Hormel Foods Corporation (NYSE:HRL) Q4 2020 Earnings Conference Call - Final Transcript

Nov 24, 2020 • 10:00 am ET


Hormel Foods Corporation (NYSE:HRL) Q4 2020 Earnings Conference Call - Final Transcript


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Good morning, and welcome to the Hormel Foods Fourth Quarter 2020 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded.

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

Nathan Annis

Good morning. Welcome to the Hormel Foods conference call for the fourth 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 update on the impact of the COVID-19 pandemic and a perspective on fiscal 2021. Jim Sheehan will provide detailed financial results and commentary regarding the Company's current and future financial condition. 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 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 5831860. 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 34 through 41 in the Company's Form 10-Q for the fiscal quarter ended July 26, 2020. 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. These non-GAAP measures include organic volume, organic sales, adjusted diluted earnings per share 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 fourth quarter, I want to say thank you to all of our supply chain and plant professionals. They continue to show up every day and their dedication is remarkable. They are the heroes in our Company during this pandemic.

We remain focused on keeping all our employees safe, supporting our communities through these difficult times and meeting the needs of our consumers, customers and operators with safe, high quality food. With the dramatic increase of COVID-19 cases upon us, we are