Hormel Foods (HRL) FY2023 results: revenue $12.1 billion, down 2.8% on the year
Hormel Foods Corp. (HRL) reported revenue of $12.1 billion for fiscal 2023, the year ended 29 October 2023, down 2.8% on the year before. Net income was $794 million, down 20.6%, and diluted earnings per share $1.45. The figures are the company's own, from the 10-K it filed with the SEC on 6 December 2023.
Revenue
$12.1 billion
-2.8% on the year
FY2016FY2023
Operating margin
8.9%
10.5% a year earlier
FY2016FY2023
Net income
$794 million
-20.6% on the year
FY2016FY2023
Diluted EPS
$1.45
-20.3% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
1,048
1,135
1,002
-7.7%
Capital expenditure
270
279
232
-3.1%
Free cash flow
778
856
770
-9.2%
Free cash flow margin
6.4%
6.9%
6.8%
Cash from investing
-690
-258
-3,626
Cash from financing
-600
-487
1,521
Depreciation and amortisation
253
236
209
+7.4%
Share-based compensation
24.1
24.9
24.7
-3.5%
Buybacks
12.3
0.0
20.0
Dividends paid
593
558
523
+6.3%
Dividend per share
$1.10
$1.04
$0.98
+5.8%
Diluted shares, weighted
549m
550m
548m
-0.1%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
7,735
7,535
6,973
+2.6%
Non-controlling interest
4.1
4.9
5.5
-16.9%
Debt
3,309
3,299
3,324
+0.3%
Operating lease liabilities
109
55.6
56.8
+96.6%
Finance lease liabilities
27.5
36.1
44.6
-23.8%
Other liabilities
2,264
2,376
2,293
-4.7%
Total liabilities and equity
13,449
13,307
12,696
+1.1%
Goodwill
4,928
4,926
4,929
+0.1%
Intangible assets
1,757
1,803
1,822
-2.5%
Investments
16.7
16.1
21.2
+3.2%
Cash and equivalents
737
982
614
-25.0%
Receivables
817
868
896
-5.8%
Inventory
1,680
1,716
1,369
-2.1%
Other assets
3,512
2,996
3,045
+17.2%
Total assets
13,449
13,307
12,696
+1.1%
10-K for the year ended 29 October 2023, filed 6 December 2023: the filing.