Hormel Foods (HRL) FY2020 results: revenue $9.6 billion, up 1.2% on the year
Hormel Foods Corp. (HRL) reported revenue of $9.6 billion for fiscal 2020, the year ended 25 October 2020, up 1.2% on the year before. Net income was $908 million, down 7.2%, and diluted earnings per share $1.66. The figures are the company's own, from the 10-K it filed with the SEC on 4 December 2020.
Revenue
$9.6 billion
+1.2% on the year
FY2013FY2020
Operating margin
11.5%
12.6% a year earlier
FY2013FY2020
Net income
$908 million
-7.2% on the year
FY2013FY2020
Diluted EPS
$1.66
-7.8% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
9,608
9,497
9,546
+1.2%
Cost of revenue
7,782
7,613
7,566
+2.2%
Gross profit
1,826
1,885
1,979
-3.1%
Gross margin
19.0%
19.8%
20.7%
Research and development
31.9
32.5
33.8
-1.8%
Selling, general and administrative
761
728
841
+4.6%
Operating income
1,100
1,196
1,180
-8.0%
Operating margin
11.5%
12.6%
12.4%
Interest expense
21.1
18.1
26.5
+16.6%
Pre-tax income
1,115
1,210
1,181
-7.9%
Income tax
206
231
169
-10.5%
Effective tax rate
18.5%
19.1%
14.3%
Net income
908
979
1,012
-7.2%
Net margin
9.5%
10.3%
10.6%
Diluted EPS
$1.66
$1.80
$1.86
-7.8%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,128
923
1,242
+22.2%
Capital expenditure
368
294
390
+25.1%
Free cash flow
761
629
852
+20.9%
Free cash flow margin
7.9%
6.6%
8.9%
Cash from investing
-656
220
-1,235
Cash from financing
566
-926
11.6
Depreciation and amortisation
206
165
162
+24.6%
Share-based compensation
22.5
19.7
20.6
+14.0%
Buybacks
12.4
174
46.9
-92.9%
Dividends paid
487
437
388
+11.5%
Dividend per share
$0.93
$0.84
$0.75
+10.7%
Diluted shares, weighted
547m
545m
544m
+0.2%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
6,426
5,921
5,601
+8.5%
Non-controlling interest
4.8
4.1
4.0
+17.2%
Debt
1,304
250
625
+421.5%
Operating lease liabilities
43.1
n/a
n/a
Finance lease liabilities
52.7
n/a
n/a
Other liabilities
2,078
1,933
1,913
+7.5%
Total liabilities and equity
9,908
8,109
8,142
+22.2%
Fixed assets
n/a
1,629
1,513
Goodwill
2,613
2,482
2,714
+5.3%
Intangible assets
1,076
1,034
1,207
+4.1%
Investments
17.3
14.7
0.0
+17.7%
Cash and equivalents
1,714
673
459
+154.8%
Receivables
702
574
600
+22.3%
Inventory
1,073
1,042
964
+2.9%
Other assets
2,712
660
685
+311.0%
Total assets
9,908
8,109
8,142
+22.2%
10-K for the year ended 25 October 2020, filed 4 December 2020: the filing.