Hormel Foods Corporation (NYSE:HRL) Q1 2024 Earnings Conference Call February 29, 2024 9:00 AM ET
Company Participants
David Dahlstrom - Director of Investor Relations
Jim Snee - Chairman of the Board, President & Chief Executive Officer
Jacinth Smiley - Executive Vice President & Chief Financial Officer
Deanna Brady - Executive Vice President of Retail
Conference Call Participants
Rupesh Parikh - Oppenheimer
Ken Goldman - JPMorgan
Michael Lavery - Piper Sandler
Tom Palmer - Citi
Ben Theurer - Barclays
Ben Bienvenu - Stephens Inc.
Peter Galbo - Bank of America
Adam Samuelson - Goldman Sachs
Operator
[Call starts abruptly]
Ladies and gentlemen and welcome to the Hormel Foods Corporation First Quarter Earnings Conference Call. [Operator Instructions] This call is being recorded on Thursday, February 29, 2024.
I would now like to turn the conference over to David Dahlstrom, Director of Investor Relations. Please go ahead.
David Dahlstrom
Good morning. Welcome to the Hormel Foods conference call for the first quarter of fiscal 2024. We released our results this morning before the market opened around 6:30 a.m. Eastern Time. A copy of the release can be found on our website, 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 first quarter results and give a perspective on the rest of fiscal 2024. Jacinth will 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 are welcome to rejoin 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 on a consistent basis. The presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP. Non-GAAP figures adjust for the costs associated with the company's transformation and modernization initiative. These non-GAAP measures include adjusted operating income, adjusted operating margin, adjusted SG&A as a percent of net sales and adjusted diluted net earnings per share. Discussion on non-GAAP information and reconciliations to the GAAP results are detailed in our press release which can be accessed from our corporate or investor website.