Hormel Foods Corporation (NYSE:HRL) Q3 2016 Earnings Conference Call Transcript

Aug 18, 2016 • 09:00 am ET

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Hormel Foods Corporation (NYSE:HRL) Q3 2016 Earnings Conference Call Transcript

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Presentation
Operator
operator

Good day, and welcome to the Hormel Foods' Third Quarter 2016 Earnings Conference Call. (Operator Instructions)Today's conference is being recorded. And at this time, I would like to turn the conference over to Mr. Nathan Annis, Director of IR. Please go ahead, sir.

Executive
Nathan Annis

Good morning. Welcome to the Hormel Foods' conference call for the third quarter of fiscal 2016. We released our results this morning before the market opened, around 6:30 AM Eastern. If you did not receive a copy of the release, you can find it on our website, at www.hormelfoods.com, under the Investors section.

On our call today is: Jeff Ettinger, Chairman of the Board and CEO; Jim Snee, President and COO; and Jody Feragen, EVP and CFO. Jeff will provide an overview of the quarter and then Jim will comment on the segment results, outlook, and guidance for fiscal 2016. Jody will provide detailed financial results for the quarter. The line will be open for questions following Jody's remarks. As a courtesy to the other analysts, please limit yourself to one question, with one follow-up. If you have additional questions, you are welcome to get back in the queue.

An audio replay of this call will be available beginning at 10:00 AM Central time today, August 18, 2016. The dial-in number is 800-533-7619 and the access code is 6233484. It will also be posted to our website and archived for one year. Before we get started with the results for the quarter, I need to reference the Safe Harbor statement. (Forward-Looking Cautionary Statements) Now I will turn the call over to Jeff.

Executive
Jeff Ettinger

Good morning, everyone. Before we get into this quarter's results, I want to express my appreciation for all the contributions Jody Feragen has made to Hormel Foods. As previously announced, Jody will be retiring as CFO at the end of the fiscal year, so this will be her last earnings call. Jody has been a dynamite CFO. During her tenure, our team has delivered exceptional returns to our shareholders. She was instrumental in helping to complete over $2.7 billion in strategic acquisitions that have transformed our portfolio, and she oversaw close to $1.6 billion in dividends delivered to our shareholders.

Jody also led numerous initiatives across the accounting, treasury, information technology, corporate development, and investor relations areas that have made our Company better. Jody will be missed around the office and we wish her well in her well-earned retirement with her husband, Dwayne. Hormel Foods is fortunate to have a very strong bench of talent throughout our organization, and the accounting and finance area is no exception. Jim Sheehan will assume the CFO position upon Jody's retirement, with a deep knowledge of all areas of finance and accounting, emanating from his experience at Hormel Foods as Controller, Treasurer and in numerous other roles.

We have the utmost confident in Jim's leadership and capabilities in this new role. Now on to the results. Earlier today, we announced record third-quarter results of $0.36 per share, up 33% from