荷美爾 (HRL) 2014 Q3 法說會逐字稿

Good day, and welcome to the Hormel Foods third-quarter earnings conference call.

美好的一天，歡迎參加荷美爾食品第三季度財報電話會議。

Today's conference is being recorded.

今天的會議正在錄製中。

At this time, I would like to turn the conference over to Jana Haynes, Director of Investor Relations.

現在，我想將會議交給投資者關係總監 Jana Haynes。

Please go ahead.

請繼續。

Thank you.

謝謝。

Good morning.

早上好。

Welcome to the Hormel Foods conference call for the third-quarter of FY14.

歡迎參加荷美爾食品 2014 財年第三季度電話會議。

We released our results this morning before the market opened, around 6:30 AM Eastern time.

我們今天早上在東部時間上午 6:30 左右開市前發布了業績。

If you did not receive a copy of the release, you can find it on our website at www.hormelfoods.com under the Investors section.

如果您沒有收到該新聞稿的副本，您可以在我們的網站 www.hormelfoods.com 的“投資者”部分找到它。

On our call today is Jeff Ettinger, Chairman of the Board, President, and Chief Executive Officer; and Jody Feragen, Executive Vice President and Chief Financial Officer.

今天參加我們電話會議的是董事會主席、總裁兼首席執行官 Jeff Ettinger；喬迪·費拉根 (Jody Feragen)，執行副總裁兼首席財務官。

Jeff will provide a review of the operating results for the quarter, then Jody will provide detailed financial results for the quarter.

傑夫將提供本季度的運營業績回顧，然後喬迪將提供本季度的詳細財務業績。

The line will be open for questions following Jody's remarks.

喬迪發表講話後，該熱線將開放接受提問。

As a courtesy to the other analysts, please limit yourself to one question with one follow-up.

出於對其他分析師的禮貌，請限制自己只回答一個問題並進行一個後續跟進。

If you have additional questions, you're welcome to get back in the queue.

如果您還有其他問題，歡迎您回到隊列中。

The audio replay of this call will be available beginning at 11:00 AM Central time today, August 21, 2014.

本次電話會議的音頻重播將於中部時間今天（2014 年 8 月 21 日）上午 11:00 開始提供。

The dial-in number is 888-203-1112, and the access code is 2700055.

撥入號碼為888-203-1112，接入碼為2700055。

The audio replay will also be posted to our website and archived for one year.

音頻重播也將發佈到我們的網站並存檔一年。

Before we get started with the results of the quarter, I need to reference the Safe Harbor statement.

在我們開始了解本季度的業績之前，我需要參考安全港聲明。

Some of the comments made today will be forward-looking and are made under the Private Securities Litigation Reform Act of 1995.

今天發表的一些評論具有前瞻性，並且是根據 1995 年《私人證券訴訟改革法案》發表的。

Actual results may differ materially from those expressed in or implied by the statements we will be making.

實際結果可能與我們將做出的聲明中明示或暗示的結果存在重大差異。

Among the factors that may affect the operating results of the Company are fluctuations in the cost and availability of raw materials and market conditions for finished products.

可能影響公司經營業績的因素包括原材料成本和供應情況以及成品市場狀況的波動。

Please refer to pages 32 through 38 regarding forward-looking statements and risk factors in the Company's Form 10-Q for the quarter ended April 27, 2014 for more details.

有關更多詳細信息，請參閱公司截至 2014 年 4 月 27 日的季度 10-Q 表格中有關前瞻性陳述和風險因素的第 32 至 38 頁。

It can be accessed on our website.

您可以在我們的網站上訪問它。

Now I'll turn the call over to Jeff.

現在我將把電話轉給傑夫。

Thank you, Jana.

謝謝你，賈娜。

We announced record third quarter earnings this morning of $0.51 per share, up 21% over last year.

今天上午，我們宣布了創紀錄的第三季度每股收益 0.51 美元，比去年同期增長 21%。

Operating profit increased by 23%.

營業利潤增長23%。

We also achieved record sales of $2.3 billion, an increase of 6% over last year, with a 1% volume decline.

我們還實現了 23 億美元的創紀錄銷售額，比去年增長 6%，但銷量下降了 1%。

The resiliency of our balanced business model was evidenced this quarter by our ability to deliver sales and earnings growth in a highly elevated input cost environment, with three of our five segments registering profit gains.

本季度，我們在投入成本大幅上升的環境中實現銷售和盈利增長的能力證明了我們平衡業務模式的彈性，五個部門中的三個部門實現了利潤增長。

I will now take you through each segment.

現在我將帶您了解每個部分。

Our Grocery Products segment profit decreased 36% and sales were down 3%.

我們的雜貨產品部門利潤下降 36%，銷售額下降 3%。

Pricing actions taken earlier this year on our core canned meat and microwave meal items slowed sales of these products.

今年早些時候對我們的核心罐頭肉和微波餐食採取的定價行動減緩了這些產品的銷售。

Record high beef, pork and chicken input costs also significantly impacted margins.

創紀錄的牛肉、豬肉和雞肉投入成本也嚴重影響了利潤率。

The center of the store has become a more challenging environment for many food categories.

對於許多食品類別來說，商店的中心已經成為更具挑戰性的環境。

We have some franchises, such as our Dinty Moore Stew and Compleats microwave meals that appear to be affected, as well.

我們有一些特許經營權，例如我們的 Dinty Moore Stew 和 Compleas 微波爐餐似乎也受到了影響。

However, we have several items positioned in the center of the store that continue to grow even in this more difficult time, such as Skippy peanut butter, Hormel Bacon Toppings, and the Herdez line of salsas and sauces within our MegaMex Foods joint venture.

然而，我們在商店的中心放置了一些商品，即使在這個更加困難的時期，這些商品仍在繼續增長，例如 Skippy 花生醬、Hormel 培根配料以及我們 MegaMex Foods 合資企業的 Herdez 系列莎莎醬和醬汁。

We will continue to build on the momentum of the Skippy peanut butter brand with national advertising during the back-to-school season this fall after many years off air.

在停播多年後，我們將在今年秋季的返校季期間通過全國廣告繼續鞏固 Skippy 花生醬品牌的勢頭。

Segment operating profit for the Refrigerated Foods group was up 101%.

冷藏食品集團的部門營業利潤增長了 101%。

The large increase was driven by beneficial pork operating margins, which were stronger than expected, and growth of retail and foodservice value-added products.

這一大幅增長是由豬肉經營利潤率高於預期以及零售和食品服務增值產品的增長推動的。

Pork cutout values remained unseasonably high this summer, which more than offset record high hog costs.

今年夏季豬肉分切價格仍然異常高，這足以抵消創紀錄的高生豬成本。

Heading into the quarter, we had anticipated volatility in the Refrigerated Foods segment due to tight hog supply, but our team did an excellent job procuring hogs and managing inventories to support growth of our key franchises.

進入本季度，我們預計由於生豬供應緊張，冷藏食品領域將出現波動，但我們的團隊在生豬採購和庫存管理方面做得非常出色，以支持我們主要特許經營權的增長。

As part of the preparation for low hog availability, we reduced our Fremont, Nebraska harvest operation to four days per week through most of the summer.

