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)   May 26, 2005

HORMEL FOODS CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	1-2402	41-0319970
(State or Other	(Commission File	(IRS Employer
Jurisdiction of	Number)	Identification
Incorporation)		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 May 26, 2005, the Company issued an earnings release announcing its financial results for the second quarter ended May 1, 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 May 26, 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: May 26, 2005	By	/s/ M. J. McCOY
		M. J. McCOY
		Executive Vice President
		and Chief Financial Officer
Dated: May 26, 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 SECOND QUARTER RESULTS

AUSTIN, Minn., May 26, 2005 (BUSINESS WIRE) — Hormel Foods Corporation (NYSE: HRL) today reported its performance for the fiscal 2005 second quarter.

HIGHLIGHTS

•EPS of $.40, up from $.38 in 2004

•Dollar sales of $1.3 billion increased 15 percent from 2004 (up 4 percent excluding acquisitions/divestitures)

•Volume up 17 percent compared to last year (up 2 percent excluding acquisitions/divestitures)

•Jennie-O Turkey Store operating profit up 103 percent; volume up 5 percent; dollar sales up 4 percent

•Refrigerated Foods operating profit down 31 percent; volume up 34 percent (up 4 percent excluding acquisitions); dollar sales up 27 percent (up 5 percent excluding acquisitions)

•Grocery Products operating profit down 2 percent; volume down 5 percent; dollar sales up 2 percent (down 2 percent excluding acquisitions)

•Specialty Foods operating profit down 6 percent; volume down 1 percent (down 6 percent excluding acquisitions); dollar sales up 6 percent (up 3 percent excluding acquisitions)

•Three acquisitions, Mexican Accent, Mark-Lynn Foods and Lloyd’s Barbeque Company completed in the quarter

Hormel Foods Corporation (NYSE: HRL-News), the multinational marketer of consumer-branded meat and food products, today reported fiscal 2005 second quarter net earnings of $55.8 million, up 4 percent from $53.7 million a year earlier.  Earnings per share were $.40 this year compared with $.38 last year.  Sales totaled $1.3 billion, up from $1.1 billion in fiscal 2004.

For the six months ended May 1, 2005, net earnings were $120.3 million, or $.86 per share (up 15 percent), compared to $105.5 million a year ago, or $.75 per share.  Sales totaled $2.6 billion, up 13 percent, from $2.3 billion in the same period last year.

COMMENTARY AND OUTLOOK

“Our turkey business was the clear stand-out in the quarter.  A combination of continued value-added sales growth, higher turkey meat markets, lower grain markets and efficiencies in our production facilities all contributed. We expect this same operating environment for the rest of the year,” said Joel W. Johnson, chairman of the board and chief executive officer.

“The Grocery Products and Refrigerated Foods segment margins were pressured because of higher pork and beef raw material costs compared to last year.  Nonetheless, we increased advertising and promotional spending during the quarter to strengthen our position in the market going forward,” Johnson said.

“We are making good progress integrating the three acquisitions that were announced during the second quarter, Mexican Accent, Mark-Lynn Foods and Lloyd’s Barbeque Company.  These businesses fit our strategies to grow our ethnic and Foodservice businesses, and bring value-added products to the meat case.  The contributions from these businesses are expected to accelerate in the second half of the year,” commented Johnson.

“Our strategy to produce convenient, value-added products continues to deliver results.  Retail categories with solid growth in the quarter include HORMEL fully cooked bacon, HORMEL fully cooked entrees, HORMEL case-ready products and JENNIE-O TURKEY STORE tray pack items.  Foodservice products reporting double-digit growth include AUSTIN BLUES BBQ, ALWAYS TENDER pork and CAFÉ H products,” Johnson said.

“Grocery Products reported mixed results.  While products within the microwave category delivered double-digit growth and our chili volume was up, we continue to see weakness in the canned stew category,” Johnson stated.  “Our Grocery Products segment continues to have leading market share positions in many of the categories in which we compete, and we expect to see better profitability in this segment when protein markets trend lower,” Johnson said.

“After assessing industry factors and our business plans and prospects, our earnings guidance for the third quarter of fiscal 2005 is in a range of $.34 to $.40 per share.  For the full year of fiscal 2005, we are maintaining our earnings guidance of $1.70 to $1.80,” Johnson concluded.

OPERATING HIGHLIGHTS

Grocery Products (15 % of Net Sales, 28% of Total Segment Operating Profit)

•Dollar sales totaled $191 million, up 2 percent.

•Volume down 5 percent primarily due to weaker sales from the canned stew category.    Double-digit growth was reported for STAGG chili and HORMEL microwave items.

•Operating profit was down 2 percent.  Higher pork costs for the SPAM family of products and aggressive marketing and promotional spending in the chili category pressured margins.  The lower sales from canned stew category also reduced profits.

•Mexican Accent integration on plan and strengthens the ethnic portfolio.

•SPAM Singles doing well in the 12 markets in which they have been introduced.

