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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)

$ millionFY2019FY2018FY2017On the yearLast 8 years
Revenue9,4979,5469,168-0.5%
Cost of revenue7,6137,5667,164+0.6%
Gross profit1,8851,9791,997-4.8%
Gross margin19.8%20.7%21.8%
Research and development32.533.834.2-3.8%
Selling, general and administrative728841759-13.5%
Operating income1,1961,1801,277+1.4%
Operating margin12.6%12.4%13.9%
Interest expense18.126.512.7-31.8%
Pre-tax income1,2101,1811,279+2.4%
Income tax231169432+36.7%
Effective tax rate19.1%14.3%33.7%
Net income9791,012847-3.3%
Net margin10.3%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

$ millionFY2019FY2018FY2017On the yearLast 8 years
Operating cash flow9231,2421,034-25.7%
Capital expenditure294390221-24.6%
Free cash flow629852813-26.2%
Free cash flow margin6.6%8.9%8.9%
Cash from investing220-1,235-587
Cash from financing-92611.6-419
Depreciation and amortisation165162131+2.1%
Share-based compensation19.720.615.6-4.3%
Buybacks17446.994.5+271.5%
Dividends paid437388346+12.6%
Dividend per share$0.84$0.75$0.68+12.0%
Diluted shares, weighted545m544m539m+0.3%

Balance sheet

$ millionFY2019FY2018FY2017On the yearLast 8 years
Shareholders' equity5,9215,6014,936+5.7%
Non-controlling interest4.14.03.8+1.7%
Short-term borrowingsn/an/a0.0
Debt250625250-60.0%
Other liabilities1,9331,9131,786+1.1%
Total liabilities and equity8,1098,1426,976-0.4%
Fixed assets1,6291,5131,203+7.7%
Goodwill2,4822,7142,120-8.6%
Intangible assets1,0341,2071,027-14.4%
Investments14.70.0n/a
Cash and equivalents673459444+46.6%
Receivables574600618-4.3%
Inventory1,042964921+8.2%
Other assets660685642-3.7%
Total assets8,1098,1426,976-0.4%

10-K for the year ended 27 October 2019, filed 6 December 2019: the filing.