Latest news with #JamesSnee
Yahoo
6 hours ago
- Business
- Yahoo
Hormel Taps Former CEO Jeffrey Ettinger to Return in Interim Role
Former Hormel CEO Jeffrey Ettinger is returning to the role in an interim capacity for 15 months starting in July, the company said Monday. Ettinger replaces James Snee, who has served as the Skippy peanut butter and Spam maker's CEO for nearly nine years. Snee was originally slated to retire at the end of the company's fiscal year in Hormel Foods (HRL) CEO Jeffrey Ettinger is returning to the role in an interim capacity starting in July, the company said Monday. Ettinger, who previously served as CEO from 2005 to 2016, will take the helm as interim CEO for 15 months, effective July 14, the company said. Ettinger replaces James Snee, who recently served as the Skippy peanut butter and Spam maker's CEO for nearly nine years. In January, Hormel said Snee planned to retire at the end of the company's fiscal year, which runs through October. A permanent CEO is now expected to be installed in October 2026, Hormel said. The company did not specify whether the move will affect its financial outlook. Hormel is currently in its fiscal third quarter, which in runs through most of July. Shares of Hormel edged close to 2% higher in early trading Monday. The stock is down about 1.5% for 2025 so far. Read the original article on Investopedia
CTV News
8 hours ago
- Business
- CTV News
Hormel Foods' former CEO Jeffrey Ettinger to return on interim basis
A former CEO of Hormel Foods, the parent company for Skippy peanut, butter returns on an interim basis. Hormel Foods said on Monday former CEO Jeffrey Ettinger will return to helm the Skippy peanut butter maker on an interim basis for 15 months starting July 14. Ettinger, 66, served as chief executive from 2005 to 2016 and will replace current Hormel CEO and president James Snee, 57, who announced his retirement in January. The management transition comes after the company last month tightened its annual profit forecast towards the lower end as it struggles with supply chain issues and weak demand. Snee will serve as a special advisor to the company until Oct. 26 this year, and Hormel expects him to stay on as a consultant for another 18 months after that, the company said in a regulatory filing. The company said it plans to name a permanent CEO in October next year. It has also appointed John Ghingo, executive vice president for the retail business unit, as president of the company, also effective July 14. Hormel had previously said Snee will serve as a strategic advisor to the board until the end of his tenure and for 18 months afterward. (Reporting by Neil J Kanatt in Bengaluru; Editing by Leroy Leo)
Reuters
9 hours ago
- Business
- Reuters
Hormel Foods' former CEO Jeffrey Ettinger to return on interim basis
June 23 (Reuters) - Hormel Foods (HRL.N), opens new tab said on Monday former CEO Jeffrey Ettinger will return to helm the Skippy peanut butter maker on an interim basis for 15 months starting July 14. Ettinger, 66, served as chief executive from 2005 to 2016 and will replace current Hormel CEO and president James Snee, 57, who announced his retirement in January. The management transition comes after the company last month tightened its annual profit forecast towards the lower end as it struggles with supply chain issues and weak demand. Snee will serve as a special advisor to the company until October 26 this year, and Hormel expects him to stay on as a consultant for another 18 months after that, the company said in a regulatory filing. The company said it plans to name a permanent CEO in October next year. It has also appointed John Ghingo, executive vice president for the retail business unit, as president of the company, also effective July 14. Hormel had previously said Snee will serve as a strategic advisor to the board until the end of his tenure and for 18 months afterward.
