荷美尔食品公司（HRL）2025年第二财季：初步印象

Restricted - External Americas AgribusinessBenjamin M. Theurer+52 55 5241 3322benjamin.theurer@barclays.comBCCB, MexicoRahi Parikh+1 212 526 0150rahi.parikh@barclays.comBCI, USRyan Lavin+1 212 526 8713ryan.lavin1@barclays.comBCI, USReid Monahan+1 212 526 7506reid.monahan@barclays.comBCI, US Segment Highlights & LowlightsRetail:While volumes continued to decline (-7%), sales were almost flat with profits improving3.6% YoY. Better profits were driven by a sales mixshifttowards more branded products and lesscontract manufacturing and lower commodity shipments.Plantersvolume and net salesexceeded HRL's internal expectations and likely put the brand back on track to deliver a strong2FH. Segment profit also benefited from operationalefficiencygains, driven in part by thecompany's Transform & Modernize initiatives.Foodservice:Reported volume declined 7% (mainly due to the divestiture of Hormel HealthLabs), with organic volume declining just 1%. Net sales were slightly up, but profits declinedalmost 6% due to pressure from non-core businesses. Margins for the segment were just slightlybetter than anticipated.International:Despite strong volume and sales improvements, up ~9% and ~75, respectively,segment profits declined by almost 21%. Profits were impacted by ashiftin export customermix andsoftnessin Brazil.FIGURE 2. Segment Revenue and EBIT (in $mn)Revenue per segment (in USD$mn)2Q252Q25e(BarclaRetail1,784Foodservice936International179Consolidated2,899EBIT per segment (in USD$ mn)2Q252Q25e(BarclaRetail137Foodservice141International18 ys)2Q241Q25YoYQoQvs. est1,8041,7891,890(0.3%)(5.6%)(1.1%)9679329300.5%0.7%(3.2%)1551671687.0%6.0%15.0%2,9272,8872,9890.4%(3.0%)(1.0%)ys)2Q241Q25YoYQoQvs. est1191321193.6%15.1%15.2%145149139(5.8%)1.3%(3.1%)222321(20.7%)(11.7%)(14.7%)2 Analyst(s) Certification(s):I, Benjamin M. Theurer, hereby certify (1) that the views expressed in this research report accurately reflect my personal views about any or all of thesubject securities or issuers referred to in this research report and (2) no part of my compensation was, is or will be directly or indirectly related to thespecific recommendations or views expressed in this research report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and maydifferfrom the release date provided in GMT.Availability of Disclosures:Where any companies are the subject of this research report, for current important disclosures regarding those companies please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072.The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total revenues,a portion of which is generated by investment banking activities, the profitability and revenues of the Markets business and the potential interest of thefirm's investing clients in research with respect to the asset class covered by the analyst.Research analysts employed outside the US byaffiliatesof Barclays Capital Inc. are not registered/qualified as research analysts with FINRA. Such non-US research analysts may not be associated persons of Barclays Capital Inc., which is a FINRA member, and therefore may not be subject to FINRA Rule2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst’s account.Analysts regularly conduct site visits to view the material operations of covered companies, but Barclays policy prohibits them from accepting paymentor reimbursement by any covered company of their travel expenses for such visits.Barclays Research Department produces various types of research including, but not limited to, fundamental analysis, equity-linked analysis,quantitative analysis, and trade ideas. Recommendations contained in one type of Barclays Research maydifferfrom those contained in other types ofBarclays Research, whether as a result ofdifferingtime horizons, methodologies, or otherwise.In order to access Barclays Statement regarding Research Dissemination Policies and Procedures, please refer to https://publicresearch.barclays.com/S/RD.htm. In order to access Barclays Research Conflict Management Policy Statement, please refer to: https://publicresearch.barclays.com/S/CM.htm.Primary Stocks (Ticker, Date, Price)Hormel Foods Corp.(HRL, 28-May-2025, USD 30.04), Overweight/Neutral, CD/CE/E/J/K/L/MUnless otherwise indicated, prices are sourced from Bloomberg and reflect the closing price in the relevant trading market, which may not be the lastavailable closing price at the time o