$HRL
HORMEL FOODS CORP /DE/

2018 Q2 Form 10-Q Financial Statement

#000004846518000033 Filed on June 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2018 Q1 2017 Q2
Revenue $2.331B $2.331B $2.187B
YoY Change 6.55% 2.24% -4.91%
Cost Of Revenue $1.838B $1.833B $1.700B
YoY Change 8.08% 6.08% -4.14%
Gross Profit $492.8M $498.3M $486.9M
YoY Change 1.21% -9.77% -7.5%
Gross Profit Margin 21.15% 21.37% 22.26%
Selling, General & Admin $204.5M $219.9M $181.0M
YoY Change 13.0% 4.59% -14.25%
% of Gross Profit 41.51% 44.12% 37.17%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $41.10M $35.87M $32.00M
YoY Change 28.44% 22.63% -0.31%
% of Gross Profit 8.34% 7.2% 6.57%
Operating Expenses $204.5M $219.9M $181.0M
YoY Change 13.0% 4.59% -14.25%
Operating Profit $301.7M $302.0M $316.0M
YoY Change -4.52% -15.03% 0.23%
Interest Expense $7.001M $4.729M $3.023M
YoY Change 131.59% 56.28% -69.77%
% of Operating Profit 2.32% 1.57% 0.96%
Other Income/Expense, Net $2.144M $7.939M $2.818M
YoY Change -23.92% 224.17%
Pretax Income $296.9M $305.2M $315.8M
YoY Change -6.0% -13.99% -2.58%
Income Tax $59.36M $1.954M $104.9M
% Of Pretax Income 19.99% 0.64% 33.23%
Net Earnings $237.4M $303.1M $210.9M
YoY Change 12.54% 28.9% -2.08%
Net Earnings / Revenue 10.19% 13.0% 9.64%
Basic Earnings Per Share $0.45 $0.57 $0.40
Diluted Earnings Per Share $0.44 $0.56 $0.39
COMMON SHARES
Basic Shares Outstanding 529.8M shares 529.5M shares 528.7M shares
Diluted Shares Outstanding 542.8M shares 543.5M shares 539.6M shares

Balance Sheet

Concept 2018 Q2 2018 Q1 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $261.6M $385.8M $548.9M
YoY Change -52.34% -36.73% 44.49%
Cash & Equivalents $261.6M $385.8M $548.9M
Short-Term Investments
Other Short-Term Assets $5.138M $4.417M $21.10M
YoY Change -75.65% -78.76% 9.33%
Inventory $1.011B $973.2M $988.4M
Prepaid Expenses $18.53M $15.58M
Receivables $551.4M $569.1M $525.3M
Other Receivables $2.900M $200.0K $42.00M
Total Short-Term Assets $1.851B $1.948B $2.126B
YoY Change -12.94% -8.08% 7.63%
LONG-TERM ASSETS
Property, Plant & Equipment $1.354B $1.293B $1.044B
YoY Change 29.73% 24.9% -0.51%
Goodwill $2.732B $2.957B
YoY Change
Intangibles $1.251B $1.023B
YoY Change
Long-Term Investments $265.6M $262.1M $246.8M
YoY Change 7.62% 7.46% -3.18%
Other Assets $192.3M $196.6M $262.1M
YoY Change -26.65% -23.87% -15.42%
Total Long-Term Assets $5.979B $5.911B $4.260B
YoY Change 40.35% 39.18% 3.02%
TOTAL ASSETS
Total Short-Term Assets $1.851B $1.948B $2.126B
Total Long-Term Assets $5.979B $5.911B $4.260B
Total Assets $7.830B $7.859B $6.386B
YoY Change 22.61% 23.44% 4.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $465.6M $532.8M $372.4M
YoY Change 25.02% 37.44% -4.37%
Accrued Expenses $62.64M $72.10M $450.6M
YoY Change -86.1% -84.56% -16.23%
Deferred Revenue
YoY Change
Short-Term Debt $185.0M $255.0M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.148B $1.324B $824.6M
YoY Change 39.27% 43.89% -12.03%
LONG-TERM LIABILITIES
Long-Term Debt $624.8M $624.7M $250.0M
YoY Change 149.91% 149.89% 0.0%
Other Long-Term Liabilities $104.2M $107.9M $617.2M
YoY Change -83.12% -82.46% 0.64%
Total Long-Term Liabilities $728.9M $732.6M $867.2M
YoY Change -15.94% -15.31% 0.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.148B $1.324B $824.6M
Total Long-Term Liabilities $728.9M $732.6M $867.2M
Total Liabilities $1.877B $2.056B $1.703B
YoY Change 10.27% 14.59% -5.62%
SHAREHOLDERS EQUITY
Retained Earnings $5.504B $5.367B
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.287B $5.151B $4.683B
YoY Change
Total Liabilities & Shareholders Equity $7.830B $7.859B $6.386B
YoY Change 22.61% 23.44% 4.51%

Cashflow Statement

Concept 2018 Q2 2018 Q1 2017 Q2
OPERATING ACTIVITIES
Net Income $237.4M $303.1M $210.9M
YoY Change 12.54% 28.9% -2.08%
Depreciation, Depletion And Amortization $41.10M $35.87M $32.00M
YoY Change 28.44% 22.63% -0.31%
Cash From Operating Activities $139.1M $304.2M $85.40M
YoY Change 62.88% 55.79% -34.51%
INVESTING ACTIVITIES
Capital Expenditures -$87.50M $53.69M -$39.10M
YoY Change 123.79% 41.69% -41.11%
Acquisitions
YoY Change
Other Investing Activities $6.300M -$851.6M -$2.400M
YoY Change -362.5% -693.45% -200.0%
Cash From Investing Activities -$81.20M -$905.3M -$41.50M
YoY Change 95.66% -957.53% -35.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $25.20M
YoY Change -17.62%
Debt Paid & Issued, Net $274.0K
YoY Change
Cash From Financing Activities -182.3M $538.2M -107.4M
YoY Change 69.74% -639.14% 73.51%
NET CHANGE
Cash From Operating Activities 139.1M $304.2M 85.40M
Cash From Investing Activities -81.20M -$905.3M -41.50M
Cash From Financing Activities -182.3M $538.2M -107.4M
Net Change In Cash -124.4M -$62.95M -63.50M
YoY Change 95.91% -131.32% -1511.11%
FREE CASH FLOW
Cash From Operating Activities $139.1M $304.2M $85.40M
Capital Expenditures -$87.50M $53.69M -$39.10M
Free Cash Flow $226.6M $250.5M $124.5M
YoY Change 82.01% 59.18% -36.74%

Facts In Submission

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529799000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
529626000 shares
CY2017Q4 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
26585000 USD
CY2018Q2 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
25702000 USD
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Reclassifications</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain reclassifications of previously reported amounts have been made to conform to the current year presentation.&#160; The reclassifications had no impact on net earnings or operating cash flows as previously reported, other than those related to the adoption of ASU 2016-15 as described within the new accounting pronouncements adopted in the current fiscal year.</font></div></div>

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