SmarTrend issued an Uptrend alert on shares of Hormel Foods on May 14, 2009 at $32.54 per share (17.9% return since that call). This bearish candle pattern may point to a reversal of the previously called Uptrend.

Write to Chip Brian at cbrian@tradethetrend.com

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A quarterly dividend on the common stock was also authorized by the Board of Directors at 21 cents (21c) a share. The quarterly dividend will be paid Feb. 15, 2010, to stockholders of record at the close of business on Jan. 23, 2010.

The Feb. 15 payment will be the 326th consecutive quarterly dividend paid by the company. Since becoming a public company in 1928, Hormel Foods Corporation has paid a regular quarterly dividend without interruption.

About Hormel Foods 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 10 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.

SOURCE: Hormel Foods Corporation

Hormel Foods Corporation 
Julie H. Craven, 507-437-5345 
media@hormel.com

Hormel expects full-year 2010 EPS of $2.63-2.73 (vs. consensus estimates of $2.59).

In addition, Hormel increased its annual dividend to $0.84 from $0.76.

"We are pleased to report an excellent finish to fiscal 2009. All five business segments contributed to our third consecutive strong quarter, generating a 54 percent increase in EPS and a 17 percent increase in segment operating profit. We are happy to get back on track with our long-term record of earnings growth after a challenging year in 2008," said Jeffrey M. Ettinger, Chairman of the Board, President and Chief Executive Officer.

Write to Chip Brian at cbrian@tradethetrend.com

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Fourth Quarter

-- Diluted EPS of $.77, up 54 percent from $.50 per share in 2008

-- Segment operating profit increased 17 percent from last year

-- Dollar sales of $1.68 billion decreased 10 percent from 2008

-- Volume down 3 percent from 2008

-- Grocery Products operating profit up 12 percent; volume down 7 percent; dollar sales down 12 percent

-- Refrigerated Foods operating profit up 23 percent; volume up 1 percent; dollar sales down 9 percent

-- Jennie-O Turkey Store operating profit up 6 percent; volume down 6 percent; dollar sales down 10 percent

-- Specialty Foods operating profit up 9 percent; volume down 8 percent; dollar sales down 12 percent

-- All Other operating profit up 53 percent; volume down 11 percent; dollar sales down 13 percent

-- Net Interest and Investment Income was up $22.9 million from 2008

Fiscal Year

-- Diluted EPS of $2.53, up 22 percent from $2.08 per share in 2008

-- Segment operating profit up 7 percent from last year

-- Dollar sales of $6.53 billion down 3 percent from 2008

-- Volume down 3 percent

-- Grocery Products operating profit up 9 percent; volume down 3 percent; dollar sales down 2 percent

-- Refrigerated Foods operating profit up 7 percent; volume down 1 percent; dollar sales down 2 percent

-- Jennie-O Turkey Store operating profit up 11 percent; volume down 3 percent; dollar sales down 3 percent

-- Specialty Foods operating profit down 2 percent; volume down 9 percent (down 12 percent excluding acquisitions); dollar sales down 9 percent (down 11 percent excluding acquisitions)

-- All Other operating profit up 2 percent; volume up 2 percent; dollar sales down 2 percent

-- Net Interest and Investment Income was up $47.7 million from 2008

The company reported fiscal 2009 fourth quarter net earnings of $103.9 million, up 53 percent from earnings of $ 67.8 million a year earlier. Diluted earnings per share for the quarter were $.77 this year compared to $.50 per share last year. Sales totaled $1.68 billion, which was down 10 percent from fiscal 2008.

For the twelve months ending October 25, 2009, net earnings were $342.8 million, or $2.53 per diluted share, (up 22 percent) compared to $285.5 million a year ago, or $2.08 per diluted share. Sales totaled $6.53 billion, down 3 percent from $6.75 billion in the same period last year.

COMMENTARY

"We are pleased to report an excellent finish to fiscal 2009. All five business segments contributed to our third consecutive strong quarter, generating a 54 percent increase in EPS and a 17 percent increase in segment operating profit. We are happy to get back on track with our long-term record of earnings growth after a challenging year in 2008," said Jeffrey M. Ettinger, chairman of the board, president and chief executive officer.

