荷美爾 (HRL) 2022 Q3 法說會逐字稿

Good morning, everyone, and welcome to the Hormel Foods Third Quarter 2022 Earnings Webcast and Conference Call. (Operator Instructions) Please also note today's event is being recorded.

大家早上好，歡迎來到荷美爾食品公司 2022 年第三季度收益網絡廣播和電話會議。 （操作員說明）還請注意今天的活動正在錄製中。

At this time, I'd like to turn the floor over to David Dahlstrom, Director of Investor Relations. Sir, please go ahead.

在這個時候，我想把發言權交給投資者關係總監 David Dahlstrom。先生，請繼續。

Good morning. Welcome to the Hormel Foods conference call for the third quarter of fiscal 2022. We released our results this morning before the market opened around 6:30 a.m. Eastern. If you did not receive a copy of the release, you can find it on our website at hormelfoods.com under the Investors section. On our call today is Jim Snee, Chairman of the Board, President and Chief Executive Officer; and Jacinth Smiley, Executive Vice President and Chief Financial Officer. Jim will provide a review of the company's third quarter results and update on business initiatives and a perspective on the remainder of fiscal 2022. Jacinth will provide detailed financial results and further commentary on the third quarter and our outlook. The line will be open for questions following Justin's remarks. (Operator Instructions)

早上好。歡迎參加 2022 財年第三季度的荷美爾食品電話會議。我們今天早上在東部時間上午 6:30 左右市場開盤前發布了我們的結果。如果您沒有收到新聞稿的副本，您可以在我們的網站 hormelfoods.com 的“投資者”部分下找到它。今天接到我們電話的是董事會主席、總裁兼首席執行官 Jim Snee；和 Jacinth Smiley，執行副總裁兼首席財務官。 Jim 將回顧公司第三季度的業績和業務計劃的最新情況，以及對 2022 財年剩餘時間的展望。Jacinth 將提供詳細的財務業績以及對第三季度和我們前景的進一步評論。賈斯汀發表講話後，該線路將開放供提問。 （操作員說明）

An audio replay of this call will be available beginning at noon today, Central Standard Time. The dial-in number is (877) 344-7529 and access code is 1874087. It will also be posted to our website and archived for 1 year.

從今天中午開始，中部標準時間將提供此通話的音頻重播。撥入號碼為 (877) 344-7529，接入代碼為 1874087。它還將發佈到我們的網站並存檔 1 年。

Good morning. Welcome to the Hormel Foods conference call for the third quarter of fiscal 2022. We released our results this morning before the market opened around 6:30 a.m. Eastern. If you did not receive a copy of the release, you can find it on our website at hormelfoods.com under the Investors section. On our call today is Jim Snee, Chairman of the Board, President and Chief Executive Officer; and Jacinth Smiley, Executive Vice President and Chief Financial Officer. Jim will provide a review of the company's third quarter results and update on business initiatives and a perspective on the remainder of fiscal 2022. Jacinth will provide detailed financial results and further commentary on the third quarter and our outlook. The line will be open for questions following Justin's remarks. (Operator Instructions)

早上好。歡迎參加 2022 財年第三季度的荷美爾食品電話會議。我們今天早上在東部時間上午 6:30 左右市場開盤前發布了我們的結果。如果您沒有收到新聞稿的副本，您可以在我們的網站 hormelfoods.com 的“投資者”部分下找到它。今天接到我們電話的是董事會主席、總裁兼首席執行官 Jim Snee；和 Jacinth Smiley，執行副總裁兼首席財務官。 Jim 將回顧公司第三季度的業績和業務計劃的最新情況，以及對 2022 財年剩餘時間的展望。Jacinth 將提供詳細的財務業績以及對第三季度和我們前景的進一步評論。賈斯汀發表講話後，該線路將開放供提問。 （操作員說明）

An audio replay of this call will be available beginning at noon today, Central Standard Time. The dial-in number is (877) 344-7529 and access code is 1874087. It will also be posted to our website and archived for 1 year.

從今天中午開始，中部標準時間將提供此通話的音頻重播。撥入號碼為 (877) 344-7529，接入代碼為 1874087。它還將發佈到我們的網站並存檔 1 年。

Before we get started, 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 and Form 10-K and quarterly reports on Form 10-Q, which can be accessed at hormelfoods.com under the Investors section.

在我們開始之前，我需要參考安全港聲明。今天發表的一些評論將是前瞻性的，實際結果可能與我們將發表的陳述中表達或暗示的結果大不相同。請參閱我們最近的年度報告和 10-K 表格以及 10-Q 表格的季度報告，可在 hormelfoods.com 的“投資者”部分訪問。

Additionally, please note the company uses non-GAAP results to provide investors with a better understanding of the company's operating performance. These non-GAAP measures include organic volume, organic net sales, adjusted operating income, adjusted operating margin, adjusted diluted earnings per share and net debt to EBITDA. Discussion on non-GAAP information is detailed in our press release and third quarter earnings supplement which can be accessed from our corporate website or located on our investor website, investor.hormelfoods.com.

此外，請注意公司使用非公認會計原則的結果讓投資者更好地了解公司的經營業績。這些非公認會計準則指標包括有機銷量、有機淨銷售額、調整後的營業收入、調整後的營業利潤率、調整後的稀釋每股收益和 EBITDA 的淨債務。關於非公認會計原則信息的討論在我們的新聞稿和第三季度收益補充中有詳細說明，可以從我們的公司網站或我們的投資者網站investor.hormelfoods.com 訪問。

I will now turn the call over to Jim Snee.

我現在將把電話轉給 Jim Snee。

Thank you, David. Good morning, everyone.

謝謝你，大衛。大家，早安。

With the results we announced this morning, we have successfully achieved 7 straight quarters of record sales and 4 consecutive quarters of earnings growth. In the current environment, this is an especially notable achievement. Over the last 12 months, we have delivered 4 consecutive quarters of record sales in excess of $3 billion. We've grown diluted earnings per share of 15% compared to the trailing 12-month period. We've made considerable progress across our supply chain, including investments in capacity to support high-growth categories and improvement in the staffing levels, production volumes, inventories and fill rates.

憑藉我們今天上午公佈的業績，我們已成功實現連續 7 個季度創紀錄的銷售額和連續 4 個季度的盈利增長。在當前環境下，這是一個特別顯著的成就。在過去的 12 個月中，我們連續 4 個季度實現了超過 30 億美元的創紀錄銷售額。與過去 12 個月相比，我們的攤薄後每股收益增長了 15%。我們在整個供應鏈中取得了長足的進步，包括投資支持高增長類別的能力以及提高人員配備水平、產量、庫存和填充率。

We've integrated our largest acquisition to date with the Planters snack nuts business, we began transformational work on the Jennie-O Turkey Store segment while simultaneously managing through the impacts of HPAI. We further derisked commodity profitability with a new pork supply agreement, we have generated over $1 billion in operating cash flow, and we've increased the dividend for the 56th consecutive year.

我們已經將迄今為止最大的收購與 Planters 零食堅果業務相結合，我們開始在 Jennie-O 土耳其商店部門進行轉型工作，同時管理 HPAI 的影響。我們通過新的豬肉供應協議進一步降低了商品盈利能力，我們已經產生了超過 10 億美元的經營現金流，並且我們連續第 56 年增加了股息。

Our experienced management team has again proven their ability to navigate and grow the business in volatile market conditions. And these results demonstrate that our business is built for growth, our brands remain vibrant and relevant, our strategies remain effective, and our inspired team members around the world truly embody our results matter mentality.

我們經驗豐富的管理團隊再次證明了他們在動蕩的市場條件下駕馭和發展業務的能力。這些結果表明，我們的業務是為增長而建立的，我們的品牌仍然充滿活力和相關性，我們的戰略仍然有效，我們在世界各地受到鼓舞的團隊成員真正體現了我們的結果至上的心態。

In the third quarter, we delivered another quarter of record sales and double-digit operating income growth. Our team's execution again played a pivotal role in growth this quarter. As together, we overcame significant challenges, including continued broad-based inflationary pressures, persistent upstream and downstream supply chain disruptions, limited turkey supply and impacts in China from COVID-related restrictions and temporary plant shutdowns.

在第三季度，我們又實現了創紀錄的銷售額和兩位數的營業收入增長。我們團隊的執行力再次在本季度的增長中發揮了關鍵作用。我們共同克服了重大挑戰，包括持續的廣泛通脹壓力、持續的上游和下游供應鏈中斷、有限的火雞供應以及與 COVID 相關的限制和臨時工廠停工對中國的影響。

Double-digit operating income growth this quarter was led by outstanding contributions from Jennie-O Turkey Store and Refrigerated Foods. The Jennie-O Turkey Store team significantly outperformed our profit expectations for the quarter as the team effectively managed limited turkey supply and maximize operational performance, all while working to restore the impacted turkey farms across the supply chain.

本季度兩位數的營業收入增長得益於 Jennie-O Turkey Store 和 Refrigerated Foods 的傑出貢獻。 Jennie-O 土耳其商店團隊在本季度的利潤預期顯著超出了我們的預期，因為該團隊有效地管理了有限的火雞供應並最大限度地提高了運營績效，同時努力恢復整個供應鏈中受影響的火雞農場。

Refrigerated Foods delivered double-digit value-added earnings growth on retail and foodservice items, more than offsetting lower commodity profitability. Similar to prior quarters, our balanced business model was able to offset inflationary pressures and supply chain disruptions, which were both significant headwinds during the quarter. Most importantly, our performance indicates our brands remain healthy and are generating growth. Consumers and operators have continued to engage with our brands due to their value, convenience and versatility.

冷藏食品在零售和餐飲服務項目上實現了兩位數的增值收益增長，抵消了商品盈利能力下降的影響。與前幾個季度類似，我們平衡的商業模式能夠抵消通脹壓力和供應鏈中斷，這都是本季度的重大不利因素。最重要的是，我們的表現表明我們的品牌保持健康並正在產生增長。由於我們的品牌的價值、便利性和多功能性，消費者和運營商繼續參與其中。

The team drove volume, sales and share gains at retail for brands such as SKIPPY, Hormel Gatherings, Hormel chili, Dinty Moore and Mary Kitchen. I would like to acknowledge the tremendous work and coordinated efforts of the SKIPPY team who supported our customers and the category this past quarter. We continue to drive growth across our premium retail brands for products such as Applegate natural and organic meats and Columbus charcuterie. We also experienced an acceleration across our center store portfolio, which is firmly aligned with the value shopper.