作為應對生豬供應不足的準備工作的一部分，我們將內布拉斯加州弗里蒙特的收穫作業減少到整個夏季的大部分時間每週四天。

We have recently returned to a normalized schedule.

我們最近恢復了正常的日程安排。

Dollar sales for Refrigerated Foods increased 12%, led by retail sales of our Hormel Black Label bacon, Hormel REV snack wraps, and Lloyd's Ribs.

冷藏食品的美元銷售額增長了 12%，其中荷美爾黑標培根、荷美爾 REV 零食捲和勞合社排骨的零售額帶動了增長。

We also enjoyed sales growth in our food service business including such items as our Hormel Fire Braised Meats, Hormel Bacon 1 fully cooked bacon, and Hormel fully cooked sausage.

我們的食品服務業務也實現了銷售增長，包括荷美爾火燜肉、荷美爾培根 1 全熟培根和荷美爾全熟香腸等產品。

Segment volume was flat compared to last year, driven by lower commodity sales as we have increased internal utilization of raw materials in our value-added products, along with higher pricing on key retail items to mitigate margin exposure.

與去年相比，該部門銷量持平，原因是商品銷售下降，因為我們增加了增值產品中原材料的內部利用率，同時提高了關鍵零售商品的定價以減輕利潤風險。

Our Refrigerated Foods team launched distribution of Hormel REV a.m.

我們的冷藏食品團隊於上午推出了荷美爾 REV 分銷服務。

breakfast wraps this quarter.

本季度早餐結束。

We introduced four varieties, each with flat bread, egg, cheese and a breakfast meat.

我們推出了四種品種，每種都有扁麵包、雞蛋、奶酪和早餐肉。

Jennie-O Turkey Store delivered a segment profit increase of 42%, driven by value-added sales growth, strong turkey commodity pricing, and beneficial grain input costs.

在增值銷售增長、強勁的火雞商品定價以及有益的穀物投入成本的推動下，Jennie-O Turkey Store 的部門利潤增長了 42%。

The last of the flocks impacted by the harsh winter weather and elevated fuel cost moved through our system during the quarter.

受嚴冬天氣和燃料成本上漲影響的最後一批雞群在本季度通過我們的系統。

Segment dollar sales rose 4% on a volume decline of 2%.

該部門的美元銷售額增長了 4%，但銷量下降了 2%。

High turkey commodity prices more than offset lower volumes driven by the timing of whole bird sales in the retail channel.

火雞大宗商品的高價格足以抵消零售渠道整隻火雞銷售時間造成的銷量下降。

Sales of our value-added items experienced nice growth this quarter, led by our Jennie-O Turkey Store ground turkey items which continued to benefit from our Turkey Taco advertising campaign run earlier this year.

我們的增值產品的銷售本季度經歷了良好的增長，其中以 Jennie-O 土耳其商店火雞粉為主導，該產品繼續受益於我們今年早些時候開展的土耳其玉米卷廣告活動。

Value-added products in our food service and deli lines also drove sales growth.

我們的食品服務和熟食線的增值產品也推動了銷售增長。

Our Specialty Foods segment reported an operating profit decrease of 25% and a sales decrease of 10%, largely resulting from the expiration of the agreement in July 2013 allowing Diamond Crystal Brands to sell certain sugar substitutes in the food service trade channel.

我們的特色食品部門報告營業利潤下降 25%，銷售額下降 10%，主要是由於 2013 年 7 月允許 Diamond Crystal Brands 在食品服務貿易渠道銷售某些糖替代品的協議到期。

This is the final quarter of challenging comparisons related to the expiration of this agreement.

這是與該協議到期相關的具有挑戰性的比較的最後一個季度。

We have completed the acquisition of CytoSport Holdings on August 11, 2014 and welcome the team to Hormel Foods.

我們已於 2014 年 8 月 11 日完成了對 CytoSport Holdings 的收購，並歡迎團隊加入荷美爾食品。

We look forward to realizing the synergies between CytoSport and our existing protein-rich sports nutrition operations and applying our innovation capabilities to maximize the potential of the Muscle Milk brand in the fast-growing sports nutrition space.

我們期待實現 CytoSport 與我們現有的富含蛋白質的運動營養業務之間的協同效應，並運用我們的創新能力，最大限度地發揮 Muscle Milk 品牌在快速增長的運動營養領域的潛力。

Our International & Other segment profit increased 12% and sales grew 18%.

我們的國際及其他部門利潤增長 12%，銷售額增長 18%。

Results were led by strong sales from our Beijing and Shanghai facilities into the food service channel, along with the addition of the Skippy business within China.

我們的北京和上海工廠向食品服務渠道的強勁銷售，以及中國境內 Skippy 業務的增加，帶動了業績。

Exports of our SPAM family of products were impacted by high input costs during the quarter.

本季度我們的 SPAM 系列產品的出口受到高投入成本的影響。

As we move into the fourth quarter, we expect elevated meat input costs to continue to squeeze margins on certain of our value-added products, especially in our Grocery Products segment.

隨著進入第四季度，我們預計肉類投入成本的上升將繼續擠壓我們某些增​​值產品的利潤，特別是在我們的雜貨產品領域。

Pork operating margins will likely remain seasonably positive this fall, as hog costs begin to moderate with better supply, but difficult comparisons to last year will minimize this factor for our Refrigerated Foods segment in Q4.

由於生豬成本隨著供應量的增加而開始放緩，今年秋季豬肉營業利潤率可能會保持季節性正值，但與去年相比，第四季度冷藏食品部門的這一因素將最小化。

We expect our Jennie-O Turkey Store segment to finish the year strong with value-added sales growth, continued high turkey commodity prices, and beneficial grain markets.

我們預計 Jennie-O 土耳其商店部門將憑藉增值銷售增長、持續走高的火雞商品價格以及有利的穀物市場，在今年結束時表現強勁。

Specialty Foods has lapped the expiration of its sugar substitute contract and should return to year-over-year growth in the fourth quarter.

Specialty Foods 的糖替代品合同已到期，預計第四季度將恢復同比增長。

CytoSport's results will also be included for Q4, increasing revenues for the segment, but not materially impacting earnings net of the acquisition closing costs.

CytoSport 的業績也將納入第四季度，從而增加該部門的收入，但不會對扣除收購成交成本後的淨收益產生重大影響。

We look for our International & Other segment to continue to drive growth, led by our China operations and Skippy peanut butter export business, offset in part by high US meat input costs impacting exports of our fresh pork and SPAM family of products in the near term.

我們預計國際及其他業務將繼續推動增長，這主要由我們的中國業務和Skippy 花生醬出口業務帶動，但短期內美國肉類投入成本高會影響我們的新鮮豬肉和SPAM 系列產品的出口，這在一定程度上抵消了增長。

Taking all of these significant factors into account, we are maintaining our FY14 guidance range of $2.17 to $2.27 per share.

考慮到所有這些重要因素，我們維持 2014 財年每股 2.17 美元至 2.27 美元的指導範圍。

At this time, I will turn the call over to Jody Feragen to discuss the financial information relating to the third quarter.

此時，我將把電話轉給喬迪·費拉根 (Jody Feragen)，討論有關第三季度的財務信息。

Thank you, Jeff.

謝謝你，傑夫。

Good morning, everyone.

