Hormel Foods Corporation (NYSE:HRL) Q3 2023 Results Conference Call August 31, 2023 9:00 AM ET
Company Participants
David Dahlstrom - Director, IR
Jim Snee - Chairman of the Board, President & CEO
Jacinth Smiley - EVP, CFO
Deanna Brady - EVP- Retail
Conference Call Participants
Adam Samuelson - Goldman Sachs
Ben Theurer - Barclays
Ben Bienvenu - Stephens
Peter Galbo - Bank of America
Rupesh Parikh - Oppenheimer
Tom Palmer - JP Morgan
Operator
Good morning, and welcome to the Hormel Foods Corporation Third Quarter Earnings Conference Call. [Operator Instructions]. Please note, this event is being recorded.
I would now like to turn the conference over to David Dahlstrom. Please go ahead.
David Dahlstrom
Good morning. Welcome to the Hormel Foods Conference Call for the Third Quarter of Fiscal 2023. We released our results this morning before the market opened, around 6:30 a.m. Eastern Time. If you did not receive a copy of the release, you can find it on our website at hormelfoods.com under the Investors section.
On our call today is Jim Snee, Chairman of the Board, President and Chief Executive Officer; Jacinth Smiley, Executive Vice President and Chief Financial Officer; and Deanna Brady, Executive Vice President of the Retail segment. Jim will review the company's third quarter results and give a perspective on our outlook for the balance of fiscal year 2023. Jacinth will then provide detailed financial results and further commentary on our outlook. Deanna will join Jim and Jacinth for the Q&A portion of the call.
The line will be open for questions following Jacinth's remarks. As a courtesy to the other analysts, please limit yourself to 1 question with 1 follow-up. If you have additional questions, you're welcome to get back into the queue. At the conclusion of this morning's call, a webcast replay will be posted to our investor website and archived for 1 year.
Before we get started this morning, I need to reference the safe harbor statement. Some of the comments made today will be forward-looking, and actual results may differ materially from those expressed in or implied by the statements we will be making. Please refer to our most recent annual report on Form 10-K and quarterly reports on Form 10-Q, which can be accessed at hormelfoods.com under the Investors section.
Additionally, please note the company uses non-GAAP results to provide investors with a better understanding of the company's operating performance. Non-GAAP figures adjust for the impact of an adverse arbitration ruling of approximately $70 million reflected in operating expense. These non-GAAP measures include adjusted operating income, adjusted operating margin, adjusted selling, general and administrative expenses and adjusted diluted net earnings per share. Discussion on non-GAAP information is detailed in our press release, which can be accessed from our corporate or investor website.