Hormel Foods (HRL) FY2019 results: revenue $9.5 billion, down 0.5% on the year
Hormel Foods Corp. (HRL) reported revenue of $9.5 billion for fiscal 2019, the year ended 27 October 2019, down 0.5% on the year before. Net income was $979 million, down 3.3%, and diluted earnings per share $1.80. The figures are the company's own, from the 10-K it filed with the SEC on 6 December 2019.
Revenue
$9.5 billion
-0.5% on the year
FY2012FY2019
Operating margin
12.6%
12.4% a year earlier
FY2012FY2019
Net income
$979 million
-3.3% on the year
FY2012FY2019
Diluted EPS
$1.80
-3.2% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
9,497
9,546
9,168
-0.5%
Cost of revenue
7,613
7,566
7,164
+0.6%
Gross profit
1,885
1,979
1,997
-4.8%
Gross margin
19.8%
20.7%
21.8%
Research and development
32.5
33.8
34.2
-3.8%
Selling, general and administrative
728
841
759
-13.5%
Operating income
1,196
1,180
1,277
+1.4%
Operating margin
12.6%
12.4%
13.9%
Interest expense
18.1
26.5
12.7
-31.8%
Pre-tax income
1,210
1,181
1,279
+2.4%
Income tax
231
169
432
+36.7%
Effective tax rate
19.1%
14.3%
33.7%
Net income
979
1,012
847
-3.3%
Net margin
10.3%
10.6%
9.2%
Diluted EPS
$1.80
$1.86
$1.57
-3.2%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
923
1,242
1,034
-25.7%
Capital expenditure
294
390
221
-24.6%
Free cash flow
629
852
813
-26.2%
Free cash flow margin
6.6%
8.9%
8.9%
Cash from investing
220
-1,235
-587
Cash from financing
-926
11.6
-419
Depreciation and amortisation
165
162
131
+2.1%
Share-based compensation
19.7
20.6
15.6
-4.3%
Buybacks
174
46.9
94.5
+271.5%
Dividends paid
437
388
346
+12.6%
Dividend per share
$0.84
$0.75
$0.68
+12.0%
Diluted shares, weighted
545m
544m
539m
+0.3%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
5,921
5,601
4,936
+5.7%
Non-controlling interest
4.1
4.0
3.8
+1.7%
Short-term borrowings
n/a
n/a
0.0
Debt
250
625
250
-60.0%
Other liabilities
1,933
1,913
1,786
+1.1%
Total liabilities and equity
8,109
8,142
6,976
-0.4%
Fixed assets
1,629
1,513
1,203
+7.7%
Goodwill
2,482
2,714
2,120
-8.6%
Intangible assets
1,034
1,207
1,027
-14.4%
Investments
14.7
0.0
n/a
Cash and equivalents
673
459
444
+46.6%
Receivables
574
600
618
-4.3%
Inventory
1,042
964
921
+8.2%
Other assets
660
685
642
-3.7%
Total assets
8,109
8,142
6,976
-0.4%
10-K for the year ended 27 October 2019, filed 6 December 2019: the filing.