Hormel Foods (HRL) FY2013 results: revenue $8.8 billion, up 6.3% on the year
Hormel Foods Corp. (HRL) reported revenue of $8.8 billion for fiscal 2013, the year ended 27 October 2013, up 6.3% on the year before. Net income was $526 million, up 5.2%, and diluted earnings per share $0.97. The figures are the company's own, from the 10-K it filed with the SEC on 18 December 2013.
Revenue
$8.8 billion
+6.3% on the year
FY2008FY2013
Operating margin
9.2%
9.5% a year earlier
FY2008FY2013
Net income
$526 million
+5.2% on the year
FY2008FY2013
Diluted EPS
$0.97
+4.8% on the year
FY2008FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
8,752
8,231
7,895
+6.3%
Cost of revenue
7,339
6,899
6,561
+6.4%
Gross profit
1,413
1,332
1,334
+6.1%
Gross margin
16.1%
16.2%
16.9%
Research and development
29.9
29.8
29.4
+0.3%
Selling, general and administrative
627
606
619
+3.5%
Operating income
806
781
n/a
+3.2%
Operating margin
9.2%
9.5%
n/a
Interest expense
12.5
12.9
22.7
-3.2%
Pre-tax income
799
758
719
+5.3%
Income tax
268
253
240
+5.9%
Effective tax rate
33.6%
33.4%
33.3%
Net income
526
500
474
+5.2%
Net margin
6.0%
6.1%
6.0%
Diluted EPS
$0.97
$0.93
$0.87
+4.8%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
638
518
490
+23.2%
Capital expenditure
107
132
96.9
-19.3%
Free cash flow
531
385
394
+37.8%
Free cash flow margin
6.1%
4.7%
5.0%
Depreciation and amortisation
125
119
124
+4.5%
Share-based compensation
17.6
16.7
17.2
+5.3%
Buybacks
70.8
61.4
153
+15.4%
Dividends paid
174
152
130
+14.5%
Dividend per share
$0.34
$0.30
$0.26
+13.3%
Diluted shares, weighted
540m
538m
544m
+0.5%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
3,311
2,819
2,657
+17.4%
Non-controlling interest
5.5
5.5
3.2
+1.3%
Debt
250
250
250
0.0%
Other liabilities
1,349
1,489
1,335
-9.4%
Total liabilities and equity
4,916
4,564
4,244
+7.7%
Fixed assets
955
924
907
+3.3%
Goodwill
934
631
631
+48.1%
Intangible assets
378
123
132
+207.2%
Investments
n/a
77.4
76.1
Cash and equivalents
434
682
463
-36.4%
Receivables
552
507
461
+8.8%
Inventory
968
951
886
+1.8%
Other assets
694
668
688
+3.9%
Total assets
4,916
4,564
4,244
+7.7%
10-K for the year ended 27 October 2013, filed 18 December 2013: the filing.