Hormel Foods Corporation (NYSE:HRL) Q2 2019 Earnings Conference Call Transcript

May 23, 2019 • 09:00 am ET

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Hormel Foods Corporation (NYSE:HRL) Q2 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the Hormel Foods Second Quarter 2019 Earnings Release Conference. At this time, all participants are in a listen-only mode. As a reminder, this conference is being recorded, Thursday, May 23rd 2019.

I would like to turn the conference over to Nathan Annis, Director of Investor Relations. Please go ahead, Mr. Annis.

Executive
Nathan P. Annis

Good morning. Welcome to the Hormel Foods conference call for the second quarter of fiscal 2019. 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 hormelfoods.com under the Investors section.

On our call today is Jim Snee, Chairman of the Board, President, and Chief Executive Officer, and Jim Sheehan, Executive Vice President and Chief Financial Officer. Jim Snee will provide a review of each segment's performance for the quarter and our outlook for the remainder of 2019. Jim Sheehan will provide detailed financial results and further assumptions relating to our outlook. The line will be opened for questions following Jim Sheehan'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're welcome to get back in the queue. An audio replay of this call will be available beginning at 11:00 AM today Central Standard Time. The dial-in number is 800-263-0877 and the access code is 5051059. It will also be posted to our website and archived for one year.

Before we get started, I need to reference the Safe Harbor statement. Some of the comments made today will be forward-looking and actual results may differ materially from those expressed in or implied by the statements we will be making. Please refer to Pages 31 through 36 in the Company's Form 10-Q for the quarter ended January 27th 2019 for more details. It can be accessed on our website.

Additionally, please note the Company uses non-GAAP results to provide investors with a better understanding of the Company's operating performance by excluding the impact of certain non-recurring items affecting comparability. Discussion on non-GAAP information detailed in our press release located on our corporate website. Please note that during our call, we will refer to these non-GAAP results as adjusted earnings.

I will now turn the call over to Jim Snee.

Executive
Jim Snee

Thank you, Nathan. Good morning, everyone . As a global branded food company, we remain focused on our long-term strategy, we call our formula for success. This includes building strong brands, developing innovative new items, making strategic acquisitions and creating intentional balance. We have strengthened our competitive position in the past three years through intentional actions such as evolving to a broader global branded food company, accelerating our foodservice business, modernizing our supply chain and divesting non-strategic assets.

Today, these actions leave us with a better business, a strong balance sheet, consistent cash flows and the ability to make a transformational acquisition when