8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15 (d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) February 22, 2005

HORMEL FOODS CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	1-2402	41-0319970
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification Number)

1 Hormel Place
Austin, MN  55912

(Address of Principal Executive Office)

Registrant’s telephone number, including area code: (507) 437-5611

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section 2 – FINANCIAL INFORMATION

Item 2.02 Results of Operations and Financial Condition

On February 22, 2005, the Company issued an earnings release announcing its financial results for the first quarter ended January 30, 2005.  A copy of the earnings release is furnished as Exhibit 99 to this Form 8-K and is incorporated herein by reference.

Section 9 – FINANCIAL STATEMENTS AND EXHIBITS

Item 9.01 Financial Statements and Exhibits

(c)Exhibits furnished pursuant to Item 2.02

99        Earnings release issued February 22, 2005

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

		HORMEL FOODS CORPORATION
			(Registrant)
Dated:	February 22, 2005	By	/s/ M. J. McCOY
			M. J. McCOY
			Executive Vice President and Chief Financial Officer
Dated:	February 22, 2005	By	/s/ J. N. SHEEHAN
			J. N. SHEEHAN
			Vice President and Controller

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EX-99

Exhibit 99

INVESTOR CONTACT:	MEDIA CONTACT:
Fred Halvin	Julie Craven
(507) 437-5007	(507) 437-5345
fdhalvin@hormel.com	jhcraven@hormel.com

HORMEL FOODS REPORTS FIRST QUARTER RESULTS

AUSTIN, Minn., February 22, 2005 (BUSINESS WIRE) – Hormel Foods Corporation (NYSE: HRL) today reported its performance for the fiscal 2005 first quarter.

HIGHLIGHTS

•EPS of $.46, up 24 percent from $.37 in 2004

•Dollar sales of $1.3 billion increased 12 percent from 2004

•Volume up 4 percent compared to last year

•Jennie-O Turkey Store operating profit up 55 percent; volume up 2 percent; dollar sales up 10 percent

•Refrigerated Foods operating profit up 20 percent; volume up 9 percent; dollar sales up 19 percent

•Grocery Products operating profit up 2 percent; volume down 1 percent; dollar sales up 5 percent

•Specialty Foods operating profit down 25 percent; volume down 2 percent; dollar sales down 2 percent

•Clougherty Packing, maker of the FARMER JOHN brand, acquired in the quarter

Hormel Foods Corporation (NYSE: HRL-News), the multinational marketer of consumer-branded meat and food products, today reported fiscal 2005 first quarter net earnings of $64.5 million, up 24 percent from $51.8 million a year earlier.  Earnings per share were $.46 this year compared with $.37 last year.  Sales totaled $1.3 billion, up from $1.1 billion in fiscal 2004.

COMMENTARY AND OUTLOOK

“Our top and bottom lines reflected impressive growth as a result of outstanding demand for our value-added pork and turkey products,” said Joel W. Johnson, chairman of the board and chief executive officer.  “Also, our ability to raise prices within the Grocery Products Segment in June of last year enabled us to recover higher input costs,” Johnson said.

“We are excited about the recent additions to our portfolio of Clougherty Packing and Arriba Foods (Mexican Accent).  Clougherty Packing, the company behind the FARMER JOHN brand, which we acquired at the end of December, is a logical fit for our organization.  Its strong west coast brand and strategic west coast manufacturing location strengthen our position in the market and we look forward to Clougherty Packing’s many contributions to our organization. The Mexican Accent purchase, which was

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completed at the end of January, complements our fast-growing ethnic products portfolio,” Johnson stated.

“Several key brands contributed to our success in the quarter, with the standout performance coming from the Jennie-O Turkey Store Segment,”   Johnson commented.  “On top of very good value-added growth in our turkey segment, strong market conditions and decreasing feed costs helped deliver the outstanding results,” said Johnson.

“We continue to see aggressive growth in our Foodservice businesses.  The Hormel Foods and Jennie-O Turkey Store Foodservice business unit dollar sales were up 14 percent and 8 percent, respectively.  Brands contributing strong growth include CAFÉ H products, AUSTIN BLUES BBQ products, HORMEL ALWAYS TENDER pork and JENNIE-O TURKEY STORE oven roasted products,” Johnson stated.

“Improvements in our Grocery Products sales and operating profit were driven by double-digit growth in HORMEL and STAGG chili, and the SPAM family of products.  Consumer response to our national roll-out of STAGG chili and the aggressive marketing support behind HORMEL and STAGG chili have been very good.  Ethnic brands also reported solid results within this segment, with sales up 8%,” Johnson said.

“After assessing industry factors and our business plans and prospects, our earnings guidance for the second quarter of fiscal 2005 is in a range of $.38 to $.44 per share, versus actual fiscal 2004 results of $.38.  For the full year of fiscal 2005, we are increasing our earnings guidance from a range of $1.65 to $1.75 to a range of $1.70 to $1.80,” Johnson concluded.

OPERATING HIGHLIGHTS

Grocery Products (15 % of Net Sales, 31% of Segment Operating Profit)

•Dollar sales totaled $194 million, up 5 percent.