大家，早安。

Earnings for the third quarter of FY14 rose 21% to $138 million, or $0.51 per share, compared to $113.6 million, or $0.42 per share a year ago.

2014 財年第三季度的盈利增長 21% 至 1.38 億美元，即每股 0.51 美元，而一年前為 1.136 億美元，即每股 0.42 美元。

Dollar sales for the third quarter totaled $2.28 billion, compared to $2.16 billion last year, a 6% increase.

第三季度美元銷售額總計 22.8 億美元，比去年的 21.6 億美元增長 6%。

Volume for the third quarter was 1.17 billion pounds, down 1% from the same period last year.

第三季度成交量為11.7億英鎊，較去年同期下降1%。

Selling, general and administrative expenses in the third quarter were 6.7% of sales versus 7% last year.

第三季度的銷售、一般和管理費用佔銷售額的 6.7%，而去年為 7%。

For the full year, we expect selling, general and administrative expenses to be about 7.1% to 7.3% of sales.

我們預計全年銷售、一般和管理費用將佔銷售額的 7.1% 至 7.3% 左右。

Equity and earnings of affiliates was $3.5 million in the third quarter versus $1.3 million last year.

第三季度附屬公司的股本和收益為 350 萬美元，而去年為 130 萬美元。

The increase is largely due to the improved performance at our MegaMex Foods joint venture.

這一增長主要歸功於我們合資企業 MegaMex Foods 業績的改善。

Advertising expense for the quarter was $21.1 million compared to $22.4 million last year.

本季度廣告費用為 2110 萬美元，去年同期為 2240 萬美元。

Interest expense for the quarter was $3.1 million, unchanged from last year.

本季度利息支出為 310 萬美元，與去年持平。

We expect interest expense to be about $12 million to $14 million for FY14.

我們預計 2014 財年的利息支出約為 1200 萬至 1400 萬美元。

Our effective tax rate in the third quarter was 34.7% versus 35.7% in FY13.

我們第三季度的有效稅率為 34.7%，而 2013 財年為 35.7%。

For FY14, we expect the effective tax rate to be about 34.5%.

2014 財年，我們預計有效稅率約為34.5%。

The basic weighted average number of shares outstanding for the third quarter was 264 million.

第三季度流通股基本加權平均數為2.64億股。

The diluted weighted average number of shares outstanding for the third quarter was 270.4 million.

第三季度攤薄加權平均流通股數量為2.704億股。

We repurchased 267,000 shares of common stock during the third quarter, spending about $13 million.

第三季度我們回購了 267,000 股普通股，花費約 1,300 萬美元。

We have 8.9 million shares remaining to be purchased under the current authorization in place.

根據目前的授權，我們還有 890 萬股股票有待購買。

Depreciation and amortization for the quarter was $33.5 million versus $31.8 million last year.

本季度的折舊和攤銷為 3,350 萬美元，去年同期為 3,180 萬美元。

We expect depreciation and amortization to be about $130 million in FY14.

我們預計 2014 財年折舊及攤銷約為 1.3 億美元。

Total long-term debt at the end of the quarter was $250 million, unchanged from last year.

本季度末長期債務總額為 2.5 億美元，與去年持平。

Capital expenditures for the quarter totaled $34.8 million, up $11.5 million over last year.

該季度的資本支出總計 3480 萬美元，比去年增加 1150 萬美元。

For FY14, we expect capital expenditures to be approximately $150 million.

2014 財年，我們預計資本支出約為 1.5 億美元。

As Jeff indicated, we closed on acquisition of CytoSport Holdings, using available cash and a portion of our $300 million credit revolver to fund the $450 million acquisition.

正如傑夫所說，我們完成了對 CytoSport Holdings 的收購，使用可用現金和 3 億美元的循環信貸資金的一部分為 4.5 億美元的收購提供資金。

We expect to repay the credit revolver by the end of FY14.

我們預計在 2014 財年末償還信貸循環貸款。

At this time, I will turn the call over to the operator for the question-and-answer portion of the call.

此時，我會將呼叫轉交給接線員進行呼叫的問答部分。

Danny?

丹尼？

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Farha Aslam with Stephens Inc.

Farha Aslam 與 Stephens Inc.

Hi, good morning.

早上好。

Hi, Farha.

嗨，法哈。

Congratulations for a great quarter.

祝賀您度過了一個出色的季度。

Thank you.

謝謝。

We've noticed a lot of variation between divisions in terms of performance, and so just starting with Grocery Products, those earnings were very impacted with the higher commodity costs.

我們注意到不同部門之間的業績存在很大差異，因此從雜貨產品開始，這些收入就受到商品成本上升的嚴重影響。

How do you think the recovery goes and when do you think earnings can get back to flat year over year and back into growth?

您認為複蘇進展如何？您認為盈利何時能恢復到同比持平並恢復增長？

Well, for, obviously, Grocery Products was the one hit hardest by the input cost environment during the quarter.

顯然，雜貨產品是本季度受投入成本環境影響最嚴重的產品。

We expect the fourth quarter to be still negative year over year, but not to the depth we're reporting here today.

我們預計第四季度仍將同比下滑，但不會達到我們今天報告的深度。

And we're not in a position to give 2015 guidance yet, but the long-term, our long-term outlook for the Grocery division is that it should be able to drive growth.

我們還無法給出 2015 年的指導，但從長遠來看，我們對雜貨部門的長期展望是它應該能夠推動增長。

We have some excellent franchises still within that business, such as all our Mexican food businesses, as well as Skippy, and SPAM continues to have general strength on a long-term basis.

我們在該業務中仍然擁有一些優秀的特許經營權，例如我們所有的墨西哥食品業務以及 Skippy，並且 SPAM 在長期基礎上繼續保持總體實力。

We will provide more specific guidance on the next call in terms of what 2015 will look like, but we should start trending in the positive direction.

我們將在下一次電話會議上就 2015 年的情況提供更具體的指導，但我們應該開始朝積極的方向發展。

Okay.

好的。

And then a question, really, on MegaMex.

然後是一個關於 MegaMex 的問題。

Earnings in that business almost tripled.

該業務的收益幾乎增加了兩倍。

What is the trend, how should we think about that business going forward, and what's driving the improvement?

趨勢是什麼，我們應該如何看待該業務的未來發展，以及是什麼推動了這種改進？

Well, Q3 last year, to be fair, we had a fairly significant hit.

好吧，去年第三季度，公平地說，我們受到了相當大的打擊。

Remember, we announced in terms of the added earn-out on the fresh [rice] foods component, and so in terms of comparisons that was an easier comparison, if you will, for the MegaMex group.

請記住，我們宣布了新鮮[大米]食品成分的附加收益，因此就比較而言，如果您願意的話，對於 MegaMex 集團來說，這是一個更容易的比較。

They've had some cost squeeze within their group, as well, frankly, both on the Don Miguel side and in terms of the avocado-based products.

坦率地說，他們的團隊內部也存在一些成本緊縮，無論是在唐·米格爾方面還是在基於鱷梨的產品方面。

Avocado costs seem to be normalizing, and the top line is excellent in terms of the Wholly Guacamole franchise.

鱷梨成本似乎正在正常化，而且就 Wholely Guacamole 特許經營權而言，收入非常出色。

So we're encouraged and excited about that.