"Our Refrigerated Foods segment led the way with strong earnings resulting from an enhanced product mix bolstered by lower input costs. Our Grocery Products segment posted solid earnings results from lower year-over-year input costs for many items and behind the strength of increased sales and market share of our Hormel chili product line. Our Jennie-O Turkey Store segment benefitted from reduced production levels and lower input costs. A return to positive earnings comparisons by our Specialty Foods and All Other segments, lower freight and warehouse expenses across all of our business segments and improved investment income results also contributed to our strong earnings results," explained Ettinger.

"Although we are pleased with our earnings, we experienced disappointing sales in the fourth quarter. The decline in sales was attributable in part to lower commodity costs reflected in lower pricing in our pork and turkey complex, planned production reductions at Jennie-O Turkey Store, product rationalizations and some difficult comparisons from the prior year. In addition, we were also faced with a continued weak consumer environment that hampered sales efforts during the quarter," Ettinger remarked.

"For the full year, earnings per share grew 22 percent on a 3 percent reduction in sales. Four of our five segments posted increased segment operating profits over a year ago, and total operating profits increased 7 percent from a year ago," stated Ettinger.

"This morning, we announced an $.08 per share increase to our annual dividend rate (or 10.5%), making the new dividend $.84 per share. This is the 44th consecutive year in which we've increased our dividend," Ettinger concluded.

SEGMENT OPERATING HIGHLIGHTS -- FOURTH QUARTER

Grocery Products (14% of Net Sales, 27% of Total Segment Operating Profit) The Grocery Products segment achieved strong segment profit results with an increase of 12 percent from 2008, as a result of favorable raw material and freight and warehouse variances. Strong sales of Hormel chili also contributed to the segment profit increase. Sales declined as a result of a continued difficult consumer environment, particularly in the microwave product lines. The discontinued Carapelli joint venture comprised about a quarter of the sales decline, and increased promotional spending, difficult comparisons from a year ago and some product rationalization also contributed to the sales decline.

Refrigerated Foods (51% of Net Sales, 41% of Total Segment Operating Profit) Refrigerated Foods delivered another excellent quarter, with segment operating profit up 23 percent versus last year. Unfavorable spreads between hog costs and primal values were more than offset by a better product mix in both our Meat Products and Foodservice business units, as well as strong sales of such products as Hormel pepperoni, Lloyd's barbeque products, and the DiLusso Deli Company product lines. Sales were softer overall, reflecting a weak foodservice sales environment and reduced prices of commodity pork, hams and bacon.

Jennie-O Turkey Store (20% of Net Sales, 14% of Total Segment Operating Profit) Total segment profit for Jennie-O Turkey Store improved 6 percent from last year. Lower feed expenditures due to the planned reduction of turkey production helped boost their segment profit. The reduced production helped offset continued low commodity meat prices, by reducing our exposure to those markets. Sales of value-added products were constrained by challenging market conditions.

Specialty Foods (11% of Net Sales, 12% of Total Segment Operating Profit) Segment operating profit for Specialty Foods was up 9 percent, on mixed results within the segment. Strong private label performance by the Specialty Products business more than offset weak sales of nutritional and ready-to-drink products by Century Foods International.

All Other (4% of Net Sales, 6% of Total Segment Operating Profit) The All Other segment, which includes Hormel Foods International, surpassed last year's segment profit by 53 percent. Profit improvement was achieved due to lower raw material and freight expenses, along with improved currency conditions. Export markets remained challenging due to the continuing weak global economy.

Net Interest and Investment Income Net interest and investment income improved $22.9 million from last year due to the significantly improved investment results of the company's rabbi trust investments.

General Corporate Expense During the quarter, general corporate expenses were higher than last year due to higher employee compensation plan costs.

OUTLOOK

"Having returned to more normal earnings growth levels this year, we are confident in our ability to continue to enhance our bottom line. We intend to tackle the challenge of a continued weak economy and reduced consumer spending, and expect to restore top-line growth on an annualized basis in 2010. After assessing the important factors affecting our business for the upcoming year, we are setting our fiscal 2010 guidance range at $2.63 to $2.73 per share," stated Ettinger.