該團隊推動了 SKIPPY、Hormel Gatherings、Hormel chili、Dinty Moore 和 Mary Kitchen 等品牌的零售量、銷售額和份額增長。我要感謝 SKIPPY 團隊在上個季度支持我們的客戶和該類別的巨大工作和協調努力。我們繼續推動 Applegate 天然和有機肉類以及哥倫布熟食等產品的高端零售品牌的增長。我們的中心商店組合也經歷了加速，這與價值購物者保持一致。

The Grocery Products segment delivered strong organic volume and sales growth during the quarter and is well positioned to grow as consumers seek flexibility, versatility and yield at lower price points. Demand for foodservice products remained elevated as well as operators again turn to our items to help mitigate labor pressures and diversify menu offerings. Value-added products such as our premium bacon and sausage, sliced meats and line of premium prepared proteins performed exceptionally well this quarter.

雜貨產品部門在本季度實現了強勁的有機銷量和銷售增長，並且隨著消費者以更低的價格尋求靈活性、多功能性和收益，它處於有利的增長狀態。對餐飲服務產品的需求保持高位，經營者再次轉向我們的產品以幫助減輕勞動力壓力和多樣化菜單產品。增值產品，例如我們的優質培根和香腸、肉片和優質預製蛋白系列，本季度表現異常出色。

We saw great demand for brands, including Austin Blues, Natural Choice, Bacon 1, Cafe H and Old Smokehouse. Regardless of channel, our brands have responded well to the pricing actions we have taken over the past 18 months even as current macroeconomic conditions pressure some of our customers, consumers and operators. The demand environment has remained favorable, especially for food and convenient meal solutions. We have seen this in the positive syndicated data for many of our Grocery and Refrigerated Products and in the momentum behind our branded foodservice items. In some cases, demand is still outpacing our ability to fully supply.

我們看到對品牌的巨大需求，包括 Austin Blues、Natural Choice、Bacon 1、Cafe H 和 Old Smokehouse。無論渠道如何，我們的品牌都對我們在過去 18 個月採取的定價行動做出了很好的反應，儘管當前的宏觀經濟狀況給我們的一些客戶、消費者和運營商帶來了壓力。需求環境保持良好，尤其是食品和便餐解決方案。我們從我們許多雜貨和冷藏產品的積極聯合數據以及我們品牌餐飲服務項目背後的動力中看到了這一點。在某些情況下，需求仍然超過了我們完全供應的能力。

Our broad portfolio of products spanning value tiers, eating occasions and channels positions us well. We anticipate some additional impact from elasticities as new pricing actions are reflected in the marketplace and we have accounted for this in our outlook. To date, the impact of price elasticities has been muted by other factors such as distribution and assortment gains, and as we have increased production to drive improved fill rates.

我們廣泛的產品組合跨越價值層、飲食場合和渠道，使我們處於有利地位。隨著新的定價行為反映在市場中，我們預計彈性會帶來一些額外的影響，我們在展望中已經考慮到了這一點。迄今為止，價格彈性的影響已被分銷和分類收益等其他因素減弱，並且隨著我們增加產量以提高填充率。

Our teams remain keenly focused on the long-term needs of the business, our strategic priorities, and protecting the equity of our brands. Hormel Foods has a history of continuously evolving to become a better, more agile and more balanced global branded food company. In early August, we announced the next step in our strategic evolution, our Go Forward initiative.

我們的團隊始終專注於業務的長期需求、我們的戰略重點以及保護我們品牌的權益。 Hormel Foods 擁有不斷發展成為更好、更靈活、更平衡的全球品牌食品公司的歷史。 8 月初，我們宣布了戰略發展的下一步，即“前進”計劃。

Effective October 31 of this year, the beginning of fiscal 2023, we will be organizing the business into 3 empowered segments: retail, foodservice and international. As a result of this initiative, we expect to elevate our clear strategic growth priorities; better align the business to the needs of our customers, consumers and operators; deepen our sales capabilities; simplify our approach to customers and operators; and enable faster decision-making. The 3 new segments will continue to be supported by the company's One Supply Chain team and corporate functions.

自今年 10 月 31 日（即 2023 財年伊始）起，我們將把業務分為 3 個授權部門：零售、餐飲服務和國際。由於這一舉措，我們期望提升我們明確的戰略增長重點；更好地使業務與我們的客戶、消費者和運營商的需求保持一致；深化我們的銷售能力；簡化我們對客戶和運營商的處理方式；並加快決策速度。這三個新部門將繼續得到公司的單一供應鏈團隊和公司職能部門的支持。

We are a much different company today than we were even a decade ago. Since the acquisition of SKIPPY in 2013, we have shifted to becoming a global branded food company with a food-forward mentality and a growing set of leading brands across channels. This shift has involved a series of intentional and strategic actions, including numerous strategic acquisitions focused on snacking and entertaining, growing our branded leadership positions in retail and foodservice and expanding our geographic footprint.

與十年前相比，我們今天是一家截然不同的公司。自 2013 年收購 SKIPPY 以來，我們已轉向成為一家全球品牌食品公司，具有食品前沿的心態和越來越多的跨渠道領先品牌。這一轉變涉及一系列有意和戰略性的行動，包括大量專注於零食和娛樂的戰略性收購、提升我們在零售和餐飲服務領域的品牌領導地位以及擴大我們的地理足跡。

It includes regular evaluations of the portfolio, which in some cases led to divestitures of businesses where we identified a better long-term owner; includes a rightsizing of our pork supply chain, including the divestiture of 2 hog harvest facilities and the entry into long-term pork supply agreements. It includes the creation of One Supply Chain, which centralized operations, logistics and sourcing decisions to drive the efficiencies for the total company.

它包括對投資組合的定期評估，在某些情況下，這導致我們確定了更好的長期所有者的業務剝離；包括調整我們的豬肉供應鏈規模，包括剝離 2 個生豬收割設施和簽訂長期豬肉供應協議。它包括創建一個供應鏈，集中運營、物流和採購決策，以提高整個公司的效率。

The modernization of our technology and e-commerce capabilities, including Project Orion and the creation of the digital experience group and most recently, the transformational efforts at Jennie-O Turkey Store. This next step, a new operating model is a culmination of these recent strategic actions.

我們的技術和電子商務能力的現代化，包括 Project Orion 和數字體驗團隊的創建，以及最近在 Jennie-O Turkey Store 的轉型努力。下一步，新的運營模式是這些近期戰略行動的高潮。

As part of the Go Forward initiative, we will be folding in the important work we've been doing to transform the Jennie-O Turkey Store segment. As we said, when we announced the transformational efforts, turkey will continue to play an important role in our company and will contribute to growth in both retail and foodservice. We remain on track to integrate all business functions, combine the Jennie-O Turkey Store supply chain into the broader Hormel Foods One Supply Chain and drive SG&A cost synergies of approximately $20 million to $30 million annually by fiscal 2023.

作為 Go Forward 計劃的一部分，我們將投入我們為改造 Jennie-O 土耳其商店部門所做的重要工作。正如我們所說，當我們宣布轉型努力時，土耳其將繼續在我們公司中發揮重要作用，並將為零售和餐飲服務的增長做出貢獻。我們將繼續整合所有業務功能，將 Jennie-O 土耳其商店供應鏈整合到更廣泛的 Hormel Foods One 供應鏈中，並在 2023 財年之前推動每年約 2000 萬至 3000 萬美元的 SG&A 成本協同效應。

Our successful transition to the new strategic operating model is dependent on strong leadership and execution from our teams. As previously disclosed, Deanna Brady, Mark Ourada and Swen Neufeldt will be leading the retail, foodservice, and international segments, respectively. Each of these leaders has over 25 years of experience with the company and reputations for delivering results.

我們成功過渡到新的戰略運營模式取決於我們團隊的強大領導力和執行力。如前所述，Deanna Brady、Mark Ourada 和 Swen Neufeldt 將分別領導零售、餐飲服務和國際部門。這些領導者中的每一位都在公司擁有超過 25 年的經驗，並在交付成果方面享有盛譽。

Under their leadership, we expect to drive sustainable growth in line with our long-term growth goals of 2% to 3% top line growth and 5% to 7% bottom line growth. There has been a tremendous amount of what we've done on this initiative and more work to do in the coming months as we create the Hormel Foods of the future.

在他們的領導下，我們預計將推動可持續增長，符合我們 2% 至 3% 的收入增長和 5% 至 7% 的利潤增長的長期增長目標。隨著我們創造未來的荷美爾食品，我們在這項倡議上做了很多工作，在接下來的幾個月裡還有更多工作要做。

We will provide more information on Go Forward next week at the Barclays Global Consumer Staples Conference. We will also be releasing recast financial information during the first quarter of fiscal 2023 to aid in comparability to historical financial data.

我們將在下週的巴克萊全球消費必需品大會上提供有關 Go Forward 的更多信息。我們還將在 2023 財年第一季度發布重鑄財務信息，以幫助與歷史財務數據進行比較。

Earlier this week, we released our 2021 Global Impact Report, which details how we are advancing corporate responsibility, ESG, and our food journey at Hormel Foods. This is the 16th year we have published a report of this kind. Thanks to the incredible work and dedication of our team members, partners and suppliers, Hormel Foods is making a difference. We remain committed to our mission to be one of the top corporate citizens in the world and encourage you to review the report and the progress we have made to advance efforts through our 20 By 30 Challenge.

本週早些時候，我們發布了 2021 年全球影響報告，其中詳細介紹了我們如何推進企業責任、ESG 以及我們在荷美爾食品公司的食品之旅。這是我們第 16 年發表此類報告。感謝我們團隊成員、合作夥伴和供應商的出色工作和奉獻，荷美爾食品正在發揮作用。我們將繼續致力於成為世界頂級企業公民之一的使命，並鼓勵您查看報告以及我們在通過 20 By 30 挑戰推動努力方面取得的進展。

Our business remains healthy even as we continue to navigate some of the most difficult operating conditions in the company's 130-year history. Our revised full year guidance reflects both the continued top line strength we expect to see across our business and escalated cost pressures, which are impacting the back half of the year. For the full year, we are increasing our net sales expectations to $12.2 billion to $12.8 billion, and we are lowering our diluted earnings per share guidance range to $1.78 to $1.85 per share.