所以我們對此感到鼓舞和興奮。

And the Herdez brand is very strong.

而且 Herdez 品牌非常強大。

We just continue to rack up double-digit top line increases for the variety of items sold under that authentic Mexican brand.

我們只是繼續以正宗墨西哥品牌銷售的各種商品實現兩位數的收入增長。

So, overall, we're -- MegaMex is a key component, not only to Grocery Products, but to the total Company, very on-trend products, and we think they'll continue to deliver growth for us.

因此，總的來說，MegaMex 不僅是雜貨產品的關鍵組成部分，而且是整個公司的關鍵組成部分，是非常流行的產品，我們認為它們將繼續為我們帶來增長。

Great, thank you so much.

太好了，非常感謝。

Ken Zaslow with BMO Capital Markets.

BMO 資本市場的 Ken Zaslow。

Hey, good morning, everyone.

嘿，大家早上好。

Hi, Ken.

嗨，肯。

So one on a strategy question, Hormel has been very successful of gaining outside market share in niche categories, right, that's kind of been your MO for the last decade or so.

因此，在戰略問題上，荷美爾非常成功地在利基類別中獲得了外部市場份額，對吧，這就是過去十年左右的時間。

You have moved into Skippy, obviously, you made a bid for Ragu.

你已經搬進了 Skippy，顯然，你對 Ragu 進行了競標。

Do you think at all -- and even from this performance you see what you're doing here, the success has been always in your niche categories.

你有沒有想過——即使從這次表演中你也可以看到你在這裡所做的事情，成功總是在你的利基類別中。

Do you think that you are starting to move away from that, and do you think that's a good thing or bad thing, and can you talk about that?

您是否認為您正在開始擺脫這一點？您認為這是好事還是壞事？您能談談嗎？

And I have a follow-up.

我有一個後續行動。

Sure.

當然。

I don't think we are moving away from that, Ken.

我不認為我們會放棄這一點，肯。

I think what we are doing, if you look at the core portfolio, Hormel Foods clearly started in 1891 as a pork Company.

我認為我們正在做的事情，如果你看看核心產品組合，荷美爾食品公司顯然是從 1891 年開始的一家豬肉公司。

And the pork value-added products are still very important to our overall operation with sales of those items going through both the Refrigerated Foods and to some extent Grocery Products segment.

豬肉增值產品對我們的整體運營仍然非常重要，這些產品的銷售既通過冷藏食品，也在某種程度上通過雜貨產品部門。

But over the years, we, clearly, have tried to diversify the portfolio to mitigate risk exposure in terms of raw material, but probably more importantly, to stay up with the consumer.

但多年來，我們顯然一直在努力實現投資組合多元化，以減輕原材料方面的風險，但可能更重要的是，為了跟上消費者的步伐。

And so our Mexican food franchise, we are trying to get more aggressive in the health and wellness area through Jennie-O and Natural Choice.

因此，我們的墨西哥食品特許經營權，我們正試圖通過 Jennie-O 和 Natural Choice 在健康和保健領域更加積極進取。

We had identified that we really thought we needed to provide more on-the-go offerings, and so, hence, our innovation with REV.

我們已經確定，我們確實認為我們需要提供更多的移動產品，因此，我們對 REV 進行了創新。

That was a big motivator, frankly, behind the Muscle Milk acquisition was that people are viewing those items in many cases as meal replacements, consumed on-the-go.

坦率地說，收購 Muscle Milk 背後的一個很大的動機是，人們在很多情況下將這些產品視為代餐，在旅途中消費。

And so, again, we're looking in most cases for leading share brands that we can drive with our marketing and hopefully operate on an efficient basis.

因此，在大多數情況下，我們再次尋找領先的共享品牌，我們可以通過營銷來推動這些品牌，並希望能夠高效運營。

Okay.

好的。

My follow-up question is, what would limit the turkey margins from moving up from this 16.9% or 17% level going forward?

我的後續問題是，什麼會限制火雞利潤率從 16.9% 或 17% 的水平繼續上升？

It seems like this quarter is representative of what the future would look like, if not even better.

這個季度似乎代表了未來的樣子，甚至更好。

Is there something that I'm missing here?

我在這裡缺少什麼嗎？

Yes, sure, Ken, this is Jody.

是的，當然，肯，這是喬迪。

I think the environment that the turkey operations are operating under with industry conditions and the shortages, we've seen some pretty favorable commodity pricing.

我認為火雞業務的運營環境以及行業狀況和短缺，我們已經看到了一些相當有利的商品定價。

So to the extent that we had any extra to sell on the commodity markets, that's probably moving at a little bit to the upside, so I'd stick to that normalized range that we've given in the past.

因此，就我們在商品市場上有任何額外的出售而言，這可能會稍微上行，所以我會堅持我們過去給出的標準化範圍。

So you don't think 17% is the right level to move -- I'm misunderstanding it?

所以你認為 17% 不是合適的移動水平——我理解錯了？

I don't know if you're looking for a long-term number or a shorter-term number.

我不知道你是要找長期號碼還是短期號碼。

As mentioned earlier, we're not going to give a 2015 number yet today, but it would be fair to lay out, obviously, what's going on in the marketplace that as we head into 2015, could well be in a market where the commodities are a little less favorable, but recognizing that the grain markets could be more favorable.

正如前面提到的，我們今天還不會給出 2015 年的數字，但顯然，公平地列出市場上正在發生的事情，當我們進入 2015 年時，大宗商品很可能會在市場上發生變化。不太有利，但認識到穀物市場可能會更有利。

So we'll just see what that sorts out when we provide that guidance in November.

因此，當我們在 11 月份提供該指導時，我們將看看結果如何。

Okay.

好的。

Very helpful, thank you.

非常有幫助，謝謝。

Akshay Jagdale with KeyBanc Capital Markets.

Akshay Jagdale 與 KeyBanc 資本市場。

Good morning, and congratulations on a good quarter.

早上好，祝賀季度業績良好。

Thank you, Akshay.

謝謝你，阿克謝。

So can you give us an update on REV, the a.m.

那麼，您能否向我們介紹一下上午 REV 的最新情況？

wraps, your launching, I guess.

我猜，你的發射結束了。

Am I correct in understanding that the difference there is you have added this sort of ag component to it?

我的理解是否正確，區別在於您添加了這種 ag 組件？

So can you talk a little bit about why now with the a.m.

那麼你能談談為什麼現在和上午一起嗎？

wraps, and sort of overall how is REV doing relative to your expectation?

總而言之，REV 的整體表現與您的預期相比如何？

Sure, Akshay.

當然，阿克謝。

So I know in past quarters I have provided some estimates based on some of the early tracking with the brand.

所以我知道在過去的幾個季度中，我根據對該品牌的一些早期跟踪提供了一些估計。

We're now in a position where we have 52 weeks of scan data available.

我們現在擁有 52 週的可用掃描數據。

The sales on that basis were around $55 million on the last 52-week basis.

過去 52 週的銷售額約為 5500 萬美元。

That does not count sales into the college and university, or convenience store channels.

這還不包括學院和大學或便利店渠道的銷售額。

That is a little bit more, but the lion's share is through the grocery channel.

這個數字有點多，但最大的份額是通過雜貨渠道。

We're very happy with those, that's one of our best ever first-year performances on a brand.