DIVIDENDS

Effective November 15, 2009, the Company paid its 325th consecutive quarterly dividend, at the then annual rate of $.76.

CONFERENCE CALL

A conference call will be Webcast at 8:30 a.m. CT on Tuesday, November 24, 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 877-941-6009 and you must provide the access code of 4173819. An audio replay is available by calling 800-406-7325 and entering access code 4173819. The audio replay will be available beginning at 10:30 a.m. CT on Tuesday, November 24, 2009, through 11:59 p.m. CT on December 8, 2009. The Webcast replay will be available at 10:30 a.m. CT, Tuesday, November 24, 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. Hormel Foods was named one of "The 400 Best Big Companies in America" by Forbes magazine for the 10th consecutive year. 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 28-34 in the company's 10-Q for the fiscal quarter ended July 26, 2009, which was filed with the SEC on September 4, 2009, and can be accessed at http://www.hormelfoods.com under "Investors-SEC Filings."

Segment Data
Fiscal 2009 Fourth Quarter Segment Operating Results (in Thousands)
                                     FOURTH QUARTER - 13 WEEKS ENDED
NET SALES                            October 25, 2009   October 26, 2008   % Change
Grocery Products                     $     232,043      $     263,383      (11.9    )
Refrigerated Foods                         857,178            941,413      (8.9     )
Jennie-O Turkey Store                      337,544            374,132      (9.8     )
Specialty Foods                            189,051            214,337      (11.8    )
All Other                                  59,286             68,247       (13.1    )
Total                                $     1,675,102    $     1,861,512    (10.0    )
OPERATING PROFIT
Grocery Products                     $     46,004       $     40,939       12.4
Refrigerated Foods                         70,440             57,199       23.1
Jennie-O Turkey Store                      25,062             23,716       5.7
Specialty Foods                            21,247             19,423       9.4
All Other                                  9,695              6,348        52.7
Total segment operating profit             172,448            147,625      16.8
Net interest and investment income         (4,481    )        (27,387   )  83.6
General corporate expense                  (10,294   )        (3,517    )  (192.7   )
Earnings before income taxes         $     157,673      $     116,721      35.1
                                     YEAR TO DATE - 52 WEEKS ENDED
NET SALES                            October 25, 2009   October 26, 2008   % Change
Grocery Products                     $     924,682      $     947,184      (2.4     )
Refrigerated Foods                         3,436,242          3,521,672    (2.4     )
Jennie-O Turkey Store                      1,227,709          1,268,002    (3.2     )
Specialty Foods                            708,730            777,659      (8.9     )
All Other                                  236,308            240,386      (1.7     )
Total                                $     6,533,671    $     6,754,903    (3.3     )
OPERATING PROFIT
Grocery Products                     $     162,531      $     148,768      9.3
Refrigerated Foods                         226,171            211,961      6.7
Jennie-O Turkey Store                      86,909             78,306       11.0
Specialty Foods                            68,484             70,124       (2.3     )
All Other                                  27,631             27,001       2.3
Total segment operating profit             571,726            536,160      6.6
Net interest and investment income         (8,432    )        (56,125   )  85.0
General corporate expense                  (38,312   )        (22,499   )  (70.3    )
Earnings before income taxes         $     524,982      $     457,536      14.7