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Refrigerated Foods (52 % of Net Sales, 25 % of Total Segment Operating Profit)

•Dollar sales totaled $688 million, up 27 percent.

•Volume increased 34 percent.

•Operating profit down 31 percent resulting from higher live hog costs.

•Outstanding growth from case-ready products with volume up 30 percent.  Other value-added areas of growth reporting double-digit increases include HORMEL fully cooked entrees and DILUSSO DELI COMPANY items.  The addition of the LLOYD’S barbeque products to our existing fully cooked entrée business positions Hormel Foods as the clear category leader.

•Foodservice sales up 5 percent driven by growth from precooked breakfast sausage, ALWAYS TENDER  pork, AUSTIN BLUES BBQ, Applewood smoked bacon and CAFÉ H products.

•Clougherty Packing integration on plan and contributions are expected to accelerate in the second half.

Jennie-O Turkey Store (19 % of Net Sales, 34 % of Total Segment Operating Profit)

•Dollar sales totaled $250 million, an increase of 4 percent.

•Volume was up 5 percent.  Double-digit volume growth items include JENNIE-O TURKEY STORE rotisserie turkey breasts, premium seasoned turkey breasts, tray pack and marinated tenderloins.

•Operating profit totaled $34 million compared with $17 million last year.  The higher operating profit resulted from a combination of value-added sales growth, higher turkey meat markets, lower feed costs and efficiencies in our production facilities.

•Favorable market conditions are expected for the rest of the year.

Specialty Foods (10 % of Net Sales, 8 % of  Total Segment Operating Profit)

•Dollar sales increased 6 percent to $131 million.

•Volume declined 1 percent as a result of lower industrial ingredient sales.

•Operating profit was down 6 percent due to a product mix change at Century Foods International.

•The addition of Mark-Lynn Foods to this segment will add scale and broaden the portfolio of items offered to the foodservice channel.

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

•Dollar sales down 2 percent to $50 million.  Year-ago results included $11 million of sales from Vista International Packaging, which was sold in the third quarter of fiscal 2004.  Excluding Vista, this year’s dollar sales were up 24 percent, driven by strong export sales of fresh pork and STAGG chili.  Dan’s Prize also reported double-digit growth.

•Volume was up 6 percent compared with last year.

•Operating profit was down 31 percent, due principally to Vista’s removal from our portfolio.

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Net Interest and Investment Income/General Corporate Expense

•Net interest and investment income was lower in 2005 because 2004 included a $6.2 million gain from the sale of Campofrio.

•General corporate expenses were lower in 2005 primarily from the $4.8 million sales reorganization expenses that occurred in 2004 and $1.7 million lower pension and medical expenses in 2005.

DIVIDENDS

Effective May 16, 2005, the company paid its 307^th consecutive quarterly dividend.  The annual rate is $.52 per share.

CONFERENCE CALL

A conference call will be Webcast at 9:00 a.m. CT on Thursday, May 26, 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 6447902.  The Webcast replay will be available at 12:00 (noon) CT, May 26, 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 10:00 a.m. CT on Thursday, May 26, 2005, through 11:00 p.m. CT on June 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. For the past five years, 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 Second Quarter Segment Operating Results (in Thousands)

	SECOND QUARTER — 13 WEEKS ENDED
SALES	May 1, 2005		April 24, 2004		% Change
Grocery Products	$	190,636	$	186,630	2.1
Refrigerated Foods	687,851		541,987		26.9
Jennie-O Turkey Store	249,894		239,782		4.2
Specialty Foods	130,828		123,081		6.3
All Other	50,428		51,647		(2.4	)
Total	$	1,309,637	$	1,143,127	14.6

OPERATING PROFIT
Grocery Products	$	28,490		$	29,028		(1.9	)
Refrigerated Foods	25,487			37,179			(31.4	)
Jennie-O Turkey Store	33,874			16,672			103.2
Specialty Foods	7,897			8,377			(5.7	)
All Other	4,710			6,828			(31.0	)
Total segment operating profit	100,458			98,084			2.4
Net interest and investment income	(5,820		)	2,757			(311.1	)
Gen. corporate expense	(5,677		)	(16,614		)	65.8
Income before tax	$	88,961		$	84,227		5.6

	YEAR TO DATE — 26 WEEKS ENDED
SALES	May 1, 2005		April 24, 2004		% Change
Grocery Products	$	384,461	$	370,466	3.8
Refrigerated Foods	1,336,283		1,086,611		23.0
Jennie-O Turkey Store	510,976		477,317		7.1
Specialty Foods	240,920		235,264		2.4
All Other	108,428		109,002		(0.5	)
Total	$	2,581,068	$	2,278,660	13.3

OPERATING PROFIT
Grocery Products	$	63,434		$	63,411		0.0
Refrigerated Foods	61,353			66,968			(8.4	)
Jennie-O Turkey Store	68,272			38,899			75.5
Specialty Foods	11,438			13,095			(12.7	)
All Other	9,007			13,151			(31.5	)
Total segment operating profit	213,504			195,524			9.2
Net interest and investment income	(7,989		)	(851		)	(838.8	)
Gen. corporate expense	(14,122		)	(28,830		)	51.0
Income before tax	$	191,393		$	165,843		15.4

