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) August 20, 2009

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 August 20, 2009, the Company issued an earnings release announcing its financial results for the third quarter ended July 26, 2009.  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

(d)       Exhibits furnished pursuant to Item 2.02

99        Earnings release issued August 20, 2009

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:	August 20, 2009	By	/s/J. H. FERAGEN
			J. H. FERAGEN
			Senior Vice President
			and Chief Financial Officer
Dated:	August 20, 2009	By	/s/J. N. SHEEHAN
			J. N. SHEEHAN
			Vice President and Controller

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EX-99

Exhibit 99

INVESTOR CONTACT:	MEDIA CONTACT:
Kevin Jones	Julie Craven
(507) 437-5248	(507) 437-5345
kcjones@hormel.com	media@hormel.com

HORMEL FOODS REPORTS THIRD QUARTER RESULTS

AUSTIN, Minn. (August 20, 2009) – Hormel Foods Corporation (NYSE: HRL) today reported its performance for the fiscal year 2009 third quarter.

HIGHLIGHTS

·Diluted EPS of $.57, up 50 percent from $.38 per share in 2008

·Segment operating profit up 33 percent from last year

·Dollar sales of $1.57 billion, decreased 6 percent from 2008

·Volume down 4 percent from 2008

·Grocery Products operating profit up 11 percent; volume down 8 percent; dollar sales down 6 percent

·Refrigerated Foods operating profit up 60 percent; volume down 1 percent; dollar sales down 5 percent

·Jennie-O Turkey Store operating profit up 97 percent; volume down 2 percent; dollar sales down 5 percent

·Specialty Foods operating profit down 2 percent; volume down 13 percent (down 16 percent excluding acquisitions); dollar sales down 13 percent (down 15 percent excluding acquisitions)

·All Other operating profit down 19 percent; volume down 4 percent; dollar sales down 10 percent

·Net Interest and Investment Income improved significantly due to gains in the rabbi trust investments versus losses a year ago.

The company reported fiscal 2009 third quarter net earnings of $77.2 million, up 49 percent from earnings of $51.9 million a year earlier. Diluted earnings per share for the quarter were $.57 this year compared to $.38 per share last year. Sales totaled $1.6 billion, which was down 6 percent from fiscal 2008. For the nine months ending July 26, 2009, net earnings were $238.9 million, or $1.76 per diluted share, up from $1.58 a year earlier. Sales totaled $4.9 billion, which is even with last year.

COMMENTARY

“We are pleased to report improved operating segment results for the quarter. Our Refrigerated Foods segment rebounded to post higher earnings on an enhanced sales mix and lower costs, despite weak cutout margins during much of the quarter. Our Jennie-O Turkey Store segment also showed continued improvement in the quarter,” said Jeffrey M. Ettinger, chairman of the board, president and chief executive officer.

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“Our Grocery Products segment had another solid quarter, as increased sales of canned items more than offset the impact of discontinued sales of olive oil and soft sales of microwave products. Our Specialty Foods and All Other segments had weaker results,” Ettinger remarked.

“Sales and volumes were down overall, as we made intentional reductions to our turkey production and the effects of the economy took their toll on certain portions of the business,” Ettinger commented.

SEGMENT OPERATING HIGHLIGHTS – THIRD QUARTER

Grocery Products (13% of Net Sales, 26% of Total Segment Operating Profit)

The Grocery Products segment reported another good quarter with segment operating profit up 11 percent.  Strong sales of the SPAM family of products, HORMEL chili and HERDEZ products more than offset the impact of soft sales of our microwaveable products.  Excluding sales of the recently discontinued Carapelli joint venture products, net sales for the Grocery Products segment were even with last year.

Refrigerated Foods (54% of Net Sales, 45% of Total Segment Operating Profit)

The Refrigerated Foods segment completed an outstanding quarter, with segment operating profits up 60 percent from last year, when primal values were exceptionally high, due to strong export demand.  Sales of our retail value-added offerings such as HORMEL Pepperoni, HORMEL Party Trays and the DiLusso Deli Company products more than offset the impact of a challenging pork environment.  Foodservice sales continued to be soft, reflecting a weak travel and recreation environment and a continued decline in the restaurant trade.

Jennie-O Turkey Store (19% of Net Sales, 12% of Total Segment Operating Profit)

Total segment operating profit for Jennie-O Turkey Store improved 97 percent from last year’s tough third quarter.  Lower feed expenditures due to the planned reduction of turkey production and a reduced cost per ton, were the primary drivers of the improved profitability. The reduced production helped offset the continued challenge of low commodity meat prices, by reducing our exposure to those markets.

