Hormel Foods Corporation (NYSE:HRL) Q2 2020 Earnings Conference Call - Final Transcript

May 21, 2020 • 09:00 am ET

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Hormel Foods Corporation (NYSE:HRL) Q2 2020 Earnings Conference Call - Final 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 2020 Earnings Release Conference Call. At this time, all participants are in a listen-only mode. As a reminder, this conference is being recorded, Thursday, May 21st, 2020.

I would 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 second quarter of fiscal 2020. 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 an overview of the Company's response for the COVID-19 pandemic, a review the Company's current and future operating condition and commentary regarding each segment's performance for the quarter. Jim Sheehan will provide detailed financial results and commentary regarding the Company's current and future financial condition. The line will be open 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 888-254-3590 and the access code is 7355932. 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 30 through 35 in the Company's Form 10-Q for the fiscal quarter ended January 26, 2020, in addition to a supplemental risk factor related to the COVID-19 pandemic included in our Form 8-K filed this morning. Both 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. These non-GAAP measures include organic volume, organic sales, adjusted pretax earnings, adjusted diluted earnings per share and operating free cash flow. Discussion on non-GAAP information is detailed in our press release located on our corporate website.

I will now turn the call over to Jim Snee.

Executive
Jim Snee

Thank you, Nathan. Good morning, everyone. First off, I want to take this opportunity to express my sincere appreciation to the essential workers showing up every day in food manufacturing facilities across the industry. They should be recognized for the heroic and purposeful work they are doing and they have my most sincere appreciation and gratitude. I also want to acknowledge the food industry employees who are showing their commitment every day with