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HORMEL FOODS CORPORATION

CONSOLIDATED STATEMENTS OF EARNINGS

(In thousands, except per share amounts)

	Thirteen Weeks Ended						Twenty-Six Weeks Ended
	5-01-2005			4-24-2004			5-01-2005			4-24-2004
Net sales	$	1,309,637		$	1,143,127		$	2,581,068		$	2,278,660
Cost of products sold	1,006,946			869,708			1,966,564			1,733,465
GROSS PROFIT:	302,691			273,419			614,504			545,195
Expenses:
Selling and delivery	138,491			128,588			276,282			254,361
Marketing	29,183			27,199			60,909			53,066
Administrative & general	41,236			38,601			81,858			75,219
TOTAL EXPENSES:	208,910			194,388			419,049			382,646
Equity in earnings of affiliates	1,000			2,439			3,927			4,145
OPERATING INCOME:	94,781			81,470			199,382			166,694
Other income & expenses:
Interest & investment income	886			9,380			5,491			12,582
Interest expense	(6,706		)	(6,623		)	(13,480		)	(13,433		)
EARNINGS BEFORE
INCOME TAXES:	88,961			84,227			191,393			165,843
Provision for income taxes	33,142			30,576			71,100			60,366
(effective tax rate)	37.25		%	36.30		%	37.15		%	36.40		%
NET EARNINGS	$	55,819		$	53,651		$	120,293		$	105,477
NET EARNINGS PER
SHARE (Basic)	$	.40		$	.39		$	.87		$	.76
NET EARNINGS PER
SHARE (Diluted)	$	.40		$	.38		$	.86		$	.75

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HORMEL FOODS CORPORATION

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

	May 01, 2005		October 30, 2004
	(In Thousands)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	92,155	$	288,881
Accounts receivable	288,227		272,738
Inventories	510,409		425,655
Deferred income taxes	30,474		29,254
Prepaid expenses & other current assets	18,556		12,875
TOTAL CURRENT ASSETS	939,821		1,029,403
INTANGIBLES	615,026		512,942
OTHER ASSETS	287,122		287,386
PROPERTY, PLANT & EQUIPMENT, NET	882,944		704,237
TOTAL ASSETS	$	2,724,913	$	2,533,968
LIABILITIES AND SHAREHOLDERS’ INVESTMENT
TOTAL CURRENT LIABILITIES	$	562,679	$	464,366
LONG-TERM DEBT — LESS CURRENT MATURITIES	361,176		361,510
OTHER LONG-TERM LIABILITIES	307,478		308,844
SHAREHOLDERS’ INVESTMENT	1,493,580		1,399,248
TOTAL LIAB. & SHAREHOLDERS’ INVESTMENT	$	2,724,913	$	2,533,968

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HORMEL FOODS CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Twenty-Six Weeks Ended
	5-01-2005			4-24-2004
	(In Thousands)
OPERATING ACTIVITIES
Net earnings	$	120,293		$	105,477
Adjustments to reconcile to net cash provided by Operating activities:
Depreciation	51,506			42,900
Amortization of intangibles	4,223			3,500
Equity in earnings of affiliates	(3,869		)	(3,431		)
Provision for deferred income taxes	(5,983		)	(6,278		)
Loss on property/equipment sales and plant facilities	163			15
Gain on sale of investment	0			(6,222		)
Changes in operating assets and liabilities net of acquisitions:
Decrease in accounts receivable	17,296			38,318
(Increase) in inventories, prepaid expenses, and other current assets	(31,829		)	(59,623		)
(Decrease) Increase in accounts payable and accrued expenses	(36,285		)	13,670
Other	3,433			2,766
NET CASH PROVIDED BY OPERATING ACTIVITIES	118,948			131,092
INVESTING ACTIVITIES
Purchase of held-to-maturity securities	0			(3,250		)
Acquisitions of businesses	(330,416		)	(2,097		)
Purchases of property / equipment	(49,935		)	(34,287		)
Proceeds from sales of property / equipment	1,036			716
Proceeds from sale of investment	0			84,249
Decrease (Increase) in investments, equity in affiliates, net pension assets, and other assets	4,903			(29,538		)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	(374,412		)	15,793
FINANCING ACTIVITIES
Proceeds from short-term debt	90,000			0
Principal payments on long-term debt	(319		)	(21,555		)
Dividends paid on common stock	(33,480		)	(30,122		)
Stock repurchase	(6,116		)	(8,711		)
Other	8,653			7,763
NET CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES	58,738			(52,625		)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(196,726		)	94,260
Cash and cash equivalents at beginning of year	288,881			97,976
CASH AND CASH EQUIVALENTS AT END OF QUARTER	$	92,155		$	192,236

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