our
strategic objectives of increased branding and added value,
with the
expectation that when feed grain and hog prices return to
more normal
levels, we will be well positioned to benefit."
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
M. J. McCOY
Treasurer
Dated: ____________________