Yahoo
9 hours ago
- Business
- Yahoo
Hormel Foods' former CEO Jeffrey Ettinger to return on interim basis
(Reuters) -Hormel Foods said on Monday former CEO Jeffrey Ettinger will return to helm the Skippy peanut butter maker on an interim basis for 15 months starting July 14. Ettinger, 66, served as chief executive from 2005 to 2016 and will replace current Hormel CEO and president James Snee, 57, who announced his retirement in January. The management transition comes after the company last month tightened its annual profit forecast towards the lower end as it struggles with supply chain issues and weak demand. Snee will serve as a special advisor to the company until October 26 this year, and Hormel expects him to stay on as a consultant for another 18 months after that, the company said in a regulatory filing. The company said it plans to name a permanent CEO in October next year. It has also appointed John Ghingo, executive vice president for the retail business unit, as president of the company, also effective July 14. Hormel had previously said Snee will serve as a strategic advisor to the board until the end of his tenure and for 18 months afterward. Fehler beim Abrufen der Daten Melden Sie sich an, um Ihr Portfolio aufzurufen. Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten
Yahoo
30-05-2025
- Business
- Yahoo
Hormel Foods Corp (HRL) Q2 2025 Earnings Call Highlights: Solid Organic Growth Amidst Commodity ...
Net Sales: $2.9 billion, a 1% organic increase over last year. Gross Profit Margin: 16.7%, impacted by higher commodity input costs. SG&A Expenses: Decreased by 50 basis points. Diluted Earnings Per Share: $0.33; Adjusted diluted earnings per share: $0.35. Cash Flow from Operations: $56 million. Capital Expenditures: $75 million, with a full-year expectation of $275 million to $300 million. Debt: $2.9 billion, at the low end of the net debt-to-EBITDA target. Dividend: 387th consecutive quarterly dividend paid. Full-Year Net Sales Growth Outlook: 2% to 3% increase expected. Full-Year Adjusted EPS Outlook: $1.58 to $1.68. Warning! GuruFocus has detected 6 Warning Signs with HRL. Release Date: May 29, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Hormel Foods Corp (NYSE:HRL) achieved solid organic top line growth and delivered second quarter results in line with expectations. The Applegate brand experienced incredible sales growth, outpacing the total edible category and expanding its reach with new product lines. Jennie-O lean ground turkey continues to perform well, aligning with consumer preferences for lean, high-protein foods. The Mexican foods portfolio saw success with Herdez Salsa and refrigerated guacamole, experiencing double-digit consumption growth. The International segment delivered strong top line growth, driven by double-digit volume and net sales growth in exports and robust growth in China. Higher commodity input costs impacted gross profit margins, which were at 16.7% for the quarter. Interest and investment income decreased due to lower cash balances and performance from the rabbi trust. The macro environment remains dynamic, with potential impacts from tariffs and lower investment income anticipated in the second half. The company faced challenges with inventory management, necessitating strategic builds for summer demand. Foodservice margins have been stagnant, requiring continued efforts to outperform the broader market. Q: Can you elaborate on the revised operating income outlook for the year and how you plan to achieve it? A: James Snee, CEO, explained that Hormel Foods is well-positioned for a strong second half, driven by the recovery of the Planters brand, positive momentum in the turkey portfolio, and strong performance in value-added businesses. The Transform and Modernize (T&M) initiative is on track, contributing to the expected results. Q: What is the expected cadence for turkey performance in the second half of the year? A: Jacinth Smiley, CFO, noted that strong top-line growth is expected in Q3, with low double-digit EPS growth. James Snee added that the turkey supply is tightening, but Hormel is well-positioned with a focus on value-added turkey products, expecting most upside during the fresh season closer to Thanksgiving. Q: Can you provide more details on the expected margin improvements in the second half? A: Jacinth Smiley stated that margin expansion is expected, driven by turkey, Planters, and value-added businesses, along with benefits from the T&M initiative. Sequential margin improvement was already seen in Q2, and this trend is expected to continue. Q: How is Hormel Foods planning to achieve mid-single-digit growth in Foodservice despite industry challenges? A: James Snee highlighted Hormel's historical outperformance in the Foodservice sector, supported by a strong pipeline of innovation, favorable year-over-year comps, and a solution-based portfolio that meets diverse channel needs. Q: What are the key initiatives under the Transform and Modernize (T&M) initiative, and how are they progressing? A: Jacinth Smiley mentioned that 66 projects were executed this quarter under T&M, including opening a new distribution center in Memphis and closing a dry sausage facility in California. The initiative focuses on improving supply chain efficiency and planning, with a robust pipeline of projects to meet savings targets. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