即使我們繼續在公司 130 年曆史上的一些最困難的經營條件下航行，我們的業務仍然保持健康。我們修訂後的全年指引既反映了我們預期在整個業務中看到的持續收入優勢，也反映了影響下半年的成本壓力。全年，我們將淨銷售額預期提高至 122 億美元至 128 億美元，我們將稀釋後的每股收益指導範圍下調至每股 1.78 美元至 1.85 美元。

There are 2 key takeaways from our guidance revision. One, we expect top line strength across our businesses to continue as our portfolio is well positioned for the current macroeconomic climate. And two, an escalation in certain operational, logistical and inflationary costs, which began impacting results in the third quarter has lowered our earnings expectations for the back half of the year. However, we believe the majority of these cost pressures to be transient in nature and to subside over time.

我們的指導修訂有兩個關鍵要點。一，我們預計我們業務的頂線實力將繼續保持，因為我們的投資組合為當前的宏觀經濟環境做好了準備。第二，某些運營、物流和通脹成本的上升，開始影響第三季度的業績，降低了我們對下半年的盈利預期。然而，我們認為這些成本壓力中的大部分本質上是暫時的，並且會隨著時間的推移而消退。

First, from a top line perspective, momentum remains very strong. We are confident in our ability to exceed our previous sales guidance due to strong demand for our foodservice and center store grocery brands, higher turkey markets, and the pricing actions we have taken across the portfolio. Our long-term strategy to meet consumers where they want to eat with a broad portfolio of products has been a key differentiator in the current environment.

首先，從頂線的角度來看，勢頭仍然非常強勁。由於對我們的餐飲服務和中心商店雜貨品牌的強勁需求、較高的火雞市場以及我們在整個產品組合中採取的定價行動，我們有信心超越之前的銷售指導。我們的長期戰略是通過廣泛的產品組合滿足消費者的需求，這一直是當前環境中的關鍵差異化因素。

Second, we expect to absorb incremental costs in the fourth quarter related to certain operational, logistical and inflationary headwinds similar to what we experienced in the third quarter. In terms of magnitude, we view each of these cost buckets similarly.

其次，我們預計第四季度將吸收與某些運營、物流和通脹不利因素相關的增量成本，類似於我們在第三季度所經歷的情況。就數量而言，我們以類似的方式看待這些成本桶中的每一個。

Starting with operational costs. We have made progress across our supply chain over the past year as a recovery in staffing levels has contributed to higher production volumes inventories and fill rates. As we said last quarter, inefficiencies related to new team members and turnover have impacted operations leading to higher costs. We continue to see this pressure in the third quarter and do not expect meaningful improvement for the balance of the year.

從運營成本開始。在過去的一年裡，我們在整個供應鏈上都取得了進展，因為人員配備水平的恢復有助於提高產量庫存和填充率。正如我們上個季度所說，與新團隊成員和營業額相關的低效率影響了運營，導致成本上升。我們在第三季度繼續看到這種壓力，預計今年餘下時間不會有有意義的改善。

We are also experiencing higher-than-expected freight and warehousing costs both domestically and for our international business. Freight rates have moderated recently, but this benefit has been more than offset by elevated fuel surcharges and significantly higher warehousing costs. Protein prices on key inputs have remained elevated compared to our expectations and historical averages. While we have mechanisms in place to manage the impact of elevated and volatile protein costs, markets have generally sustained higher price levels for longer than we anticipated in our previous outlook. We believe these cost pressures are transient and likely to subside over the coming quarters.

我們的國內和國際業務的運費和倉儲成本也高於預期。運費最近有所放緩，但這一優勢被燃油附加費上漲和倉儲成本顯著提高所抵消。與我們的預期和歷史平均水平相比，關鍵投入的蛋白質價格一直處於高位。雖然我們有適當的機制來管理蛋白質成本高企和波動的影響，但市場普遍維持較高價格水平的時間比我們在之前的展望中預期的要長。我們認為這些成本壓力是暫時的，可能會在未來幾個季度消退。

We fully expect our One Supply Chain team to continue to improve over time as our teams effectively onboard, train and retain our new team members while striving to provide a best-in-class workplace experience. This is in addition to the investments we are making in automation and supply chain optimization. We also expect to benefit from the work the team has been doing to control freight expenses and capture the benefits from our recently expanded logistics network.

隨著我們的團隊有效地加入、培訓和留住我們的新團隊成員，同時努力提供一流的工作場所體驗，我們完全期望我們的單一供應鏈團隊隨著時間的推移繼續改進。這是我們在自動化和供應鏈優化方面進行投資的補充。我們還希望從團隊一直在控制貨運費用並從我們最近擴展的物流網絡中獲益的工作中受益。

Finally, we are starting to see a relief across key input cost markets that are better aligned to our expectations, which should present the opportunity for margin expansion in the coming quarters. The revision to guidance for the year is disappointing, but we will continue to manage the business for the long term as we navigate these difficult business conditions, leveraging our balanced business model and experienced management team.

最後，我們開始看到更符合我們預期的關鍵投入成本市場出現緩解，這應該會為未來幾個季度的利潤率擴張提供機會。對本年度指引的修訂令人失望，但我們將利用我們平衡的業務模式和經驗豐富的管理團隊，在應對這些困難的業務條件時繼續長期管理業務。

As I look beyond the fourth quarter, I have a high level of optimism regarding our future. We expect our brands to continue to perform well and plan to introduce an exciting slate of innovation in 2023. We anticipate improvements in our supply chain and the industry-wide supply chain as the broader markets stabilize. We expect turkey supply to normalize, allowing our teams to continue their work to create a demand-oriented and optimized turkey portfolio.

當我展望第四季度之後，我對我們的未來抱有高度的樂觀態度。我們預計我們的品牌將繼續表現良好，併計劃在 2023 年推出一系列令人興奮的創新。隨著更廣泛的市場穩定，我們預計我們的供應鍊和全行業供應鏈將得到改善。我們預計火雞供應將正常化，使我們的團隊能夠繼續他們的工作，以創建以需求為導向和優化的火雞產品組合。

We fully expect our international business to be a significant growth driver for the company and to benefit from the investments we have made during the year, including the new Asia Pacific Innovation Center. And once implemented, our new strategic operating model will better align the businesses to the needs of our customers, consumers and operators to drive sustainable long-term growth. For all of these reasons and from the inspired work of our 20,000 team members around the world, I could not be more excited for the future of our company.

我們完全期望我們的國際業務將成為公司的重要增長動力，並受益於我們在這一年所做的投資，包括新的亞太創新中心。一旦實施，我們的新戰略運營模式將更好地使業務與客戶、消費者和運營商的需求保持一致，從而推動可持續的長期增長。出於所有這些原因，以及我們在全球 20,000 名團隊成員的啟發性工作，我對我們公司的未來感到無比興奮。

At this time, I will turn the call over to Jacinth Smiley to discuss financial information relating to the quarter and provide more color on key drivers to the outlook.

此時，我將把電話轉給 Jacinth Smiley，討論與本季度相關的財務信息，並為前景的關鍵驅動因素提供更多色彩。

Thank you, Jim. Good morning, everyone.

謝謝你，吉姆。大家，早安。

Record third quarter sales were $3 billion. Net sales and organic net sales increased 6% and 3%, respectively, compared to last year. Volume for the quarter was 1.1 billion pounds, down 9% compared to last year. Organic volume declined 11%. These declines were in line with our expectations and are attributable to our effort to rationalize lower-margin commodity port volume and lower Turkey sales as a result of HPAI. These volume declines generally had strong underlying growth from many of the value-added businesses.

創紀錄的第三季度銷售額為 30 億美元。與去年相比，淨銷售額和有機淨銷售額分別增長了 6% 和 3%。本季度的成交量為 11 億英鎊，與去年相比下降了 9%。有機量下降了 11%。這些下降符合我們的預期，歸因於我們努力使利潤率較低的商品港口數量合理化，以及由於 HPAI 導致土耳其銷售額下降。這些銷量下降通常來自許多增值業務的強勁潛在增長。

Gross profit increased to $83 million compared to last year, a 20% increase. Gross profit margin was 16.7% compared to 14.8% last year. Improvement was driven primarily by strength in Jennie-O Turkey Store and the Refrigerated Foods in addition to strategic pricing actions to help offset inflationary pressures.

與去年相比，毛利潤增至 8300 萬美元，增長了 20%。毛利率為 16.7%，而去年為 14.8%。除了有助於抵消通脹壓力的戰略定價行動外，Jennie-O 土耳其商店和冷藏食品的實力也推動了改善。

SG&A expenses declined 2% in the third quarter as we lapped the Planters' acquisition-related expenses last year. SG&A as a percentage of sales for the third quarter decreased to 7.3% from 7.9% last year. We continued to generate strong sales and demonstrate disciplined cost management.

SG&A 費用在第三季度下降了 2%，因為我們去年超過了 Planters 的收購相關費用。第三季度SG&A佔銷售額的百分比從去年的7.9%下降到7.3%。我們繼續創造強勁的銷售業績，並展示了嚴格的成本管理。

We again increased the support for our leading brands. For the quarter, advertising expense increased 21% or approximately $0.01 per share. Advertising expenses have increased 29% year-to-date.

我們再次加大了對領先品牌的支持力度。本季度，廣告費用增加了 21% 或每股約 0.01 美元。今年迄今為止，廣告費用增加了 29%。

Operating income increased 40% to $291 million. On a comparable basis, which removes the impact of Planters onetime costs last year, adjusted operating income increased 17%. Operating margin for the quarter was 9.6% compared to 7.2% last year. Adjusted operating margin was 8.7% last year.

營業收入增長 40% 至 2.91 億美元。在可比基礎上，消除了去年 Planters 一次性成本的影響，調整後的營業收入增長了 17%。本季度的營業利潤率為 9.6%，而去年為 7.2%。去年調整後的營業利潤率為8.7%。

The effective tax rate was 24.5% for the quarter, up from 13.3% for the same period last year. Last year's rate reflected the benefit from a large volume of stock option exercises and a onetime foreign tax benefit. Our effective tax rate guidance range of 20.5% to 22.5% remains unchanged. For the quarter, diluted earnings per share of $0.40 represented a 25% increase compared to last year. On a comparable basis, adjusted diluted earnings per share increased 3%.