我們對此非常滿意，這是我們品牌第一年最好的表現之一。

We think the brand has upside in terms of its sales capabilities beyond that even with the core items.

我們認為，即使在核心產品方面，該品牌在銷售能力方面也有優勢。

And then, as you point out, on top of that, we are introducing the breakfast items.

然後，正如您所指出的，除此之外，我們還介紹了早餐食品。

Part of it is just kind of coming out with the core line first, part of it is making sure that you have the product ready and performing the way you want.

其中一部分只是首先推出核心產品線，一部分是確保您已準備好產品並按照您想要的方式運行。

I'm actually really quite excited and pleased with the team coming out with it a year later, if you contrast it, for example, to our Compleats line, it took us several years to get a breakfast offering that was the right offering within that product line.

事實上，我對團隊在一年後推出它感到非常興奮和高興，例如，如果你將它與我們的Compleats 系列進行對比，我們花了幾年的時間才獲得了一款適合該產品的早餐產品。生產線。

Right now, we're focusing our attention on these breakfast-related items on customers that already have a pretty good set of REV items.

現在，我們將注意力集中在這些與早餐相關的項目上，這些項目針對已經擁有一套相當不錯的 REV 項目的客戶。

There are certain customers that really do have that in place.

有些客戶確實做到了這一點。

Other certain regions of the country and certain retailers, it is still a little spottier, where maybe they only carry three, or four or five items.

該國其他某些地區和某些零售商的情況仍然有點不穩定，他們可能只銷售三件、四件或五件商品。

In those cases, we're probably saying we may not want to come right out with two or three breakfast items until you have built your set a little more legitimately.

在這些情況下，我們可能會說，在您更合理地構建您的套餐之前，我們可能不想直接提供兩到三種早餐食品。

But we do think breakfast REV is another excellent innovation that will draw new consumption to this product line and will continue to excite consumers who have liked the REV line.

但我們確實認為早餐 REV 是另一項出色的創新，它將為該產品線吸引新的消費，並將繼續激發喜歡 REV 系列的消費者。

Okay.

好的。

And then, just on Skippy, give us an update, especially on International operations, you talked about it a little bit.

然後，就在 Skippy 上，給我們介紹一下最新情況，特別是在國際運營方面，您談到了一點。

But given what happened in the Grocery segment this quarter, it would be nice if you could sort of tell us if Skippy was impacted by any of that, doesn't seem like it.

但考慮到本季度雜貨店領域發生的情況，如果您能告訴我們 Skippy 是否受到其中任何影響（似乎沒有），那就太好了。

And then, more importantly, can you give us a little bit more color on the Cyto acquisition, and strategically, is there a longer-term, how that fits in, and what kind of growth profile you expect from that?

然後，更重要的是，您能給我們介紹一下 Cyto 收購的更多信息嗎？從戰略上講，是否存在長期目標、如何適應以及您期望從中獲得什麼樣的增長概況？

Thank you, and I will get back in queue.

謝謝你，我會回到隊列中。

Okay.

好的。

Skippy, we were very pleased with the domestic results for Skippy.

Skippy，我們對 Skippy 在國內的成績非常滿意。

On a net sales basis, lesser, because that was a category that saw price decreases, but a volume, high-single-digit increase in volume, still continuing to get good feature activity.

在淨銷售額的基礎上，較小，因為這是一個價格下降的類別，但銷量高個位數增長，仍然繼續獲得良好的功能活動。

We've had some nice placements in terms of distribution fills there.

就分配填充而言，我們在那裡有一些不錯的位置。

And we're going to work on innovating within the category.

我們將致力於在該類別內進行創新。

Our Skippy Singles are off to a good start, the Dark Chocolate Natural item is doing well also, and look for more items in 2015 and maybe more in the middle of the year for that.

我們的 Skippy Singles 有了一個良好的開端，黑巧克力天然產品也表現良好，並在 2015 年尋找更多產品，也許在年中會尋找更多產品。

On an International basis, it still a little rocky to read.

從國際角度來看，閱讀起來仍然有點困難。

It was positive in the sense that we, obviously, now own the China plant, and all the production out of that plant is now being reflected in sales.

從某種意義上說，這是積極的，因為我們現在擁有中國工廠，並且該工廠的所有生產現在都反映在銷售中。

We saw a little bit of decline in business in Canada, and we also, in a couple of the Asian markets, we're still in kind of a conversion mode between our ownership and the prior ownership in terms of who's got the distribution and so forth.

我們看到加拿大的業務略有下降，而且在幾個亞洲市場，我們仍然處於我們的所有權和先前所有權之間的轉換模式，即誰獲得分配等。向前。

But, overall, that plant is in a good position to support growth and we expect to have that be a real growth catalyst for International going forward.

但總體而言，該工廠處於支持增長的有利位置，我們預計這將成為國際公司未來發展的真正增長催化劑。

On CytoSport, we were, obviously, very excited, last time we were on the phone with all of you was in the middle of the quarter when we made the announcement related to the deal.

在 CytoSport 上，我們顯然非常興奮，上次我們與大家通電話是在本季度中期，當時我們宣布了與交易相關的消息。

We did close on that deal recently.

我們最近確實完成了這筆交易。

A couple of follow-up questions that have kind of emerged, just even since we announced the deal, related kind of this notion of what does Hormel bring to the party when it comes to the Muscle Milk acquisition?

自從我們宣布這項交易以來，就出現了一些後續問題，這些問題與荷美爾在收購 Muscle Milk 時會給聚會帶來什麼相關的概念相關。

So I did want to address that.

所以我確實想解決這個問題。

We have knowledge of manufacturing and of the category that perhaps has been overlooked a little bit.

我們擁有製造方面的知識以及可能被忽視的類別的知識。

Our Specialty Foods group is a less branded group and so sometimes doesn't get talked about quite as much.

我們的特色食品集團是一個品牌較少的集團，因此有時不會受到太多談論。

But we've been manufacturing both powdered and ready to drink protein items for over 10 years with our Century Foods business unit that's under Specialty Foods.

但十多年來，我們一直通過特種食品旗下的世紀食品業務部門生產粉狀和即飲蛋白質產品。

Indeed, to us, this was a great opportunity to bring a branded catalyst for that group to be able to apply that knowledge the way we do in the rest of our Company to a branded item.

事實上，對我們來說，這是一個很好的機會，可以為該團隊帶來品牌催化劑，使其能夠像我們公司其他部門那樣將這些知識應用到品牌產品上。

We feel we're going to be able to bring deeper sales and category management skills to the largest market for this product line, which is the food, drug and mass market where we sell so many of our other items.

我們認為我們將能夠為該產品線的最大市場帶來更深入的銷售和品類管理技能，即食品、藥品和大眾市場，我們在那裡銷售許多其他產品。

And really, any time you're bringing a product line that's, frankly, kind of a one-off product line, a single brand and bringing it to a portfolio where you have deeper relationships, at least, we've found that we should be able to drive growth doing that.

事實上，任何時候當你推出一條產品線時，坦率地說，這是一種一次性產品線、單一品牌，並將其引入一個與你有更深層次關係的產品組合中，至少，我們發現我們應該能夠這樣做來推動增長。

We certainly did that with Wholly Guacamole, for one example, and we should do that here.

