Hormel Foods Corporation (NYSE:HRL) Q3 2019 Earnings Conference Call Transcript

Aug 22, 2019 • 09:00 am ET

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Hormel Foods Corporation (NYSE:HRL) Q3 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 Third Quarter 2019 Earnings Release Conference Call. [Operator Instructions] As a reminder, this conference is being recorded, Thursday, August 22, 2019.

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

Executive
Nathan Annis

Good morning. Welcome to the Hormel Foods conference call for the third quarter of fiscal 2019. We released our results this morning before the market opened, around 6:30 a.m. 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 open for questions following Jim Sheehan remarks. [Operator Instructions] An audio replay of this call will be available beginning at 11:00 a.m. today Central Standard Time. The dial-in number is 888-204-4368 and the access code is 8156000. 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 35 to 41 in the Company's Form 10-Q for the quarter ended April 28, 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 volume and sales impact of the CytoSport divestiture. Discussion on non-GAAP information is 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 organic volume and organic sales.

I will now turn the call over to Jim Snee.

Executive
Jim Snee

Thank you, Nathan. Good morning, everyone. Hormel Foods is an uncommon company; unique in our industry; we have a tenured management team who is able to quickly adjust to dynamic and volatile market conditions; a balanced portfolio of branded products sold through the retail, foodservice, deli and international channels; direct sales force that is able to build and maintain relationships to help our customers grow their businesses; a reputation for bringing industry-leading innovations to the marketplace; and an increasingly agile and efficient supply chain.

Our financial position and business fundamentals remain strong. This enables us to deliver growth organically and through strategic acquisitions. Our leadership position as a global branded food company allows us to take a long-term perspective as we navigate near-term uncertainty related to various market conditions. Our third quarter