本季度的有效稅率為 24.5%，高於去年同期的 13.3%。去年的稅率反映了大量股票期權行使和一次性外國稅收優惠的好處。我們 20.5% 至 22.5% 的有效稅率指導範圍保持不變。本季度，每股攤薄收益為 0.40 美元，比去年增長 25%。在可比基礎上，調整後的攤薄每股收益增長了 3%。

The company continued to generate consistent and strong cash flows. Operating cash flow for the third quarter increased 143% to $186 million and operating cash flow through the first 3 quarters increased 74% to $763 million. We paid our 376th consecutive quarterly dividend effective August 15 at an annual rate of $1.04 per share. This completes the 94th consecutive year of uninterrupted dividend payments to our shareholders.

公司繼續產生穩定而強勁的現金流。第三季度的經營現金流增加了 143% 至 1.86 億美元，前三個季度的經營現金流增加了 74% 至 7.63 億美元。自 8 月 15 日起，我們以每股 1.04 美元的年利率連續支付了第 376 個季度股息。這完成了連續第 94 年不間斷地向我們的股東支付股息。

Capital expenditures in the third quarter were $61 million compared to $54 million last year. The fiscal 2022 target for capital expenditures is unchanged at $310 million. We are benefiting from new production capacity we have added to our system over the past year and remain on track to open new capacity for SPAM in the first half of fiscal 2023.

第三季度的資本支出為 6100 萬美元，而去年為 5400 萬美元。 2022 財年資本支出目標保持不變，為 3.1 億美元。我們受益於我們在過去一年中添加到系統中的新產能，並有望在 2023 財年上半年為 SPAM 開闢新產能。

Remaining investment grade is a top priority for the company. Since acquiring Planters business last year, we have grown our cash position and EBITDA. On a net basis, we're now well within the stated goal of 1.5 to 2x EBITDA by 2023.

保持投資級別是公司的首要任務。自去年收購 Planters 業務以來，我們的現金頭寸和 EBITDA 都有所增加。在淨額基礎上，我們現在完全處於到 2023 年 1.5 到 2 倍 EBITDA 的既定目標之內。

Turning to our segment results for the quarter. Refrigerated Foods volume declined 18% and organic volume decreased 19% compared to last year. As referenced earlier, this anticipated decline in volume was primarily due to lower commodity sales resulting from the company's new pork supply agreement. Sales increased 2% and organic sales increased 1%. Retail products, such as Applegate, natural and organic needs, Hormel's Gatherings party trays, Hormel Natural Choice sliced meats, Hormel Square Table entrees and Lloyd's barbeque products grew volume and sales for the quarter while the Foodservice businesses delivered another excellent quarter.

轉向我們本季度的細分市場業績。與去年相比，冷藏食品的銷量下降了 18%，有機食品的銷量下降了 19%。如前所述，預期的銷量下降主要是由於公司新的豬肉供應協議導致商品銷售下降。銷售額增長 2%，有機銷售額增長 1%。零售產品，如 Applegate、天然和有機需求、荷美爾聚會派對托盤、荷美爾天然精選肉片、荷美爾方桌主菜和勞埃德燒烤產品在本季度的銷量和銷售額增長，而餐飲服務業務又創造了一個出色的季度。

Refrigerated Foods segment profit increased 16% driven by strong results from the value-added businesses, more than offsetting higher operational and logistics costs and lower commodity profitability. Grocery Products volume increased 15% and sales increased 25%, led by strong demand across the nut butters. Mexican and simple meals portfolio and the addition of the Planters business. Organic volume increased 8% and organic sales increased 13%. Organic sales gains were led by products such as SKIPPY Spreads, WHOLLY Guacamole, Hormel chili, Dinty Moore beef stew and Mary Kitchen hash.

由於增值業務的強勁業績，冷藏食品部門的利潤增長了 16%，抵消了較高的運營和物流成本以及較低的商品盈利能力。雜貨產品的銷量增長了 15%，銷售額增長了 25%，這主要得益於堅果醬的強勁需求。墨西哥和簡單的膳食組合以及種植者業務的增加。有機銷量增長 8%，有機銷售額增長 13%。有機銷售增長由 SKIPPY Spreads、Wholely Guacamole、Hormel chili、Dinty Moore 燉牛肉和 Mary Kitchen hash 等產品引領。

Segment profit declined 5% due to the impact from continued inflationary pressures and lower results from MegaMex. Jennie-O Turkey Store delivered another outstanding quarter despite challenges related to HPAI. Volume and sales declines were less than expected and segment profit increased by more than $30 million due to higher commodity prices and foodservice sales.

由於持續的通脹壓力和 MegaMex 業績下降的影響，分部利潤下降了 5%。儘管存在與 HPAI 相關的挑戰，Jennie-O Turkey Store 仍交付了另一個出色的季度。由於商品價格和餐飲服務銷售的上漲，銷量和銷售額的下降幅度小於預期，分部利潤增加了超過 3000 萬美元。

For the International & Other segment, volume was down 11% and organic volume declined 12%. Net sales declined 5% and organic sales fell 6%. Higher global sales of SPAM luncheon meat and improved results in Brazil did not overcome an overall decline in export sales and lower sales in China. Export volumes declined because of current export logistics challenge and lower commodity sales due to the company's new pork supply agreement. Sales in China was negatively impacted by COVID-related restrictions and temporary planned shutdowns.

對於國際和其他部門，銷量下降了 11%，有機銷量下降了 12%。淨銷售額下降 5%，有機銷售額下降 6%。 SPAM 午餐肉的全球銷售額增加和巴西業績的改善並沒有克服出口銷售額的整體下降和中國銷售額的下降。由於當前的出口物流挑戰以及公司新的豬肉供應協議導致商品銷售下降，出口量下降。在中國的銷售受到與 COVID 相關的限制和臨時計劃停工的負面影響。

Segment profit declined 9% as growth in China did not offset the impact of lower export sales. We have revised our full year fiscal 2022 sales and earnings guidance ranges. Consolidated net sales are expected to exceed our previous expectations benefiting from continued top line strength and pricing actions implemented across the gross products portfolio at the start of the quarter.

由於中國的增長未能抵消出口銷售下降的影響，分部利潤下降了 9%。我們已經修改了我們的 2022 財年全年銷售和收益指導範圍。受益於本季度初在整個總產品組合中實施的持續收入增長和定價行動，綜合淨銷售額預計將超過我們之前的預期。

We project elasticities to remain below historical levels. From a segment perspective, we anticipate profit growth from the Jennie-O Turkey Store and International & Other and anticipate declines for Refrigerated Foods and Grocery Products. As a reminder, all segments benefited from an additional week of sales in the fourth quarter of fiscal 2021.

我們預計彈性將保持在歷史水平以下。從細分市場的角度來看，我們預計 Jennie-O Turkey Store 和 International & Other 的利潤將增長，並預計冷藏食品和雜貨產品的利潤將下降。提醒一下，所有細分市場都受益於 2021 財年第四季度的額外一周銷售。

Jennie-O Turkey Store remains on pace to exceed profit expectations for the year with significant profit growth in the fourth quarter. Sales volumes are projected to decline approximately 30% in the fourth quarter due to continued supply gaps in its vertically integrated supply chain and whole-bird sales pulled forward into the third quarter. Further, with the positive cases identified earlier this week in our supply chain, we expect the impact from HPAI to reduce production volume in our turkey facilities through at least the end of the first quarter of fiscal year 2023.

Jennie-O 土耳其店今年的利潤仍有望超過預期，第四季度利潤顯著增長。由於其垂直整合供應鏈的持續供應缺口以及整雞銷售提前至第三季度，預計第四季度的銷量將下降約 30%。此外，鑑於本週早些時候在我們的供應鏈中發現的積極案例，我們預計 HPAI 的影響將至少在 2023 財年第一季度末之前減少我們土耳其設施的產量。

The International & Other segment anticipates growth in the fourth quarter driven by branded exports and improved profitability in China. Persistent shipping interruptions pose a risk to export sales and profit growth while additional COVID-related restrictions in China could pressure in-country results.

國際和其他部門預計第四季度的增長將受到品牌出口和中國盈利能力提高的推動。持續的運輸中斷對出口銷售和利潤增長構成風險，而中國額外的與 COVID 相關的限制可能會給國內業績帶來壓力。

Refrigerated Foods expects continued strength in the foodservice business and strong demand for its retail products. Profits will be pressured by higher raw material and operational and logistics costs. Lastly most of products expect improved results sequentially due to strong demand across the business and from pricing actions effective at the beginning of the fourth quarter.

Refrigerated Foods 預計餐飲服務業務將繼續保持強勁勢頭，對其零售產品的需求也將保持強勁。更高的原材料以及運營和物流成本將給利潤帶來壓力。最後，由於整個業務的強勁需求以及第四季度初生效的定價行動，大多數產品都預計業績會有所改善。

As Jim detailed, we continue to battle extreme input cost volatility and inflation during the third quarter and expect this to continue for the balance of the year. Our previous outlook assumed key protein markets to move seasonally lower into the fourth quarter. Given that prices on key inputs remained elevated for the majority of August, we are managing through higher-than-expected inventory costs to begin the quarter.

正如吉姆所詳述的那樣，我們在第三季度繼續與極端的投入成本波動和通貨膨脹作鬥爭，並預計這將在今年餘下時間繼續。我們之前的展望假設主要蛋白質市場在第四季度季節性走低。鑑於關鍵投入品的價格在 8 月的大部分時間裡保持高位，我們正在通過高於預期的庫存成本來管理本季度開始。

We have seen some relief in these key markets over the past week which, if sustained, would benefit margins in the back half of the fourth quarter. Lower industry-wide turkey supplies are expected to keep prices higher near term. Breast meat prices set a record in the third quarter and have yet to moderate. Our team has done an exceptional job managing through disruptions caused by HPAI.

過去一周，我們看到這些主要市場有所緩解，如果持續下去，將有利於第四季度後半段的利潤率。預計整個行業的火雞供應量減少將使近期價格保持較高水平。胸肉價格在第三季度創下歷史新高，但尚未放緩。我們的團隊在管理 HPAI 造成的中斷方面做得非常出色。

We continue to see increased hiring and applicant flow at our production facilities. Inefficiencies and elevated production costs related to newer team members, turnover, absenteeism and overtime, have affected operations but should ease over time. Investments in value-added capacity are paying off strategically, including our pepperoni expansion in Omaha, new bacon lines at the Austin facility and the addition of co-manufacturing partners to support multiple product lines.