Specialty Foods (11% of Net Sales, 13% of Total Segment Operating Profit)

Segment operating profit for Specialty Foods was down 2 percent, reflecting mixed results within the segment.  Diamond Crystal Brands showed improved results due to strong sales of nutritional products.  However, these results were not sufficient to overcome weak sales of nutritional and ready-to-drink products at Century Foods International.

All Other (3% of Net Sales, 4% of Total Segment Operating Profit)

The All Other segment, which includes Hormel Foods International, experienced a 19 percent decline in segment operating profit.  Continued currency headwinds and difficult export markets led to the weaker results.

Net Interest and Investment Income

Net interest and investment income for the quarter was significantly improved versus last year due primarily to more favorable returns on the rabbi trust investments.

General Corporate Expense

General corporate expenses increased from last year due to higher medical expenses and increased employee incentive plan costs.

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OUTLOOK

“As a result of our strong third quarter results, we anticipate full year results in our recently announced range of $2.36 to $2.42 per share. Although we are faced with challenges including the weak economy, a continued excess supply of commodity turkey meat, and difficult export markets, our balanced business model, continued strength in our core franchise products, and our very committed team should allow us to deliver an excellent year,” Ettinger concluded.

DIVIDENDS

Effective July 15, 2009, the Company paid its 324th consecutive quarterly dividend. The annual rate is $.76.

CONFERENCE CALL

A conference call will be Webcast at 8:30 a.m. CT on Thursday, August 20, 2009. Access is available at http://www.hormelfoods.com. If you do not have Internet access and want to listen to the call over the phone, the dial in number is 866-225-8754 and you must provide the access code of 4114856. An audio replay is available by calling 800-406-7325 and entering access code 4114856. The audio replay will be available beginning at 10:30 a.m. CT on Thursday, August 20, 2009, through 11:59 p.m. CT on Thursday, September 3, 2009. The Webcast replay will be available at 10:30 a.m. CT, Thursday, August 20, 2009, and archived for one year.

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. The company is a member of the Standard & Poor’s 500 Index, and in each of the past ten 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 highly regarded for quality, taste, nutrition, convenience and value. For more information, visit http://www.hormelfoods.com.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking information based on management’s current views and assumptions. Actual events may differ materially. Please refer to the cautionary statement regarding Forward-Looking Statements and Risk Factors that appear on pages 27 - 33 in the company’s 10-Q for the fiscal quarter ended April 26, 2009, which can be accessed at http://www.hormelfoods.com under “Investors-SEC Filings.”

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Segment Data

Fiscal 2009 Third Quarter Segment Operating Results (in Thousands)

	THIRD QUARTER – 13 WEEKS ENDED
	July 26, 2009			July 27, 2008			% Change
NET SALES
Grocery Products	$	209,012		$	222,922		(6.2	)
Refrigerated Foods	847,578			890,978			(4.9	)
Jennie-O Turkey Store	295,381			310,532			(4.9	)
Specialty Foods	167,203			192,001			(12.9	)
All Other	55,266			61,709			(10.4	)
Total	$	1,574,440		$	1,678,142		(6.2	)
OPERATING PROFIT
Grocery Products	$	33,215		$	29,849		11.3
Refrigerated Foods	58,291			36,331			60.4
Jennie-O Turkey Store	15,920			8,078			97.1
Specialty Foods	16,488			16,895			(2.4	)
All Other	4,664			5,785			(19.4	)
Total segment operating profit	128,578			96,938			32.6
Net interest and investment income	(553		)	(13,904		)	96.0
General corporate expense	(9,974		)	(2,907		)	(243.1	)
Earnings before income taxes	$	118,051		$	80,127		47.3

	YEAR TO DATE – 39 WEEKS ENDED
	July 26, 2009			July 27, 2008			% Change
NET SALES
Grocery Products	$	692,639		$	683,801		1.3
Refrigerated Foods	2,579,064			2,580,259			(0.0	)
Jennie-O Turkey Store	890,165			893,870			(0.4	)
Specialty Foods	519,679			563,322			(7.7	)
All Other	177,022			172,139			2.8
Total	$	4,858,569		$	4,893,391		(0.7	)
OPERATING PROFIT
Grocery Products	$	116,527		$	107,829		8.1
Refrigerated Foods	155,731			154,762			0.6
Jennie-O Turkey Store	61,847			54,590			13.3
Specialty Foods	47,237			50,701			(6.8	)
All Other	17,936			20,653			(13.2	)
Total segment operating profit	399,278			388,535			2.8
Net interest and investment income	(3,951		)	(28,738		)	86.3
General corporate expense	(28,018		)	(18,982		)	(47.6	)
Earnings before income taxes	$	367,309		$	340,815		7.8