HORMEL FOODS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
                                     Thirteen Weeks Ended                  Fifty-Two Weeks Ended
                                     10-25-2009         10-26-2008*        10-25-2009         10-26-2008*
Net sales                            $   1,675,102      $   1,861,512      $   6,533,671      $   6,754,903
Cost of products sold                    1,370,908          1,585,272          5,434,800          5,692,974
GROSS PROFIT:                            304,194            276,240            1,098,871          1,061,929
Selling, general and administrative      142,704            132,936            567,085            552,503
Equity in earnings of affiliates         664                804                1,628              4,235
OPERATING INCOME:                        162,154            144,108            533,414            513,661
Other income & expenses:
Interest & investment income (loss)      2,178              (19,963   )        19,563             (28,102   )
Interest expense                         (6,659    )        (7,424    )        (27,995   )        (28,023   )
EARNINGS BEFORE
INCOME TAXES:                            157,673            116,721            524,982            457,536
Provision for income taxes               53,797             48,910             182,169            172,036
(effective tax rate)                     34.12     %        41.90     %        34.70     %        37.60     %
NET EARNINGS                         $   103,876        $   67,811         $   342,813        $   285,500
NET EARNINGS PER SHARE
Basic                                $   .78            $   .50            $   2.55           $   2.11
Diluted                              $   .77            $   .50            $   2.53           $   2.08
WEIGHTED AVG SHARES OUT
Basic                                    134,003            134,693            134,227            135,360
Diluted                                  135,702            136,172            135,489            137,128
DIVIDENDS DECLARED
PER SHARE                            $   .190           $   .185           $   .760           $   .740

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

HORMEL FOODS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
                                          October 25, 2009    October 26, 2008
                                          (In Thousands)
ASSETS
CURRENT ASSETS
Cash and cash equivalents                 $        385,252    $        154,778
Accounts receivable                                372,292             411,010
Inventories                                        722,371             784,542
Deferred income taxes                              66,435              45,948
Prepaid expenses                                   9,130               11,451
Other current assets                               19,253              30,449
TOTAL CURRENT ASSETS                               1,574,733           1,438,178
INTANGIBLES                                        761,009             770,544
OTHER ASSETS                                       403,600             430,092
PROPERTY, PLANT & EQUIPMENT, NET                   952,713             977,657
TOTAL ASSETS                              $        3,692,055  $        3,616,471
LIABILITIES AND SHAREHOLDERS'
INVESTMENT
TOTAL CURRENT LIABILITIES                 $        685,029    $        781,233
LONG-TERM DEBT - LESS CURRENT MATURITIES           350,000             350,000
OTHER LONG-TERM LIABILITIES                        533,574             477,666
SHAREHOLDERS' INVESTMENT                           2,123,452           2,007,572
TOTAL LIAB. & SHAREHOLDERS' INVESTMENT    $        3,692,055  $        3,616,471

HORMEL FOODS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                                     Fifty-Two Weeks Ended
                                                                     10-25-2009        10-26-2008
OPERATING ACTIVITIES                                                 (In Thousands)
Net earnings                                                         $     342,813     $     285,500
Depreciation and amortization of intangibles                               127,138           126,189
Decrease (Increase) in working capital                                     82,199            (162,169 )
Other                                                                      (1,381   )        22,102
NET CASH PROVIDED BY OPERATING ACTIVITIES                                  550,769           271,622
INVESTING ACTIVITIES
Net sale (purchase) of available-for-sale securities                       3,899             (3,899   )
Acquisitions of businesses/intangibles                                     (701     )        (27,225  )
Net purchases of property / equipment                                      (91,958  )        (122,705 )
Decrease (Increase) in investments, equity in affiliates, and other        3,532             (1,366   )
assets
Dividends from affiliates                                                  0                 970
NET CASH USED IN INVESTING ACTIVITIES                                      (85,228  )        (154,225 )
FINANCING ACTIVITIES
Net (payments on) proceeds from debt                                       (100,000 )        29,946
Dividends paid on common stock                                             (101,376 )        (95,531  )
Share repurchase                                                           (38,147  )        (69,551  )
Other                                                                      4,456             22,768
NET CASH USED IN FINANCING ACTIVITIES                                      (235,067 )        (112,368 )
INCREASE IN CASH AND CASH EQUIVALENTS                                      230,474           5,029
Cash and cash equivalents at beginning of year                             154,778           149,749
CASH AND CASH EQUIVALENTS AT END OF YEAR                             $     385,252     $     154,778

SOURCE: Hormel Foods Corporation

Hormel Foods Corporation 
Investor Contact: 
Kevin Jones, 507-437-5248 
kcjones@hormel.com 
or 
Media Contact: 
Julie Craven, 507-437-5345 
media@hormel.com