我們繼續看到我們生產設施的招聘和申請人流量增加。與新團隊成員、人員流動、缺勤和加班相關的低效率和高生產成本已經影響了運營，但隨著時間的推移應該會有所緩解。對增值能力的投資正在獲得戰略性回報，包括我們在奧馬哈的意大利辣香腸擴張、奧斯汀工廠的新培根生產線以及增加聯合製造合作夥伴以支持多個產品線。

We expect freight and warehousing costs for the domestic and international businesses to remain elevated, and our One Supply Chain team is actively looking for ways to drive efficiencies and control costs.

我們預計國內和國際業務的貨運和倉儲成本將保持高位，我們的單一供應鏈團隊正在積極尋找提高效率和控製成本的方法。

In closing, I am excited for the next step in our evolution as a global branded food company, the Go Forward initiative. This will create greater focus on our 6 strategic priorities, better align our business to the needs of our customers, consumers and operators and position us well to drive sustainable long-term growth and shareholder value.

最後，我對我們作為全球品牌食品公司的下一步發展感到興奮，即 Go Forward 計劃。這將使我們更加關注我們的 6 個戰略重點，更好地使我們的業務與客戶、消費者和運營商的需求保持一致，並使我們處於有利地位，以推動可持續的長期增長和股東價值。

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

這個時候，我會把電話轉給接線員來處理電話的問答部分。

(Operator Instructions) Our first question today comes from Rupesh Parikh from Oppenheimer.

（操作員說明）我們今天的第一個問題來自 Oppenheimer 的 Rupesh Parikh。

I want to start with the longer-term question, and I'm guessing this may have to wait until next week. But with your Go Forward initiative, which segments do you think will see the greatest impact from the structure change?

我想從長期問題開始，我猜這可能要等到下週。但是，通過您的 Go Forward 計劃，您認為哪些細分市場會受到結構變化的最大影響？

Yes, I mean so obviously, the biggest impact is going to happen in our Retail segment. And that's really the segment that we're excited about all of them. But as we think about the opportunities for us to really accelerate progress on our 6 strategic priorities, that's the one that's going to have the biggest impact. So really being able to align the operating model with the strategic initiatives in a bigger way than we ever have before is really going to be exciting.

是的，我的意思很明顯，最大的影響將發生在我們的零售部門。這確實是我們對所有這些都感到興奮的部分。但是，當我們考慮真正加快 6 項戰略重點進展的機會時，這將是影響最大的一項。因此，真正能夠以比以往任何時候更大的方式將運營模式與戰略舉措保持一致，真的會令人興奮。

Foodservice will have some impact as we move our -- some of our affiliated business in there and then also move the Jennie-O foodservice business in there. It will strengthen us in certain channels or segments like K through 12. International will be the least impacted of all the 3. So really retail, then foodservice and then international.

當我們將我們的一些附屬業務轉移到那裡，然後還將 Jennie-O 食品服務業務轉移到那裡時，餐飲服務將產生一些影響。它將在某些渠道或細分市場中加強我們，例如從 K 到 12。國際將是所有 3 中受影響最小的。所以真正的零售，然後是餐飲服務，然後是國際。

Okay. Great. And then maybe one additional question. I'm not sure -- same thing, I'm not sure if you guys can comment on it. But if you look towards next year, like any early puts and takes on the operating margin line? I'm just trying to get a sense just given all the moving parts on your Jennie-O, some of the cost pressures whether you think you can actually expand operating margins versus your current guidance for this year?

好的。偉大的。然後也許還有一個問題。我不確定——同樣的事情，我不確定你們是否可以對此發表評論。但是，如果你展望明年，就像任何早期的看跌期權和運營利潤率線一樣？考慮到 Jennie-O 上的所有活動部件，我只是想了解一些成本壓力，您是否認為與今年的當前指導相比，您實際上可以擴大營業利潤率？

Yes. I mean it's early to look into 2023. I mean as we're thinking about it, so far, we expect that our brands will continue to perform well in face of pricing. We talked about some of the innovation that we'll be able to bring to the marketplace as supply chain improves. We do expect to see some supply chain improvements. We talked about some of the operational challenges that we've had with new labor turnover, some variances that we hadn't planned for.

是的。我的意思是，現在展望 2023 年還為時過早。我的意思是，在我們考慮它的時候，到目前為止，我們預計我們的品牌在定價方面將繼續表現良好。我們談到了隨著供應鏈的改進，我們將能夠為市場帶來的一些創新。我們確實希望看到供應鏈有所改善。我們談到了新的勞動力流動帶來的一些運營挑戰，以及我們沒有計劃的一些差異。

We know that we've got to get better on that side. So there's certainly going to be opportunities for us in 2023, also a recovery in our International segment as we think about maybe lockdowns of not being as frequent in China, exports being able to pick up. And then we do expect a benefit from our Go Forward initiative as we think about how we can really accelerate the progress on our 6 priorities.

我們知道我們必須在這方面變得更好。因此，我們在 2023 年肯定會有機會，我們的國際部門也將復蘇，因為我們認為中國的封鎖可能不那麼頻繁，出口能夠回升。然後，當我們考慮如何真正加快 6 個優先事項的進展時，我們確實希望從我們的 Go Forward 計劃中受益。

And our next question comes from Ben Theurer from Barclays.

我們的下一個問題來自巴克萊銀行的 Ben Theurer。

I actually wanted to elaborate a little bit, and you alluded to it on the sensitivities. So I want to understand if you could share a few more details and between the volume performance versus the pricing performance because it really feels pricing was a big driver during the quarter. Volume down, I get it in Refrigerated just because of like the change in the business model. But then, obviously, if we put it all together, it feels like volume was a little more under pressure. Would you assign this to elasticities because of the pricing actions? And how do you think you're going to be able to recover some of the volume over time if we look into fiscal '23?

我實際上想詳細說明一下，你提到了敏感性。因此，我想了解您是否可以分享更多細節以及銷量表現與定價表現之間的關係，因為它確實認為定價是本季度的一個重要驅動因素。降低音量，我只是因為商業模式的變化才把它放在冷藏的。但是，顯然，如果我們把它們放在一起，感覺音量有點壓力。由於定價行為，您會將其分配給彈性嗎？如果我們研究 23 財年，您認為隨著時間的推移，您將如何恢復部分交易量？

Yes. I mean as we think about the business spend, clearly, really pleased with the overall health of the business and the performance in the quarter. You touched on it. We knew we were going to have some Refrigerated volume declines. Jennie-O clearly had volume declines tied to HPAI.

是的。我的意思是，當我們考慮業務支出時，顯然對業務的整體健康狀況和本季度的表現感到非常滿意。你觸及了它。我們知道我們將會有一些冷藏量下降。 Jennie-O 的銷量下降顯然與 HPAI 有關。

Our Grocery Products business had strong volume growth. As you dig into some of the specific brands and categories, I would say probably the most softness we have was in the area of bacon, and a lot of that would be tied to the belly market and some of the escalated pricing that we saw throughout the quarter.

我們的雜貨業務有強勁的銷量增長。當您深入研究一些特定的品牌和類別時，我想說我們最柔軟的可能是培根領域，其中很多與肚皮市場和我們在整個過程中看到的一些上漲的價格有關季度。

Perfect. And then just a quick follow-up, if I may, on the new operating model, and obviously, we can explore this more in detail next week. But if we kind of -- and you said it about the importance of it, and we've seen, obviously, retail performing year-to-date relatively strong, up 12%, but foodservice even more. Can you give us a little bit of preview in terms of like the distribution of these segments in terms of relevance? It clearly feels like retail is like most likely more than 50% of it. And that's why this is the most focus where you're most excited about, correct?

完美的。如果可以的話，然後只是對新的運營模式進行快速跟進，顯然，我們可以在下週更詳細地探討這一點。但是，如果我們有點 - 你說過它的重要性，我們顯然已經看到，零售業今年迄今為止的表現相對強勁，增長了 12%，但餐飲服務甚至更多。你能給我們一些關於這些細分在相關性方面的分佈的預覽嗎？很明顯，零售業很可能佔其中的 50% 以上。這就是為什麼這是你最興奮的焦點，對嗎？

Yes. I mean, obviously, retail will be roughly about 60%. We've talked about foodservice in total being just over 30%. And international high single digits. So we're excited about all of them. And really, when we talk about retail being the most impacted, it's because we are bringing together our retail refrigerated, our grocery products unit, our Jennie-O retail.

是的。我的意思是，很明顯，零售將大約佔 60%。我們談到餐飲服務的總比例剛剛超過 30%。和國際高個位數。所以我們對所有這些都感到興奮。真的，當我們談論零售業受影響最大時，這是因為我們將冷藏零售、雜貨產品部門和 Jennie-O 零售整合在一起。

So you do have the most change occurring there. But we also have the most opportunity to really generate the alignment that we need. And so a perfect example of that, I believe, is when we've talked about entertaining and snacking in a bigger way, being a strategic priority for our organization.

所以你確實在那裡發生了最大的變化。但我們也最有機會真正產生我們需要的一致性。我相信，一個完美的例子就是當我們以更大的方式談論娛樂和零食時，它是我們組織的戰略重點。

Historically, we've had pepperoni and refrigerated retail. We've had our gatherings party trays in our deli organization. We've had, of course, now Planters in our grocery products' organization. And now the ability to bring those together under one pillar and really talk to customers and consumers in a way that we haven't before really excites us for the future.

從歷史上看，我們有意大利辣香腸和冷藏零售。我們的熟食店裡有我們的聚會托盤。當然，現在我們的雜貨產品組織中已經有了種植園主。現在，能夠將這些整合在一個支柱下，並以一種我們以前從未有過的方式真正與客戶和消費者交談，這讓我們對未來感到非常興奮。

Yes. And just a quick add there, Ben. Jim described all of that from a strategic standpoint, if you think about how we go to market as well, what this model actually does, it really just bolster how we go to market as a company and just bringing that one Hormel to bear, and that's truly going to be a strategic advantage for us.

是的。只需快速添加一下，本。吉姆從戰略的角度描述了所有這些，如果你想想我們如何進入市場，這個模型實際上做了什麼，它真的只是支持我們作為一家公司進入市場的方式，只是讓那個荷美爾承擔，並且這對我們來說確實是一個戰略優勢。

Our next question comes from Ken Zaslow from Bank of Montreal.