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HORMEL FOODS CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

	Thirteen Weeks Ended						Thirty-Nine Weeks Ended
	7-26-2009			7-27-2008*			7-26-2009			7-27-2008*
Net sales	$	1,574,440		$	1,678,142		$	4,858,569		$	4,893,391
Cost of products sold	1,314,116			1,449,096			4,063,892			4,107,702
GROSS PROFIT:	260,324			229,046			794,677			785,689
Selling, general and administrative	142,010			135,256			424,381			419,567
Equity in earnings of affiliates	290			241			964			3,431
OPERATING INCOME:	118,604			94,031			371,260			369,553
Other income & expenses:
Interest & investment income (loss)	6,410			(6,454		)	17,385			(8,139		)
Interest expense	(6,963		)	(7,450		)	(21,336		)	(20,599		)
EARNINGS BEFORE INCOME TAXES:	118,051			80,127			367,309			340,815
Provision for income taxes	40,882			28,180			128,372			123,126
(effective tax rate)	34.63		%	35.17		%	34.95		%	36.13		%
NET EARNINGS	$	77,169		$	51,947		$	238,937		$	217,689
NET EARNINGS PER SHARE
Basic	$	.57		$	.38		$	1.78		$	1.61
Diluted	$	.57		$	.38		$	1.76		$	1.58
WEIGHTED AVG SHARES OUT
Basic	134,255			135,391			134,301			135,583
Diluted	135,720			137,055			135,419			137,447
DIVIDENDS DECLARED PER SHARE	$	.190		$	.185		$	.570		$	.555

* Includes retrospective reclassification of shipping and handling expenses to cost of products sold from selling, general and administrative.

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HORMEL FOODS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

	July 26, 2009		October 26, 2008
	(In Thousands)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	295,100	$	154,778
Accounts receivable	355,408		411,010
Inventories	744,667		784,542
Federal income taxes	7,009		0
Deferred income taxes	47,343		45,948
Prepaid expenses & other current assets	30,924		41,900
TOTAL CURRENT ASSETS	1,480,451		1,438,178
INTANGIBLES	763,254		770,544
OTHER ASSETS	474,328		430,092
PROPERTY, PLANT & EQUIPMENT, NET	958,697		977,657
TOTAL ASSETS	$	3,676,730	$	3,616,471
LIABILITIES AND SHAREHOLDERS’ INVESTMENT
TOTAL CURRENT LIABILITIES	$	679,835	$	781,233
LONG-TERM DEBT – LESS CURRENT MATURITIES	350,000		350,000
OTHER LONG-TERM LIABILITIES	480,492		477,666
SHAREHOLDERS’ INVESTMENT	2,166,403		2,007,572
TOTAL LIAB. & SHAREHOLDERS’ INVESTMENT	$	3,676,730	$	3,616,471

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HORMEL FOODS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Thirty-Nine Weeks Ended
	7-26-2009			7-27-2008
	(In Thousands)
OPERATING ACTIVITIES
Net earnings	$	238,937		$	217,689
Depreciation and amortization of intangibles	94,074			95,114
Decrease (Increase) in working capital	6,679			(126,248		)
Other	(12,566		)	(3,124		)
NET CASH PROVIDED BY OPERATING ACTIVITIES	327,124			183,431
INVESTING ACTIVITIES
Net sale (purchase) of available-for-sale securities	3,899			(8,899		)
Acquisitions of businesses/intangibles	(701		)	(27,175		)
Net purchases of property / equipment	(67,721		)	(94,027		)
Decrease in investments, equity in affiliates, and other assets	4,283			4,902
Dividends from affiliates	0			970
NET CASH USED IN INVESTING ACTIVITIES	(60,240		)	(124,229		)
FINANCING ACTIVITIES
Net (payments on) proceeds from debt	(40,000		)	4,946
Dividends paid on common stock	(75,880		)	(70,585		)
Share repurchase	(13,876		)	(56,472		)
Other	3,194			23,147
NET CASH USED IN FINANCING ACTIVITIES	(126,562		)	(98,964		)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	140,322			(39,762		)
Cash and cash equivalents at beginning of year	154,778			149,749
CASH AND CASH EQUIVALENTS AT END OF QUARTER	$	295,100		$	109,987

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