•Volume declined 1 percent due to weaker sales from DINTY MOORE canned products.  Double-digit growth was reported for the SPAM family of products, HORMEL and STAGG chili, HORMEL bacon bits, CARAPELLI olive oil and HERDEZ Mexican products.

•Operating profit was up 2 percent.  Growth from the above mentioned items and the price increase implemented in the third quarter of 2004 contributed to profitability.  Weaker sales from DINTY MOORE canned products offset a large portion of the profits from the categories reporting growth.

•SPAM Singles was introduced in eight additional markets.

Refrigerated Foods (51 % of Net Sales, 32 % of Segment Operating Profit)

•Dollar sales totaled $648 million, up 19 percent (up 12 percent without Clougherty Packing).

•Volume increased 9 percent (up 1 percent without Clougherty Packing).

•Operating profit rose 20 percent to $36 million.

•Leading the growth within this segment were double-digit volume performers HORMEL slicedpepperoni, HORMEL fully cooked bacon and HORMEL fully cooked entrees.

•Foodservice reported double-digit volume growth in key categories including ALWAYS TENDER  pork, AUSTIN BLUES BBQ and CAFÉ H products.

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Jennie-O Turkey Store (20 % of Net Sales, 30 % of Segment Operating Profit)

•Dollar sales totaled $261 million, an increase of 10 percent.  The improved sales were the result of securing new distribution of existing products and new product introductions.

•Volume was up 2 percent.  Value-added products reported 4 percent growth, led by double-digit growth in the deli channel.  Strong results also were contributed by JENNIE-O TURKEY STORE rotisserie turkey breasts, tray pack, bacon and marinated tenders.  Commodity volume continued to decline as we converted more products to value-added.

•Operating profit totaled $34 million compared with $22 million last year, up 55 percent.  The higher operating profit resulted from a combination of value-added sales growth, favorable commodity meat markets and lower feed costs.

•Lower grain costs are expected for 2005 compared with last year.

•Foodservice dollar sales were up 8 percent.

Specialty Foods (9 % of Net Sales, 3 % of Segment Operating Profit)

•Dollar sales decreased 2 percent to $110 million, with weaker sales in the sports nutrition and managed healthcare channels.

•Volume declined 2 percent.

•Operating profit was down 25 percent to $4 million.

•Diamond Crystal Brands’ sugar substitute category continued to report strong growth.  Core product sales for Diamond Crystal Brands were up 21 percent.

All Other (5 % of Net Sales, 4 % of Segment Operating Profit)

•Dollar sales rose 1 percent to $58 million.  Year-ago results included $10 million of sales from Vista International Packaging, which we sold in the third quarter of fiscal 2004.  Excluding Vista, this year’s dollar sales were up 24 percent, driven by higher values received from international pork sales.

•Volume was down 1 percent compared with last year.

•Operating profit was down 32 percent, due principally to Vista’s removal from our portfolio.

General Corporate Expense

•Expenses were lower in 2005 because 2004 included expenses related to the realignment of the company’s sales organization.

DIVIDENDS

Effective February 15, 2005, the company paid its 306^th consecutive quarterly dividend.  The annual rate is $.52 per share.

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CONFERENCE CALL

A conference call will be Webcast at 8:00 a.m. CT on Tuesday, February 22, 2005.  Access is available at www.hormel.com.  If you do not have Internet access and want to listen to an audio replay, call 800-642-1687 in the United States and 706-645-9291 internationally and enter conference call ID 3993088.  The Webcast replay will be available at 12:00 (noon) CT, February 22, and archived for one year.  Listening to the Webcast requires speakers and Microsoft’s Windows Media Player.  If you do not have Media Player, you may download it for free at http://www.microsoft.com/windows/windowsmedia/download/default.asp.  The audio replay will be available beginning at 9:00 a.m. CT on Tuesday, February 22, 2005, through 11:00 p.m. CT on March 17, 2005.

ABOUT HORMEL FOODS CORPORATION

Hormel Foods Corporation, based in Austin, Minn., is a multinational manufacturer and marketer of consumer-branded food and meat products, many of which are among the best known and trusted in the food industry.  The company leverages its extensive expertise, innovation and high competencies in pork and turkey processing and marketing to bring quality, value-added brands to the global marketplace.  In 2001, 2002, 2003 and 2004, Hormel Foods was named one of “The 400 Best Big Companies in America” by Forbes magazine.  The company enjoys a strong reputation among consumers, retail grocers, foodservice and industrial customers for products that are highly regarded for quality, taste, nutrition, convenience and value.  For more information, visit www.hormel.com.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking information based on management’s current views and assumptions.  Actual events may differ.  Please refer to the Cautionary Statement Relevant to Forward-Looking Statements and Information that appears on Exhibit 99.1 of the company’s Annual Report on Form 10-K for the fiscal year ended October 30, 2004, which can be accessed at http://www.hormel.com

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Segment Data

Fiscal 2005 First Quarter Segment Operating Results (in Thousands)