我們的下一個問題來自蒙特利爾銀行的 Ken Zaslow。

My first question is on SKIPPY, with all the volume that was created there, where does the profit go to? It seemed like there would be a greater association with the increased opportunity created there. Did you guys have co-packers? Was there a shortfall of supply? It just seems like there was a lot of top line but didn't really translate to the bottom line.

我的第一個問題是關於 SKIPPY，那裡創造的所有交易量，利潤都去哪兒了？似乎與那裡創造的更多機會有更大的關聯。你們有合作包裝嗎？供應是否短缺？似乎有很多頂線，但並沒有真正轉化為底線。

Yes. There definitely was a benefit from SKIPPY in the quarter. Really, as we talked about it with the escalation in costs, it's really across the board. We've talked about the operational inefficiencies. So even though in aggregate, we're at a good place with our total number of employees, those employees are younger, less experienced and we are seeing that turnover.

是的。本季度 SKIPPY 肯定有好處。真的，當我們談到成本上升時，它真的是全面的。我們已經討論了運營效率低下的問題。因此，儘管總體而言，我們的員工總數處於有利位置，但這些員工更年輕，經驗不足，我們正在看到這種流動。

And then we talked about some of the input costs, so continued escalation for -- across the supply chain -- and then specifically towards the end of the quarter as we saw some of the raw materials run up. And so that really is what created that erosion of the benefit from Skippy. But we definitely did see a benefit in the quarter.

然後我們談到了一些投入成本，因此在整個供應鏈中持續升級，然後特別是在本季度末，因為我們看到一些原材料上漲。因此，這確實是造成 Skippy 收益受到侵蝕的原因。但我們確實在本季度看到了好處。

Okay. And then my second question is when you think about your long-term guidance, look, the last couple of years, you really haven't been within that. Is it -- what is it that changes? And is 2023, 2024 back into that long-term guidance range? Or is it going to still take time to reestablish your growth algorithm on a more consistent basis? How do you think about that?

好的。然後我的第二個問題是，當您考慮您的長期指導時，看，過去幾年，您真的沒有參與其中。是——改變了什麼？ 2023、2024 年是否又回到了長期指導範圍？或者，在更一致的基礎上重新建立你的增長算法是否還需要時間？你怎麼看？

Yes. I mean we're very positive about the business. We know that the brands are strong, the business is strong. We continue to fight the escalation in costs. We know that we have work to do on the operational front. We talked about our need to really capture the synergies and the value and our expanded logistics model. We've taken appropriate pricing.

是的。我的意思是我們對業務非常積極。我們知道品牌強大，業務強大。我們繼續與成本上升作鬥爭。我們知道我們在運營方面還有工作要做。我們談到了我們需要真正捕捉協同效應和價值以及我們擴展的物流模式。我們採取了適當的定價。

We are starting to see some relief on input costs here in the fourth quarter. That should translate into 2023. We've got back to pricing, the full year impact of some of the pricing that we've put in place. And I think -- for us, it is a better internal supply chain performance that will be a key driver for us. We do expect brands to continue to perform well. And so we're confident in our ability to deliver our long-term growth algorithm. We do have some work to do, but we're confident that we can get it done.

我們開始看到第四季度的投入成本有所緩解。這應該會轉化為 2023 年。我們已經回到定價問題，即我們實施的一些定價對全年的影響。我認為——對我們來說，更好的內部供應鏈績效將成為我們的關鍵驅動力。我們確實預計品牌將繼續表現良好。因此，我們對提供長期增長算法的能力充滿信心。我們確實有一些工作要做，但我們有信心完成它。

Yes. And just to add to that, we also are currently underway executing the automation and really getting -- optimizing in different fronts from an operation standpoint. So that should certainly add to us being successful at executing on our long-term goals as well.

是的。除此之外，我們目前還在執行自動化並真正獲得 - 從操作的角度在不同方面進行優化。因此，這肯定會增加我們在執行長期目標方面的成功。

Our next question comes from Tom Palmer from JPMorgan.

我們的下一個問題來自摩根大通的 Tom Palmer。

I wanted to ask on the Grocery Product side. Is the pricing that you've taken enough to offset the inflation that you're facing? Do you need additional rounds of pricing to address this still mounting inflation or maybe given your view that costs eased are added rounds of pricing maybe not planned at this point? Just trying to understand that dynamic and what kind of causes the inflection in grocery.

我想問雜貨產品方面的問題。您採取的定價是否足以抵消您面臨的通貨膨脹？您是否需要額外輪次的定價來解決這種仍在上升的通貨膨脹，或者考慮到您認為降低成本是增加輪次定價可能目前還沒有計劃？只是想了解這種動態以及是什麼導致了雜貨店的變化。

Yes. Thanks, Tom. Obviously, we're pleased with the strong organic top line growth, the strong demand for the Grocery Products portfolio. And you described the cost and pricing scenario very well. With the relief that we've recently seen from some of the key inputs, we don't believe that additional pricing is going to be necessary, that the pricing that is now going into effect in Q4 will be sufficient. But we did have pressure at the end of Q3 and in the early part of Q4 because of those elevated markets.

是的。謝謝，湯姆。顯然，我們對強勁的有機收入增長以及對雜貨產品組合的強勁需求感到滿意。你很好地描述了成本和定價方案。由於我們最近從一些關鍵輸入中看到了緩解，我們認為不需要額外的定價，現在在第四季度生效的定價就足夠了。但由於那些高漲的市場，我們在第三季度末和第四季度初期確實有壓力。

Understood. And then maybe ask another question on the 4Q outlook. So it sounds like the third quarter overall was pretty consistent with what you had talked about a quarter ago. So it would seem that essentially, the guidance cut was mainly for reduced expectations around the fourth quarter.

明白了。然後可能會就第四季度的前景提出另一個問題。所以聽起來第三季度總體上與你在一個季度前談到的內容非常一致。因此，從本質上看，下調指引主要是為了降低第四季度左右的預期。

From the comments today, it sounds like the kind of greatest incremental pressure was on refrigerated food -- is that accurate? And then to what extent do these easing costs that you mentioned in the last week, are they factored into the guidance range?

從今天的評論來看，聽起來最大的增量壓力是在冷藏食品上——這準確嗎？那麼您在上週提到的這些寬鬆成本在多大程度上被納入指導範圍？

Yes. So it's a couple of things. The Refrigerated Foods group is impacted by the elevated markets as well. And as we think about the fourth quarter, there's always going to be the puts and takes. We've obviously seen a reoccurrence of HPAI with [Josh]. And so really, watching to see how that plays out throughout the quarter from an upside potential? Or is there some risk, really understanding what will happen with the consumer with this last round -- most recent round of GP pricing.

是的。所以這是幾件事。冷藏食品集團也受到高架市場的影響。當我們考慮第四季度時，總會有看跌期權。我們顯然已經看到 [Josh] 再次出現 HPAI。那麼，真的，看看它在整個季度的上行潛力如何發揮作用？或者是否存在一些風險，真正了解最後一輪消費者會發生什麼——最近一輪的 GP 定價。

And then the other part that is on our radar is although we've seen this market relief, we have also seen just an incredible amount of market volatility throughout the year. And so we've seen significant moves up and down. And so while we're in a better position today, we'll be watching that closely because we know how quickly that can change.

然後我們關注的另一部分是，儘管我們已經看到了市場的緩解，但我們也看到了全年的市場波動幅度令人難以置信。因此，我們已經看到了顯著的上下波動。因此，雖然我們今天處於更好的位置，但我們將密切關注這一點，因為我們知道這會以多快的速度發生變化。

Our next question comes from Robert Moskow from Credit Suisse.

我們的下一個問題來自瑞士信貸的羅伯特莫斯科。

A couple of questions. In the Grocery division, I'm now forecasting based on your guidance, I think a decline in profits for the year of about $20 million, $30 million. And that's despite having 7 months incremental of the Planters acquisition.

幾個問題。在雜貨部門，我現在根據您的指導進行預測，我認為今年的利潤下降了大約 2000 萬美元，3000 萬美元。儘管對 Planters 的收購增加了 7 個月。

So I guess I'd like to know, is Planters weaker than you thought? I didn't hear you reiterate Planters is double accretion number today. Maybe that's just -- it's still there. But -- and if it's not that, what is -- is it, which of the other brands? And then I have a follow-up, please.

所以我想我想知道，Planters 比你想像的要弱嗎？我沒有聽到你重申Planters 今天是雙倍增長。也許那隻是 - 它仍然存在。但是 - 如果不是這樣，那是什麼 - 它是其他品牌中的哪個？然後我有一個跟進，請。

Yes. Rob. So a couple of things. Your assessment of the GP division is correct. That will be down for the full year. When we think about Planters, although we probably weren't as intentional, the sales we're on track for the sales guidance that we've provided in line with our $1 billion guide, our earnings continue to be at the high end of that accretion model. And really for us, the long-term strategy is intact, right?

是的。搶。所以有幾件事。您對全科醫生部門的評估是正確的。全年都會下降。當我們想到 Planters 時，雖然我們可能不是故意的，但我們的銷售正按我們提供的 10 億美元指南提供的銷售指導走上正軌，我們的收入繼續處於高端吸積模型。真的對我們來說，長期戰略是完整的，對吧？

So as we think about this being an important part of our entertaining and stacking platform, the work that we're doing in C-stores, the business is still performing the way we want it. There's always opportunities within categories. But overall, the business is well in line with our expectations. And really, what it is, it's the inflation that we've experienced in Grocery Products. And so we've had significant packaging inflation. We've taken incremental pricing along the way. This most recent round of pricing should be very positive and favorable as we head into 2023.

因此，當我們認為這是我們娛樂和堆疊平台的重要組成部分時，我們在 C 商店所做的工作，業務仍在按照我們想要的方式進行。類別中總有機會。但總體而言，該業務符合我們的預期。實際上，它是我們在雜貨產品中經歷的通貨膨脹。因此，我們經歷了顯著的包裝膨脹。我們一直在採取增量定價。隨著我們進入 2023 年，最近一輪的定價應該是非常積極和有利的。

Okay. Maybe a follow-up then. When you talked about transitioning to One Supply Chain model, it sounded like a great idea and it consolidated a lot of the information, consolidated a lot of the, I guess, the decision-making. And yet, here we are in a year where your warehousing costs are higher than you thought your freight is and you're having still lingering labor issues. And I guess I have to ask, did this transition, did it exacerbate any issues? Did it make any of these issues incrementally easier? Why don't the transition help prevent a lot of these situations?