例如，我們確實用全鱷梨醬做到了這一點，我們應該在這裡這樣做。

We also feel our innovation track record bodes well in terms of coming up with great new items that would fit under this brand.

我們還認為，我們的創新記錄預示著我們能夠推出適合該品牌的優秀新產品。

So we're very early on, the category growth that we are looking at is still very significant, as we mentioned on the last call.

因此，正如我們在上次電話會議中提到的那樣，我們還處於早期階段，我們所看到的類別增長仍然非常顯著。

Our feeling, and even the prior management would kind of concede to this, there was probably a little bit of lack of focus as they were in the sale process of the business, and so their share had not quite kept up with all the category growth.

我們的感覺，甚至之前的管理層也會承認這一點，因為他們在業務的銷售過程中可能有點缺乏重點，因此他們的份額並沒有完全跟上所有類別的增長。

But notwithstanding that, it still grew in terms of both the ready to drink component, the big Muscle Milk branded presence, as well as the full protein line, and so it should be a great growth catalyst for Specialty Foods and for Hormel going forward.

但儘管如此，它在即飲成分、大型肌肉奶品牌以及完整的蛋白質系列方面仍在增長，因此它應該成為特種食品和荷美爾未來發展的巨大增長催化劑。

Thanks a lot, I'll pass it on.

非常感謝，我會轉達的。

Diane Geissler with CLSA.

里昂證券的黛安·蓋斯勒。

Good morning.

早上好。

Hi, Diane.

嗨，黛安。

Congratulations on your quarter.

恭喜您的季度。

I wanted to ask you about the outlook, which you maintained your guidance, it seems like an awfully wide range for having only one quarter left in the year, and I just wanted to make sure that there wasn't -- it's sending us a signal about one area of your business being potentially problematic.

我想問你關於前景的問題，你維持了你的指導，這似乎是一個非常廣泛的範圍，因為今年只剩下一個季度了，我只是想確保沒有 - 它給我們發送了一個表明您的某個業務領域存在潛在問題。

I know the hog numbers have come down pretty significantly, but it sounds like you are finding adequate supply in the fact that you've reopened your plant, the one that you had curtailed.

我知道生豬數量已經大幅下降，但聽起來你已經找到了充足的供應，因為你已經重新開放了你已經削減的工廠。

So is there something we need to be aware of as we move through the fourth quarter that's kind of giving you pause, and making you keep that wide of a range for the fourth quarter?

那麼，當我們進入第四季度時，有什麼我們需要注意的事情會讓你停下來，讓你在第四季度保持這麼大的範圍嗎？

Sure, Diane.

當然，黛安。

As we were sitting down this time for -- at the end of our second quarter there, we certainly did not expect the type of positive pork operating margins that we experienced in the third quarter.

當我們這次坐下來討論第二季度末時，我們當然沒有預料到我們在第三季度經歷的那種積極的豬肉營業利潤率。

So I would say that's probably one thing that would lead us to have a somewhat wider range there going into the fourth quarter.

所以我想說，這可能是導致我們進入第四季度的範圍更大的一件事。

But certainly we feel more comfortable that we're in the middle range of that guidance instead of the lower end that we've guided to at the end of the second quarter.

但當然，我們感到更放心的是，我們處於該指導的中間範圍，而不是我們在第二季度末指導的下限。

Okay, all right, well, that is fair enough.

好吧，好吧，這很公平。

And the, I wanted to follow up on Jeff's comments about the acquisition.

而且，我想跟進傑夫對收購的評論。

So you guys have, obviously, signaled that you're looking to do bigger deals.

所以，你們顯然已經表示，你們正在尋求做更大的交易。

I think you've made sort of more aggressive comments at your Analyst Day last year after doing the Skippy transaction about big deals.

我認為在去年的分析師日上，在完成了有關大宗交易的 Skippy 交易後，您發表了更為激進的評論。

Small deals take as much time and kind of management time as little deals do.

小交易所花費的時間和管理時間與小交易一樣多。

But, if I heard you correctly, Jody, you basically used your big pile of cash and your revolver, which will be paid off by the end of this fiscal year, so you are kind of right back where you started from, which is significantly under-levered balance sheet.

但是，如果我沒聽錯的話，喬迪，你基本上用了你的一大堆現金和你的左輪手槍，這些錢將在本財政年度結束時還清，所以你又回到了開始的地方，這很重要資產負債表槓桿不足。

So my question is really more, do you think that you could do another sizable transaction here in the near term?

所以我的問題實際上是，您認為短期內您可以在這裡進行另一筆大規模交易嗎？

Would it be a drain on the organization's ability to kind of integrate?

這會削弱組織的整合能力嗎？

Or do you feel you need to give the CytoSport acquisition kind of time to get integrated before you could go out and make another sizable transaction?

或者您是否認為需要給 CytoSport 收購一段時間進行整合，然後才能進行另一筆大規模交易？

Diane, you're right, from a financial perspective, we certainly have the bandwidth to do another acquisition.

黛安，你是對的，從財務角度來看，我們當然有能力進行另一次收購。

And I think from an organizational resource perspective, we also have the ability.

而且我認為從組織資源的角度來看，我們也有這個能力。

Specialty Foods might have trouble doing another one right on top of this, but we certainly would have the ability to do it from an organizational perspective.

Specialty Foods 可能很難在此基礎上再做另一件事，但我們當然有能力從組織的角度做到這一點。

It's finding the right transaction that has the strategic fit, that has the number one or number two brand, looking for something that is accretive to our margins and where we can really add some value.

它正在尋找具有戰略契合度、擁有第一或第二品牌的正確交易，尋找能夠增加我們利潤以及我們真正可以增加一些價值的東西。

So something that has a non-US portion of the business is also very attractive.

因此，擁有非美國業務部分的公司也非常有吸引力。

So we just need to find the right fit, and certainly I believe our organization is ready to step up and do that.

因此，我們只需要找到合適的人選，當然我相信我們的組織已經準備好做到這一點。

Can I just ask a -- sorry, a second follow-up to that comment about the accretive to your margins.

我可以問一個——抱歉，關於增加你的利潤的評論的第二個後續行動。

Are you talking about accretive to your margins on the whole or just within the segment in which you're making acquisitions?

您談論的是整體利潤的增加還是僅在您進行收購的細分市場內的利潤增加？

We look generally first at the segment, but with the ability to become accretive to the overall Hormel margins.

我們通常首先關注該細分市場，但有能力增加荷美爾的整體利潤。

Okay.

好的。

All right, great.

好吧，太好了。

Thank you.

謝謝。

Robert Moskow with Credit Suisse.

瑞士信貸銀行的羅伯特·莫斯科。

Hi, thank you.

嗨，謝謝你。

I guess two questions, one is, everyone thought that the PED virus was going to have a negative impact eventually on pork processing margins, [and if it really thousand].

我猜想有兩個問題，一是，每個人都認為 PED 病毒最終會對豬肉加工利潤產生負面影響，[如果真的有上千]。

Are we thinking now that there's not going to be any negative impact on those processing margins?

我們現在是否認為這不會對這些加工利潤產生任何負面影響？

And then, secondly, grocery margins, I get it that the protein inflation flowed through here and hurt the margin, but I guess I was a little surprised that Skippy didn't stabilize the business enough to kind of keep them from going into single-digit.