	FIRST QUARTER – 13 WEEKS ENDED
SALES	January 30, 2005		January 24, 2004		% Change
Grocery Products	$	193,825	$	183,836	5.4
Refrigerated Foods	648,432		544,624		19.1
Jennie-O Turkey Store	261,082		237,535		9.9
Specialty Foods	110,092		112,183		(1.9	)
All Other	58,000		57,355		1.1
Total	$	1,271,431	$	1,135,533	12.0

OPERATING PROFIT
Grocery Products	$	34,944		$	34,383		1.6
Refrigerated Foods	35,866			29,789			20.4
Jennie-O Turkey Store	34,398			22,227			54.8
Specialty Foods	3,541			4,718			(24.9	)
All Other	4,297			6,323			(32.0	)
Total segment operating profit	113,046			97,440			16.0
Net interest and investment income	(2,169		)	(3,608		)	39.9
General corporate expense	(8,445		)	(12,216		)	30.9
Income before tax	$	102,432		$	81,616		25.5

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HORMEL FOODS CORPORATION

CONSOLIDATED STATEMENTS OF EARNINGS

(In thousands, except per share amounts)

	Thirteen Weeks Ended
	1-30-2005			1-24-2004
Net sales	$	1,271,431		$	1,135,533
Cost of products sold	959,618			863,757
GROSS PROFIT:	311,813			271,776
Expenses:
Selling and delivery	137,791			125,773
Marketing	31,726			25,867
Administrative & general	40,622			36,618
TOTAL EXPENSES:	210,139			188,258
Equity in earnings of affiliates	2,927			1,706
OPERATING INCOME:	104,601			85,224
Other income & expenses:
Interest & investment income	4,605			3,202
Interest expense	(6,774		)	(6,810		)
EARNINGS BEFORE  INCOME TAXES:	102,432			81,616
Provision for income taxes	37,958			29,790
(effective tax rate)	37.06		%	36.50		%
NET EARNINGS	$	64,474		$	51,826
NET EARNINGS PER  SHARE (Basic)	$	.47		$	.37
NET EARNINGS PER  SHARE (Diluted)	$	.46		$	.37

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HORMEL FOODS CORPORATION

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

	January 30, 2005		October 30, 2004
	(In Thousands)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	145,205	$	288,881
Accounts receivable	282,359		272,738
Inventories	472,865		425,655
Deferred income taxes	28,811		29,254
Prepaid expenses & other current assets	14,092		12,875
TOTAL CURRENT ASSETS	943,332		1,029,403
INTANGIBLES	552,231		512,942
OTHER ASSETS	292,088		287,386
PROPERTY, PLANT & EQUIPMENT, NET	817,753		704,237
TOTAL ASSETS	$	2,605,404	$	2,533,968
LIABILITIES AND SHAREHOLDERS’ INVESTMENT
TOTAL CURRENT LIABILITIES	$	488,424	$	464,366
LONG-TERM DEBT – LESS CURRENT MATURITIES	361,495		361,510
OTHER LONG-TERM LIABILITIES	304,924		308,844
SHAREHOLDERS’ INVESTMENT	1,450,561		1,399,248
TOTAL LIAB. & SHAREHOLDERS’ INVESTMENT	$	2,605,404	$	2,533,968

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HORMEL FOODS CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Thirteen Weeks Ended
	1-30-2005			1-24-2004
	(In Thousands)
OPERATING ACTIVITIES
Net earnings	$	64,474		$	51,826
Adjustments to reconcile to net cash provided byoperating activities:
Depreciation	24,137			21,275
Amortization of intangibles	2,023			1,750
Equity in earnings of affiliates	(2,739		)	(1,358		)
Provision for deferred income taxes	(5,885		)	(2,597		)
Loss on property/equipment sales and plant facilities	181			0
Changes in operating assets and liabilities net of acquisitions:
Decrease in accounts receivable	17,084			25,112
Increase in inventories, prepaid expenses, andother current assets	(16,921		)	(44,384		)
Decrease in accounts payable and accrued expenses	(3,894		)	(21,280		)
Other	1,477			806
NET CASH PROVIDED BY OPERATING ACTIVITIES	79,937			31,150
INVESTING ACTIVITIES
Purchase of held-to-maturity securities	0			(3,250		)
Acquisitions of businesses	(188,243		)	(2,070		)
Purchases of property / equipment	(24,761		)	(15,830		)
Proceeds from sales of property / equipment	514			604
Decrease (Increase) in investments, equity in affiliates, net pension assets, and other assets	952			(3,161		)
NET CASH USED IN INVESTING ACTIVITIES	(211,538		)	(23,707		)
FINANCING ACTIVITIES
Principal payments on long-term debt	(15		)	(2,351		)
Dividends paid on common stock	(15,516		)	(14,550		)
Stock repurchase	(1,229		)	(8,711		)
Other	4,685			2,131
NET CASH USED IN FINANCING ACTIVITIES	(12,075		)	(23,481		)
DECREASE IN CASH AND CASH EQUIVALENTS	(143,676		)	(16,038		)
Cash and cash equivalents at beginning of year	288,881			97,976
CASH AND CASH EQUIVALENTS AT END OF QUARTER	$	145,205		$	81,938

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