好的。或許以後有後續。當您談到過渡到單一供應鏈模型時，這聽起來是個好主意，它整合了很多信息，整合了很多，我猜，決策。然而，在我們這一年，您的倉儲成本比您想像的運費要高，而且您的勞動力問題仍然揮之不去。我想我不得不問，這種轉變是否加劇了任何問題？它是否使這些問題變得越來越容易？為什麼過渡不能幫助防止很多這樣的情況？

Yes. Great, great question, Rob. I mean -- and as I sit here, I can't imagine us having gone through what we've gone through over the last several years without having our One Supply Chain in place. Everything you described to have one purview of the supply chain has really helped us throughout COVID and some of these labor challenges. We're not alone in what's happening. You can go across industry and the conversation about turnover and these manufacturing variances, I mean, they're everywhere.

是的。很好，很好的問題，羅布。我的意思是——當我坐在這裡時，我無法想像我們在沒有統一供應鏈的情況下經歷了過去幾年所經歷的一切。您所描述的有關供應鏈的所有內容都在整個 COVID 和其中一些勞動力挑戰中真正幫助了我們。我們並不孤單。您可以跨行業討論關於營業額和這些製造差異的對話，我的意思是，它們無處不在。

We have work to do. And so we do -- we're getting people through the door. We're getting people hired -- there's work to do in terms of training and retaining those people so that we do, over time, develop that experience. That is a problem today. That's not a One Supply Chain issue. That's a broad-based issue.

我們有工作要做。所以我們這樣做了——我們正在讓人們通過大門。我們正在招人——在培訓和留住這些人方面還有很多工作要做，這樣我們才能隨著時間的推移發展這種經驗。這是今天的一個問題。這不是一個供應鏈問題。這是一個廣泛的問題。

And I think when we think about other challenges, we continue to see countless upstream challenges from our suppliers. So industry-wide issues persist. And as I -- I'll finish where I started and that I just can't imagine us having gone through what we went through the last several years without having our One Supply Chain in place.

我認為，當我們考慮其他挑戰時，我們繼續看到來自供應商的無數上游挑戰。因此，整個行業的問題仍然存在。正如我——我將完成我開始的地方，我無法想像我們在沒有我們的單一供應鏈的情況下經歷了過去幾年所經歷的一切。

Our next question comes from Michael Lavery from Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Michael Lavery。

I just wanted to come back to looking ahead a bit into fiscal '23. And maybe specifically, can you give a sense of how much of your commodity exposure is already locked in or hedged and how that might compare to what's typical?

我只是想回顧一下 23 財年。也許具體來說，您能否了解您的商品風險敞口有多少已經鎖定或對沖，以及與典型情況相比如何？

So we are currently, for the moment for 2022, have hedged our grains at around 80% for the year, and we have already started hedging and have actually locked in our hedge for 2023, albeit at an elevated level, given where grain sits today. So that's, of course, another challenge, and we're not 100% hedged. So we still have a little bit of exposure to the market and working through as we think about other areas as well, leaning into 4 contracts where we can, where we are not able to really execute any hedges in those areas.

因此，我們目前在 2022 年將我們的穀物對沖在 80% 左右，我們已經開始對沖並實際上鎖定了 2023 年的對沖，儘管考慮到今天穀物所處的位置，儘管處於較高水平.因此，這當然是另一個挑戰，而且我們並不是 100% 對沖的。因此，在考慮其他領域的同時，我們仍然有一點市場敞口，並努力完成，盡可能地傾向於 4 份合約，但我們無法在這些領域真正執行任何對沖。

So for this time of the year relative to the following fiscal year, are you less or more hedged than normal?

因此，相對於下一個財政年度，您在一年中的這個時候對沖是否比正常情況少或多？

We're consistent with where we're normally sitting at this stage.

我們與我們在這個階段通常所處的位置保持一致。

Okay. And just back to Jennie-O, you touched on the volume impact that will run at least through 1Q '23. Can you give a sense of the magnitude there? Obviously, third and fourth quarter this year, at least what you reported and expect is pretty different in terms of the magnitude of the impact on volume. What would it look like going forward?

好的。回到 Jennie-O，您談到了至少會持續到 23 年第一季度的銷量影響。你能感覺到那裡的規模嗎？顯然，今年第三季度和第四季度，至少在對數量的影響程度方面，您報告和預期的情況大不相同。未來會是什麼樣子？

So going forward, I think tough it depends on what happens with HPAI, certainly. I mean, for this year, for the third quarter, our impact was about 20% less volume going into the fourth will be off 30% volume for the fourth quarter. And our expectation is as we go into the first quarter of next year, if nothing else happened from an HPAI standpoint, we should be rebuilding our supply there and be in a good spot.

所以展望未來，我認為這當然取決於 HPAI 會發生什麼。我的意思是，對於今年第三季度，我們的影響是進入第四季度的銷量減少了約 20%，而第四季度的銷量將減少 30%。我們的預期是，當我們進入明年第一季度時，如果從 HPAI 的角度來看沒有發生任何其他事情，我們應該在那裡重建我們的供應並處於一個好的位置。

So I think you had mentioned though, just a recent case or something that would add some pressure on 1Q. Would the volume pressure there be more like more similar to 4Q? Or do you expect it to be improving?

所以我想你已經提到了，只是最近的一個案例或一些會給第一季度增加一些壓力的事情。那裡的體積壓力會更像4Q嗎？還是您希望它會有所改善？

No. Yes. We don't expect that volume pressure. So we actually -- and you're exactly right. I mean we've had a couple of situations here within the last few days with -- but these were really young birds. And so it is an impact that doesn't impact Q4 at all and actually pushes into the first quarter of next year, but really will be immaterial to the quarter.

不，是的。我們預計不會出現這種體積壓力。所以我們實際上 - 你是完全正確的。我的意思是在過去的幾天裡我們在這裡遇到了一些情況——但這些真的是幼鴿。因此，這種影響根本不會影響第四季度，實際上會持續到明年第一季度，但對於該季度來說確實無關緊要。

Yes. So Michael, if we stay where we are today, we don't expect a material impact in Q1. As this always is, it's a developing situation. And so we'll be watching it closely. But at this point, it's really too early to tell what the impact for Q1 would be.

是的。所以邁克爾，如果我們保持今天的狀態，我們預計第一季度不會產生重大影響。一如既往，這是一個發展中的情況。因此，我們將密切關注它。但在這一點上，現在判斷第一季度的影響還為時過早。

Our next question comes from Ben Bienvenu from Stephens.

我們的下一個問題來自 Stephens 的 Ben Bienvenu。

Jim Salera on for Ben. I wanted to drill down a little bit more on some of the labor challenges. Is it that you're seeing more acute labor markets in the areas that you operate your facilities? And maybe as the economy weakens, that loosens up a little bit and gives you an opportunity to hire more people? Or is it just pure wage issue or flexibility? Or what are some of the specific challenges that are preventing getting those under control?

吉姆·薩萊拉替補本。我想深入了解一些勞動力挑戰。是不是您在您的設施運營地區看到了更為激烈的勞動力市場？也許隨著經濟疲軟，這會放鬆一點，讓你有機會僱用更多的人？還是僅僅是純粹的工資問題或靈活性？或者有哪些具體的挑戰阻礙了這些問題的控制？

Yes. So the issue of hiring, getting people through the door is not a problem, right? So we're getting people hired. What we are seeing is that they're not staying, that there is higher than normal turnover, there's significant absenteeism. And we do think that partly driven by the labor market that we've had, the ability to find many jobs elsewhere.

是的。所以招聘的問題，讓人們進門不是問題，對吧？所以我們正在招人。我們看到的是他們沒有留下來，營業額高於正常水平，缺勤率很高。我們確實認為，部分原因是我們擁有的勞動力市場，能夠在其他地方找到許多工作。

So to your point, is that as the labor market potentially tightens, does that lead to lower turnover, the ability to keep people longer and then build that experience and that training? Absolutely. So it's not getting people hired, it's not a labor rate, it is just keeping the turnover down so that we can build the experience within our facility.

所以就你的觀點而言，隨著勞動力市場的潛在收緊，這是否會導致人員流動率降低、留住員工更長時間、然後積累經驗和培訓的能力？絕對地。所以這不是僱傭員工，也不是勞動力成本，只是降低營業額，這樣我們就可以在我們的設施內建立經驗。

Okay. And as you expand automation through your plants, what's the time frame of how long it will take to get those equipment -- get that equipment in the plant and up and running to supplement maybe some of the necessity for those higher turn labor positions?

好的。當您通過工廠擴展自動化時，獲得這些設備需要多長時間 - 讓這些設備進入工廠並啟動並運行，以補充可能對那些更高轉職的勞動力職位的一些必要性？

Yes. So I mean that's going to vary, right? So we'll continue to always evolve and look for opportunities to take costs out of the plant. So there isn't really any point in time I'd say that we would stop doing that. So it really is a continuing improvement in our mind.

是的。所以我的意思是這會有所不同，對吧？因此，我們將繼續不斷發展並尋找機會降低工廠成本。所以實際上沒有任何時間點我會說我們會停止這樣做。因此，這確實是我們思想的持續改進。

Okay. And then if I could sneak in one quick question on HPAI. Yes, I know there's been a couple of cases pop up here more recently despite the weather getting warmer. Do you guys have anything in maybe your contingency plan? Or if anything you could do to prepare for the possibility of this popping back up as the year progresses?

好的。然後，如果我可以偷偷問一個關於 HPAI 的快速問題。是的，我知道儘管天氣變暖，但最近這裡還是出現了幾個病例。你們有什麼應急計劃嗎？或者，您是否可以做些什麼來為隨著時間的推移而重新出現這種情況的可能性做準備？

Yes. I mean we've obviously done a lot of work since -- you go back to 2015, the biosecurity efforts, the investments that we've made on our farms have been substantial. So we've worked really hard. But clearly, this is still an issue. To your point, the new development is historically warm weather or heat has really tapped this down, but you're starting to see cases in California where temperatures are higher.

是的。我的意思是，我們顯然已經做了很多工作——你可以追溯到 2015 年，生物安全工作，我們對農場所做的投資是巨大的。所以我們真的很努力。但顯然，這仍然是一個問題。就您的觀點而言，新的發展是歷史上溫暖的天氣或高溫確實已經解決了這一問題，但是您開始在加利福尼亞看到溫度更高的情況。

And then just making sure, again, that we've got the continued emphasis and the continued focus on training with our team members that we keep this top of mind so that we are able to minimize the effect.

