Hormel Foods Corporation (NYSE:HRL) Q3 2020 Earnings Conference Call - Final Transcript

Aug 25, 2020 • 10:00 am ET


Hormel Foods Corporation (NYSE:HRL) Q3 2020 Earnings Conference Call - Final Transcript


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Good morning and welcome to the Hormel Foods' Third Quarter Fiscal 2020 Conference Call. [Operator Instructions]

I would now like to turn the conference over to Nathan Annis, Director of Investor Relations, Hormel Foods Corporation. Please go ahead.

Nathan Annis

Good morning. Welcome to the Hormel Foods' conference call for the third 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 a review of the Company's current and future operating conditions, commentary regarding each segment's performance for the quarter and an update on the Company's response to the COVID-19 pandemic. 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 are welcome to get back into the queue. An audio replay of this call will be available beginning at noon today, Central Standard Time. The dial-in number is 888-317-6003 and the access code is 9237894. It will also be posted on 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 through 42 in the Company's Form 10-Q for the fiscal quarter ended April 26, 2020. It can be accessed on our website. Additionally, please note the Company uses non-GAAP results to provide investors with better understanding of the Company's operating performance. Non-GAAP measures include organic volume, organic sales and operating free cash flow. Discussion on non-GAAP information is detailed on our press release located on our corporate website.

I will now turn the call over to Jim Snee.

Jim Snee

Thank you, Nathan. Good morning, everyone. Before we get into the business results of the third quarter. I want to take this opportunity to say thank you to all of our dedicated plant professionals for showing up every day in our manufacturing facilities. They are the true heroes of our Company in this crisis. It has been remarkable to see our team work together to provide safe high-quality food for millions of consumers impacted by the pandemic. I'm very proud of how all our team members rose to the challenge with a sense of responsibility, purpose and pride.

From the very beginning of this pandemic, we committed to putting the safety of our team members first. I believe, the safety first commitment is what has set us apart during the