Hormel Foods (HRL) Q4 FY2021 earnings: revenue $3.5 billion, up 42.8% on the year

Hormel Foods Corp. (HRL) reported revenue of $3.5 billion for Q4 FY2021, the quarter ended 31 October 2021, up 42.8% on the same quarter a year earlier. Net income was $282 million, up 20.2% on the year, and diluted earnings per share $0.51. The figures are the company's own, from the 10-K it filed with the SEC on 10 December 2021.

Revenue

$3.5 billion

+42.8% on the year · +20.6% on the quarter

Q1 FY2020Q4 FY2021

Operating margin

10.4%

11.4% a year earlier

Q1 FY2020Q4 FY2021

Net income

$282 million

+20.2% on the year · +59.2% on the quarter

Q1 FY2020Q4 FY2021

Diluted EPS

$0.51

+18.6% on the year · +59.4% on the quarter

Q1 FY2020Q4 FY2021

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Revenue	3,455	2,864	2,420	+20.6%	+42.8%
Cost of revenue	2,877	n/a	n/a
Gross profit	578	n/a	n/a
Gross margin	16.7%	n/a	n/a
Selling, general and administrative	230	n/a	n/a
Operating income	358	207	277	+72.4%	+29.3%
Operating margin	10.4%	7.2%	11.4%
Interest expense	15.6	n/a	n/a
Pre-tax income	352	n/a	n/a
Income tax	70.5	n/a	n/a
Effective tax rate	20.0%	n/a	n/a
Net income	282	177	234	+59.2%	+20.2%
Net margin	8.2%	n/a	n/a
Diluted EPS	$0.51	$0.32	$0.43	+59.4%	+18.6%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free 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	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Operating cash flow	564	n/a	n/a
Capital expenditure	93.1	n/a	n/a
Free cash flow	471	n/a	n/a
Free cash flow margin	13.6%	n/a	n/a
Cash from investing	-95.5	n/a	n/a
Cash from financing	-143	n/a	n/a
Depreciation and amortisation	65.9	59.2	47.0	+11.4%	+40.3%
Share-based compensation	4.4	n/a	n/a
Buybacks	10.3	n/a	n/a
Dividends paid	133	n/a	n/a
Diluted shares, weighted	548m	548m	n/a	-0.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Shareholders' equity	6,973	6,788	6,426	+2.7%	+8.5%
Non-controlling interest	5.5	n/a	n/a
Debt	3,324	3,325	1,304	-0.0%	+155.0%
Operating lease liabilities	56.8	n/a	n/a
Finance lease liabilities	44.6	n/a	n/a
Other liabilities	2,293	n/a	n/a
Total liabilities and equity	12,696	n/a	n/a
Goodwill	4,929	n/a	n/a
Intangible assets	1,822	n/a	n/a
Investments	21.2	n/a	n/a
Cash and equivalents	614	291	1,714	+110.6%	-64.2%
Receivables	896	n/a	n/a
Inventory	1,369	n/a	n/a
Other assets	3,045	n/a	n/a
Total assets	12,696	n/a	n/a

Questions

What was Hormel Foods' revenue in Q4 FY2021?

Hormel Foods (HRL) reported revenue of $3.5 billion for Q4 FY2021, the quarter ended 31 October 2021, up 42.8% on the same quarter a year earlier.

How much did Hormel Foods earn in Q4 FY2021?

Net income for Q4 FY2021 was $282 million, up 20.2% on the year, and diluted earnings per share $0.51.

When did Hormel Foods report Q4 FY2021 results?

Hormel Foods filed its 10-K for the year that ended with the quarter on 10 December 2021; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	3,455	3,044	3,097	3,034	3,283	2,971	2,978	2,963	3,198	2,997	2,887	2,898	3,138	2,989	2,899	3,033	3,186	3,027	2,973	2,961
Cost of revenue	2,877	2,506	2,543	2,528	2,717	2,475	2,486	2,465	2,684	2,488	2,384	2,410	2,617	2,514	2,414	2,546	2,741	2,558	2,454	2,490
Gross profit	578	539	553	506	566	496	491	498	514	509	504	488	521	475	484	487	445	470	519	472
Gross margin	17%	18%	18%	17%	17%	17%	17%	17%	16%	17%	17%	17%	17%	16%	17%	16%	14%	16%	17%	16%
SG&A	230	226	225	222	206	222	212	291	217	240	267	260	239	263	251	259	223	242	319	324
Operating income	358	320	335	291	367	289	296	217	270	284	252	237	294	228	248	240	2.2	244	217	111
Operating margin	10%	11%	11%	10%	11%	10%	10%	7%	8%	9%	9%	8%	9%	8%	9%	8%	0%	8%	7%	4%
Interest expense	15.6	14.6	14.7	15.6	17.6	18.3	18.3	18.4	18.4	18.3	21.7	21.5	19.4	19.5	19.5	19.5	19.6	19.7	19.8	19.6
Pre-tax income	352	309	322	290	357	281	279	208	246	286	244	226	280	218	230	237	-21.6	234	206	103
Tax rate	20%	22%	19%	25%	22%	23%	22%	22%	20%	23%	22%	22%	21%	22%	22%	22%	n/a	22%	24%	42%
Net income	282	240	262	219	280	218	217	163	196	219	189	177	220	171	180	184	-56.1	182	157	59.6
Net margin	8%	8%	8%	7%	9%	7%	7%	5%	6%	7%	7%	6%	7%	6%	6%	6%	-2%	6%	5%	2%
Diluted EPS	$0.51	$0.44	$0.48	$0.40	$0.51	$0.40	$0.40	$0.30	$0.36	$0.40	$0.34	$0.32	$0.40	$0.31	$0.33	$0.33	-$0.10	$0.33	$0.29	$0.11
Operating cash flow	564	384	193	186	372	204	208	317	319	404	236	218	409	309	56.4	157	323	349	179	241
Capital expenditure	93.1	49.7	78.5	61.0	89.7	37.1	53.5	77.9	102	47.2	60.0	65.5	83.8	72.2	75.1	72.2	91.5	69.0	82.2	68.2
Free cash flow	471	334	115	125	282	167	155	239	217	357	176	153	325	237	-18.6	84.5	231	280	96.8	172
Buybacks	10.3	0.0	0.0	0.0	0.0	n/a	n/a	0.0	n/a	n/a	n/a	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Dividends paid	133	133	141	142	142	142	151	150	150	150	155	155	155	155	159	159	160	160	161	161
Shares outstanding	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	549m	550m	550m	550m	550m	550m	550m	550m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 October 2021, filed 10 December 2021: the filing.