Hormel Foods (HRL) FY2015 results: revenue $9.3 billion, down 0.6% on the year
Hormel Foods Corp. (HRL) reported revenue of $9.3 billion for fiscal 2015, the year ended 25 October 2015, down 0.6% on the year before. Net income was $686 million, up 13.8%, and diluted earnings per share $1.27. The figures are the company's own, from the 10-K it filed with the SEC on 16 December 2015.
Revenue
$9.3 billion
-0.6% on the year
FY2008FY2015
Operating margin
11.5%
10.0% a year earlier
FY2008FY2015
Net income
$686 million
+13.8% on the year
FY2008FY2015
Diluted EPS
$1.27
+13.9% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
9,264
9,316
8,752
-0.6%
Cost of revenue
7,455
7,751
7,339
-3.8%
Gross profit
1,809
1,565
1,413
+15.6%
Gross margin
19.5%
16.8%
16.1%
Research and development
32.0
29.9
29.9
+7.0%
Selling, general and administrative
744
651
627
+14.2%
Operating income
1,067
932
806
+14.6%
Operating margin
11.5%
10.0%
9.2%
Interest expense
13.1
12.7
12.5
+3.2%
Pre-tax income
1,057
922
799
+14.6%
Income tax
370
316
268
+17.0%
Effective tax rate
35.0%
34.3%
33.6%
Net income
686
603
526
+13.8%
Net margin
7.4%
6.5%
6.0%
Diluted EPS
$1.27
$1.11
$0.97
+13.9%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
992
747
638
+32.8%
Capital expenditure
144
159
107
-9.5%
Free cash flow
848
588
531
+44.3%
Free cash flow margin
9.2%
6.3%
6.1%
Cash from investing
-901
n/a
n/a
Cash from financing
-70.6
n/a
n/a
Depreciation and amortisation
133
130
125
+2.6%
Share-based compensation
15.7
14.4
17.6
+9.2%
Buybacks
24.9
58.9
70.8
-57.7%
Dividends paid
251
203
174
+23.5%
Dividend per share
$0.50
$0.40
$0.34
+25.0%
Diluted shares, weighted
541m
540m
540m
+0.1%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
3,998
3,606
3,311
+10.9%
Non-controlling interest
3.2
6.4
5.5
-49.9%
Debt
435
250
250
+74.0%
Other liabilities
1,703
1,594
1,349
+6.9%
Total liabilities and equity
6,140
5,456
4,916
+12.5%
Fixed assets
1,012
1,002
955
+1.0%
Goodwill
1,699
1,226
934
+38.6%
Intangible assets
827
555
378
+49.1%
Cash and equivalents
347
334
434
+3.9%
Receivables
606
610
552
-0.6%
Inventory
993
1,055
968
-5.8%
Other assets
655
674
694
-2.8%
Total assets
6,140
5,456
4,916
+12.5%
10-K for the year ended 25 October 2015, filed 16 December 2015: the filing.