Hormel Foods Corp. Q4 FY2023 results: revenue $3.2 billion, down 2.6% on the year

Hormel Foods Corp. (HRL) reported revenue of $3.2 billion for Q4 FY2023, the quarter ended 29 October 2023, down 2.6% on the same quarter a year earlier. Net income was $196 million, down 30.0% on the year, and diluted earnings per share $0.35. The figures are the company's own, from the 10-K it filed with the SEC on 6 December 2023.

Revenue$3.2 billiondown 2.6%

Net income$196 milliondown 30.0%

Diluted EPS$0.35

QuarterQ4 FY2023ended 29 October 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Quarter before	A year earlier	Change on the year
Revenue	3,198	n/a	n/a	n/a
Cost of revenue	2,684	n/a	n/a	n/a
Gross profit	514	n/a	n/a	n/a
Gross margin	16.1%	n/a	n/a
Selling, general and administrative	217	n/a	n/a	n/a
Operating income	270	n/a	n/a	n/a
Operating margin	8.4%	n/a	n/a
Interest expense	18.4	n/a	n/a	n/a
Pre-tax income	246	n/a	n/a	n/a
Income tax	50.3	n/a	n/a	n/a
Effective tax rate	20.5%	n/a	n/a
Net income	196	n/a	n/a	n/a
Net margin	6.1%	n/a	n/a
Diluted EPS	$0.35	n/a	n/a	n/a

$ 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 and capital returned

Line	Q4 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	319	n/a	n/a	n/a
Capital expenditure	102	n/a	n/a	n/a
Free cash flow	217	n/a	n/a	n/a
Free cash flow margin	6.8%	n/a	n/a
Depreciation and amortisation	36.9	n/a	n/a	n/a
Share-based compensation	3.1	n/a	n/a	n/a
Dividends paid	150	n/a	n/a	n/a
Diluted shares, weighted	549m	n/a	n/a	n/a

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

Balance sheet at quarter end

Line	Q4 FY2023	Quarter before	A year earlier	Change on the year
Total assets	13,449	n/a	n/a	n/a
Cash and equivalents	737	n/a	n/a	n/a
Receivables	817	n/a	n/a	n/a
Inventory	1,680	n/a	n/a	n/a
Goodwill	4,928	n/a	n/a	n/a
Long-term debt	2,359	n/a	n/a	n/a
Long-term debt including finance leases	2,359	n/a	n/a	n/a
Operating lease liabilities	109	n/a	n/a	n/a
Finance lease liabilities	27.5	n/a	n/a	n/a
Shareholders' equity	7,735	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	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	3,198	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	2,684	2,488	2,384	2,410	2,617	2,514	2,414	2,546	2,741	2,558	2,454	2,490
Gross profit	514	509	504	488	521	475	484	487	445	470	519	472
Gross margin	16%	17%	17%	17%	17%	16%	17%	16%	14%	16%	17%	16%
SG&A	217	240	267	260	239	263	251	259	223	242	319	324
Operating income	270	284	252	237	294	228	248	240	2.2	244	217	111
Operating margin	8%	9%	9%	8%	9%	8%	9%	8%	0%	8%	7%	4%
Interest expense	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	246	286	244	226	280	218	230	237	-21.6	234	206	103
Tax rate	20%	23%	22%	22%	21%	22%	22%	22%	n/a	22%	24%	42%
Net income	196	219	189	177	220	171	180	184	-56.1	182	157	59.6
Net margin	6%	7%	7%	6%	7%	6%	6%	6%	-2%	6%	5%	2%
Diluted EPS	$0.35	$0.40	$0.34	$0.32	$0.41	$0.31	$0.33	$0.33	-$0.10	$0.33	$0.29	$0.11
Operating cash flow	319	404	236	218	409	309	56.4	157	323	349	179	241
Capital expenditure	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	217	357	176	153	325	237	-18.6	84.5	231	280	96.8	172
Buybacks	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	150	150	155	155	155	155	159	159	160	160	161	161
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

* 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. 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.

Source

10-K for the period ended 29 October 2023, filed 6 December 2023, accession 0000048465-23-000083: the filing on EDGAR. All of Hormel Foods Corp.'s filings: EDGAR company page.

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