其次，雜貨利潤率，我知道蛋白質通脹流經這裡並損害了利潤率，但我想我有點驚訝斯基皮沒有足夠穩定業務以阻止他們陷入單一-數字。

Are Skippy's margins lower than the margins in the rest of Grocery, and is that also an impact for why margins are lower?

Skippy 的利潤率是否低於雜貨店其他部門的利潤率？這是否也是利潤率較低的一個影響因素？

Well, I think I'll take the first part of your question regarding the pork margins.

好吧，我想我會回答你關於豬肉利潤問題的第一部分。

I think what the unexpected result that we saw in the third quarter was that demand continued to hold up the cutout values.

我認為我們在第三季度看到的意外結果是需求繼續支撐著分切價值。

So we really had anticipated the hog prices to rise like they did, but then the primal portions also seemed to be supported by that.

因此，我們確實預計生豬價格會像他們那樣上漲，但隨後原始部分似乎也受到了支撐。

We're looking to continue to see that positive spread, but we are up against some pretty positive spreads from the fourth quarter of last year, so don't expect that to have a significant impact on the Refrigerated Foods segment in the fourth quarter.

我們希望繼續看到這種積極的利差，但我們面臨著去年第四季度的一些相當積極的利差，因此不要期望這會對第四季度的冷藏食品領域產生重大影響。

So on the Grocery side, Skippy's margins should be accretive ultimately to the Grocery Products group, and are currently.

因此，在雜貨方面，Skippy 的利潤最終應該會增加雜貨產品部門的利潤，目前也是如此。

That being said, probably the highest profitability element of the Grocery Products portfolio is the canned meats area, and that's the area where we clearly saw the biggest squeeze during the quarter, brought in part by the prior price increase that we had taken based on just kind of long-term increases in the raw materials.

話雖這麼說，雜貨產品組合中盈利能力最高的部分可能是罐頭肉類領域，而這是我們在本季度明顯看到最大擠壓的領域，部分原因是我們之前基於以下因素採取的價格上漲：原材料的長期上漲。

And then when you add to it the spike from PED in terms of the input cost on hogs that really hurt their ability ultimately to deliver margin.

再加上 PED 帶來的生豬投入成本飆升，這確實損害了他們最終交付利潤的能力。

So that's what needs to recover, that's what -- to the earlier question -- we will start seeing some recovery in that in Q4, but not all of it.

這就是需要恢復的，這就是之前的問題，我們將在第四季度開始看到一些恢復，但不是全部。

We have -- some of the inventory is already put up with higher costs and so forth, but heading in the future we do expect that to normalize.

我們已經——一些庫存已經承受了更高的成本等等，但在未來，我們確實預計這種情況會正常化。

And, Jeff, what is going to cause it to normalize?

傑夫，什麼會導致它正常化？

Do you need the protein prices to fall, because it sounds like you already took pricing earlier in the year?

您是否需要蛋白質價格下跌，因為聽起來您已經在今年早些時候定價了？

Do you have to take it again?

還需要再拿一次嗎？

Or are you waiting for the protein to fall?

還是等待蛋白質下降？

Well, I guess, waiting for it in the sense that we didn't feel we should or were in a very good position to take second pricing based off of a spike.

好吧，我想，等待它是因為我們認為我們不應該或處於非常有利的位置，可以根據峰值進行第二次定價。

If these inputs had become the new norm, we, obviously, would've had to reevaluate that.

如果這些投入已成為新常態，顯然我們將不得不重新評估。

But a lot of a lot of these input costs are already down fairly significantly, even in the last couple of weeks.

但即使是在過去幾週內，其中很多投入成本已經大幅下降。

So we do think -- that's what PED caused.

所以我們確實認為——這就是 PED 造成的。

It didn't end up hurting the processing margins, but it did end up driving some very significant increases in inputs that we just didn't think we could price against, and we don't, hopefully in the long run, we don't feel we'll have to because we do think those are going to come back to a more normal level.

它最終並沒有損害加工利潤，但它最終確實導致了投入的一些非常顯著的增加，我們只是認為我們無法在價格上對其進行定價，而且我們不會，希望從長遠來看，我們不會。我們不認為我們必須這樣做，因為我們確實認為這些將恢復到更正常的水平。

And then, I'll ask just a last question.

然後，我會問最後一個問題。

One of the [considers] I hear a lot from investors about the processed food industry in general is that people are paying more and more attention to health and wellness, especially in the meals part of the store, like convenient meals.

我從投資者那裡聽到的關於加工食品行業的一個[考慮因素]是，人們越來越關注健康和保健，特別是在商店的餐飲部分，比如方便餐。

I would take the view that Dinty Moore and chili and SPAM are kind of their own niche businesses, but microwaveable meals, like shelf stable microwaveable meals, I think are -- could be just off-trend.

我認為丁蒂·摩爾（Dinty Moore）、辣椒和垃圾郵件是他們自己的利基業務，但我認為微波爐餐食，比如貨架穩定的微波爐餐食，可能只是過時的趨勢。

Do you have any view on the long term for Compleats and what your strategy for investment there is?

您對 Complets 的長期發展有何看法以及您的投資策略是什麼？

We had, obviously, enjoyed very significant growth in the Compleats line during the 2000 decade, almost right to the end of it.

顯然，我們在 2000 年的十年間（幾乎直到其結束時）在 Compleats 系列中享受到了非常顯著的增長。

And then, clearly, the product line has stagnated somewhat since then.

然後，很明顯，從那時起，產品線就有些停滯了。

One effort to try to attract new consumers and restore growth had been this notion of kind of going after the more health-oriented consumer, or consumer looking for higher end items, and, hence, the introduction of our blue and green labeled subcomponents of Compleats.

試圖吸引新消費者和恢復增長的一項努力就是追求更注重健康的消費者，或尋找更高端產品的消費者，因此，引入了我們藍色和綠色標籤的 Compleats 子組件。

I think we've conceded here in recent calls that that really doesn't seem to be working.

我認為我們在最近的電話會議中已經承認這似乎確實不起作用。

The consumer that really enjoys these types of items is looking for more of a basic meat and potato casserole type item.

真正喜歡這些類型物品的消費者正在尋找更多基本的肉類和土豆砂鍋類型的物品。

Value is a very important element to this franchise, and so as you kind of out more of those bells and whistles and costs to product, that doesn't seem to resonate well with the consumer.

價值對於這個系列來說是一個非常重要的元素，所以當你更多地了解產品的花哨和成本時，這似乎並不能引起消費者的共鳴。

So we do believe we can get, kind of go back to the basics and get this product line stabilized.

因此，我們確實相信我們可以回到基礎並穩定該產品線。

Whether it's going to be a big growth catalyst for Grocery Products anymore, at this point, I guess, we're not seeing that.

我想，目前它是否會成為雜貨產品的巨大增長催化劑，我們還沒有看到這一點。

But we think between Mexican food and Skippy and some of the other items that Grocery should be able to meet their growth objectives using those items.

但我們認為，在墨西哥食品和 Skippy 以及其他一些商品之間，雜貨店應該能夠使用這些商品來實現其增長目標。

But I think your overall take is correct.

但我認為你的總體看法是正確的。

My understanding, though, is when it comes to single-serve meals, especially even if you look in the frozen segment, which has also suffered, even the health and wellness-oriented items in frozen aren't doing all that well.

不過，我的理解是，當談到單份餐食時，尤其是即使你看看也受到影響的冷凍食品領域，即使是以健康和保健為導向的冷凍食品也表現不佳。

So I do think it's maybe a combination of where consumers are looking for items, but also it's kind of the sheer economics and who is getting hit the worst from that.

所以我確實認為這可能是消費者尋找商品的地方的結合，也是純粹的經濟因素以及誰受到的打擊最嚴重。

That would make -- I would agree with you that frozen isn't doing well either in that area.

這會讓——我同意你的觀點，《冰凍》在這方面表現也不佳。

But I was focusing on your shelf stable part of it because that's really where you play.

但我關注的是它的貨架穩定部分，因為這才是你真正發揮作用的地方。

Totally makes sense.

完全有道理。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Akshay Jagdale with KeyBanc Capital Markets.

Akshay Jagdale 與 KeyBanc 資本市場。

Thanks for taking the follow-up.

感謝您的關注。

The first one is for Jody.

第一個是給喬迪的。

Can you talk a little bit about the corporate expense line item this quarter?

您能談談本季度的公司費用項目嗎？

It was significantly higher than the run rate that we've seen in the past.

它明顯高於我們過去看到的運行率。

Did that include charges for the Cyto deal?

這是否包括 Cyto 交易的費用？

Not really, those will hit in our fourth quarter and will show up in the Specialty Foods segment line.

事實並非如此，這些產品將在我們的第四季度上市，並將出現在特色食品細分市場中。

General corporate expense was really impacted this quarter by some employee-related costs, as well as the write-off of a bad debt.

本季度的一般企業支出確實受到一些與員工相關的成本以及壞賬沖銷的影響。

Those will be the two biggest things.

這將是最重要的兩件事。

So we will see the transaction costs in the next quarter.

所以我們將在下個季度看到交易成本。

How much of that would be sort of one-time, like the bad debt write-off seems unusual, right?

其中有多少是一次性的，就像壞賬沖銷似乎不尋常，對吧？

Would you say first of all -- sorry?

首先你會說——對不起嗎？

That was about $4 million.

那大約是400萬美元。

Okay.

好的。

It would, hopefully, a one-time thing, Akshay.

阿克謝，希望這只是一次性的事情。

(laughter)

（笑聲）

Yes.

是的。

And, just going back to the PED virus, from my recollection and just talking to others in the industry, this quarter was the quarter where you had expected the most impact on supply.

而且，回到 PED 病毒，根據我的記憶以及與業內其他人的交談，本季度是您預計對供應影響最大的季度。

It doesn't seem like it translated into any volume declines in Refrigerated Foods.

這似乎並沒有轉化為冷藏食品銷量的任何下降。

Can you help us with how many hogs you processed?

您能告訴我們您加工了多少頭生豬嗎？

We were thinking the industry would see 6% to 7% lower hog supplies.

我們原本認為該行業的生豬供應量將減少 6% 至 7%。

Did that just not materialize, or can you give us a sense of what's happening there with supply?

這是否沒有實現，或者您能否讓我們了解一下供應情況？

I think you can get a follow-up with Jana on the specifics with the industry numbers, but the amount of hogs being processed has increased week-over-week.

我認為您可以向賈娜了解行業數據的具體情況，但加工的生豬數量每週都在增加。

The trouble is we're looking at some significant numbers from last year, so the year over year comparisons are still going to be down, probably until the October time frame.

問題是我們正在研究去年的一些重要數字，因此同比比較仍然會下降，可能要到十月份的時間範圍內。

We, our team, as Jeff indicated, has done a super job of making sure that we have had the supply and we are now back up to normalized operations.

正如傑夫所說，我們的團隊做得非常出色，確保我們有供應，現在我們已經恢復正常運營。

A lot of the hog numbers that were down were being offset by higher weights, as well, so the impact to the total industry isn't down as much is I think people originally anticipated.

許多下降的生豬數量也被更高的重量所抵消，因此對整個行業的影響並沒有像人們最初預期的那樣下降。

Certainly, helped by a summer that has been much cooler than normal and allowed the hogs to put on the extra weight.

當然，這得益於比平常涼爽得多的夏季，這使得生豬的體重增加了。

Okay.

好的。

And just one last one on the guidance range being as wide as it is.

指導範圍的最後一項是盡可能廣泛的。

First, does it include these charges that you expect for the Cyto deal?

首先，它是否包括您預計 Cyto 交易中的這些費用？

And if you can give us an order of magnitude that would be helpful.

如果您能給我們一個數量級，那將會很有幫助。

And then, just secondly, you cited pork margins as being the main reason for your conservative approach there.

其次，您指出豬肉利潤是您採取保守態度的主要原因。

From what I can tell, margins so far have held pretty steady relative to the quarter you just reported.

據我所知，到目前為止，與您剛剛報告的季度相比，利潤率保持相當穩定。

Is there something else that we should be thinking of when we're looking at that $0.10 range which is unusual?

當我們看到 0.10 美元這個不尋常的範圍時，我們還應該考慮其他什麼嗎？

Okay, the first comment regarding the CytoSport expenses, as we indicated on the call when we announced the transaction, we would expect that any income from that operation would offset the transaction costs.

好的，關於 CytoSport 費用的第一個評論，正如我們在宣布交易時在電話中表示的那樣，我們預計該業務的任何收入都將抵消交易成本。

So that should be net neutral in the Specialty Foods segment.

因此，特色食品領域應該是淨中性的。

Pork margins are being maintained at the levels that we saw in the third quarter to date, but there has been a lot of volatility.

豬肉利潤率維持在第三季度迄今的水平，但波動很大。

The comparison that Jeff talked about was to fourth quarter last year, and they were unusually strong in our fourth quarter last year, so that year over year comparison for the fourth quarter won't be as beneficial to Refrigerated Foods as it was in the third quarter.

The comparison that Jeff talked about was to fourth quarter last year, and they were unusually strong in our fourth quarter last year, so that year over year comparison for the fourth quarter won't be as beneficial to Refrigerated Foods as it was in the third四分之一.

Okay, great, I'll pass it on.

好的，太好了，我會轉發的。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

At this time, it appears that there are no further questions in our queue.

目前，我們的隊列中似乎沒有其他問題了。

I'd like to turn the conference back over to Jeff Ettinger for any closing or additional remarks.

我想將會議轉回傑夫·埃廷格 (Jeff Ettinger) 進行閉幕或補充發言。

Well, thank you.

嗯，謝謝。

We are pleased to have achieved another record quarter, leveraging our balanced model to deliver consistent earnings growth.

我們很高興利用我們的平衡模型實現持續的盈利增長，再次實現創紀錄的季度業績。

Our team will continue to deliver relevant, innovative, and high-quality foods to meet the needs of our consumers and to drive long-term growth for our shareholders.

我們的團隊將繼續提供相關、創新和高品質的食品，以滿足消費者的需求，並推動股東的長期增長。

Thank you for joining us today.

感謝您今天加入我們。

As a reminder, this does conclude today's session.

提醒一下，今天的會議到此結束。

We appreciate everyone's participation.

我們感謝大家的參與。