然後再次確保我們一直強調並繼續專注於與我們的團隊成員一起進行培訓，我們將這一點放在首位，以便我們能夠將影響降到最低。

Our next question comes from Peter Galbo from Bank of America.

我們的下一個問題來自美國銀行的 Peter Galbo。

I'll keep it pretty quick. Jim, just in the context of going back to the new operating model, I guess, I think you're going to stand up a brand -- a new brand center. Just curious, like are there incremental costs or restructuring actions that will come in with the resegmentation and I guess, streamlining everything? I know you've talked about some of the synergies you expect to get, but just any of the upfront costs that we should kind of think about?

我會保持它很快。吉姆，在回到新的運營模式的背景下，我想，我認為你會建立一個品牌——一個新的品牌中心。只是好奇，就像重新細分會帶來增量成本或重組行動，我猜，精簡一切？我知道您已經談到了您希望獲得的一些協同效應，但只是我們應該考慮的任何前期成本嗎？

Yes, it's nothing really significant or material, Peter. We're moving some people around in chairs focusing their expertise in areas that we need some extra emphasis. So as we think about brand fuel, which is that center of excellence to really support all of our strategic pillars and brand in a bigger way. That will consist of our digital experience group, which has been a huge benefit to our organization. We'll continue to strengthen that area, making sure that our insights group is being fully utilized across the entire organization.

是的，彼得，這不是什麼真正重要或重要的事情。我們正在調動一些坐在椅子上的人，將他們的專長集中在我們需要特別強調的領域。因此，當我們考慮品牌燃料時，它是真正以更大的方式真正支持我們所有戰略支柱和品牌的卓越中心。這將包括我們的數字體驗團隊，這對我們的組織來說是一個巨大的好處。我們將繼續加強該領域，確保我們的洞察小組在整個組織中得到充分利用。

So making a few investments there. Continued our good work on innovation and having that even more ingrained with the brand and the strategic pillars. So nothing really material as much as it is moving some people in chairs and then making sure, of course, that we've got all the right financial planning and analysis to support the business in a bigger way. But really nothing from a cost perspective that we're thinking about.

所以在那裡做一些投資。繼續我們在創新方面的出色工作，並將其與品牌和戰略支柱更加根深蒂固。因此，沒有什麼比讓一些人坐在椅子上然後確保我們擁有所有正確的財務規劃和分析來以更大的方式支持業務更重要的事情了。但從我們正在考慮的成本角度來看，真的沒有。

Yes. The other piece I'll add there, I mean, really fundamentally, what it has done for us or what it will do is just to bring the synergistic brain power into one place to be able to support the business and just take away some of the silos in which we're working today and also bringing jobs as well into play as we integrate them into the organization as part of the transformation.

是的。我將在那裡添加的另一部分，我的意思是，從根本上說，它為我們所做的或它將做的只是將協同腦力帶到一個地方，以便能夠支持業務並帶走一些我們今天工作的孤島，也帶來了工作，因為我們將它們整合到組織中，作為轉型的一部分。

Got it. Okay. No, that's helpful. And then, Jim, I just want to go back to your comments around what I'm assuming mostly pertain to the hog markets. Obviously, you've seen a little bit of relief here. Your commentary suggested over time, you're expecting some relief. But just as we think out 12 to 18 months, just what are you tracking? What are you seeing that's suggesting you maybe that you'll get some relief on the protein side?

知道了。好的。不，這很有幫助。然後，吉姆，我只想回到你關於我假設主要與生豬市場有關的評論。顯然，您在這裡看到了一些緩解。隨著時間的推移，您的評論提出了建議，您期待一些緩解。但就在我們考慮 12 到 18 個月時，您在跟踪什麼？你看到了什麼暗示你可能會在蛋白質方面得到一些緩解？

Just given some of the USDA forecasts or maybe for less protein availability next year as opposed to more, and I would think that would keep prices higher. But just curious if there's anything that you're seeing that we should be aware of?

只是考慮到美國農業部的一些預測，或者明年的蛋白質供應量可能會減少而不是更多，我認為這將使價格保持較高水平。但只是好奇你是否看到了我們應該注意的任何事情？

Yes, I think the biggest thing there, Peter, is the volatility that we continue to see. So in terms of the absolute supply, I mean our view is consistent with what everybody else is seeing. We're obviously going to be making some forecasts that are probably tied more to slightly higher than historical averages.

是的，彼得，我認為最重要的是我們繼續看到的波動。因此，就絕對供應而言，我的意思是我們的觀點與其他人所看到的一致。我們顯然會做出一些預測，這些預測可能與略高於歷史平均水平有關。

But really, the difference in all of this is that, that volatility or when some of these markets are staying elevated longer than they historically have, like we've just seen here at the end of Q3 and for us, the first period of Q4. That's where we really start to experience some of that compression. So when you've got the elevation that's higher longer and then some of the volatility that has been persistent throughout the year.

但實際上，所有這一切的不同之處在於，波動性或其中一些市場保持高位的時間超過了歷史水平，就像我們剛剛在第三季度末看到的那樣，對我們來說，第四季度的第一階段.那是我們真正開始體驗一些壓縮的地方。因此，當您獲得更高的海拔高度時，然後是全年持續存在的一些波動。

And our next question comes from Adam Samuelson from Goldman Sachs.

我們的下一個問題來自高盛的亞當薩繆爾森。

A lot of ground's been covered, but hoping maybe kind of get your view on trade and promotional spending here. I mean, you talked about the specific advertising dollars that -- in SG&A that are up, but the trade spend that would be kind of above the revenue line.

已經涵蓋了很多內容，但希望您對這裡的貿易和促銷支出有所了解。我的意思是，您談到了在 SG&A 中增加的特定廣告費用，但貿易支出將高於收入線。

Any color on what that looks like today relative to maybe pre-COVID? And do you think that's going to have to get a bigger lever to pull over the next 12 to 18 months to combat maybe more risk in consumer price elasticity and retailers that might be a bit more wary of pricing actions?

相對於 COVID 之前的情況，今天的樣子有什麼顏色嗎？您是否認為在接下來的 12 到 18 個月內，是否需要更大的槓桿來應對消費者價格彈性和零售商可能對定價行為更加謹慎的風險？

Yes. I think, Adam, as supply continues to improve -- and we talked about still having a number of categories where demand is outstripping supply, but as supply continues to improve, we do expect that to be a lever that we've -- historically, we've always used it. We'll continue to use that in conjunction with the advertising dollars that we need to build the brand equity and build that connection with consumer. So yes, we do expect to see that to continue to be an integral part of our business going forward.

是的。我認為，亞當，隨著供應繼續改善——我們談到仍有許多類別的需求超過供應，但隨著供應繼續改善，我們確實希望這將成為我們歷史上的一個槓桿，我們一直使用它。我們將繼續將其與建立品牌資產並與消費者建立聯繫所需的廣告費用結合使用。所以是的，我們確實希望看到它繼續成為我們未來業務不可或缺的一部分。

And as we think about our updated operating model and we start to bring these retail businesses together, that's also going to be a benefit for us as we'll have, again, a bigger purview of all the retail businesses in terms of how we're interacting with customers and consumers.

當我們考慮更新的運營模式並開始將這些零售業務整合在一起時，這對我們來說也將是一個好處，因為我們將再次擁有所有零售業務的更大範圍，以我們如何重新與客戶和消費者互動。

Okay. And then just quickly, in foodservice, any color you could provide maybe by some of the different channels or verticals within foodservice between quick service or institutional? You guys have a pretty broad kind of customer set there. And just any color on differences in trends between them would be helpful.

好的。然後很快，在餐飲服務中，您可以通過快速服務或機構之間的餐飲服務中的一些不同渠道或垂直提供任何顏色？你們那裡有相當廣泛的客戶群。他們之間趨勢差異的任何顏色都會有所幫助。

Yes. Not at this point, Adam. I mean we're seeing continued strength across all of the different channels where we compete. And I would say that a big driver of that, we've talked about some of our labor issues. So many foodservice operators are facing those same labor issues. So they're forced to think differently about how they're going to be able to provide products.

是的。不是在這一點上，亞當。我的意思是，我們在競爭的所有不同渠道中都看到了持續的實力。我會說這是一個重要的驅動因素，我們已經討論了我們的一些勞工問題。如此多的餐飲服務經營者面臨著同樣的勞工問題。所以他們被迫以不同的方式思考他們將如何提供產品。

And we talked a lot about the value-added offerings that we have in our foodservice portfolio really being able to help those operators move the labor that they do have from back of the house to front of the house, and we are -- we continue to see that play out.

我們談了很多關於我們在餐飲服務組合中提供的增值產品真正能夠幫助那些運營商將他們擁有的勞動力從房子後面轉移到房子前面，我們 - 我們繼續看那場比賽。

We have seen a strong back-to-school season, not only with our Jennie-O K through 12 business, but with the work that the Hormel side does on the colleges and universities. So again, really, really strong broad-based foodservice business.

我們看到了一個強勁的返校季，不僅是因為我們的 Jennie-O K 到 12 歲，還有荷美爾方面在高校所做的工作。再說一次，非常非常強大的基礎廣泛的餐飲服務業務。

And ladies and gentlemen, with that, we'll be concluding today's question-and-answer session. At this time, I'd like to turn the floor back over to Jim Snee for any closing remarks.

女士們，先生們，至此，我們將結束今天的問答環節。在這個時候，我想把發言權轉回給 Jim Snee 來做最後的發言。

Yes. Thank you. I want to thank all of you for joining us today. As we've talked about this morning, our business remains incredibly healthy even as we continue to navigate some of the most difficult operating conditions in our company's 130-year history.

是的。謝謝你。我要感謝大家今天加入我們。正如我們今天早上所談到的那樣，即使我們繼續在公司 130 年曆史上最困難的運營條件下航行，我們的業務仍然非常健康。

Our team is focused on a strong finish to 2022, but we're also incredibly excited about our future with the implementation of our Go Forward initiative to update and better align our operating model against our strategic initiatives. This is a positive and exciting time for Hormel Foods. Have a safe and enjoyable Labor Day weekend.

我們的團隊專注於在 2022 年取得圓滿成功，但我們也對我們的未來感到非常興奮，因為我們實施了 Go Forward 計劃，以更新和更好地調整我們的運營模式與我們的戰略計劃相一致。對於荷美爾食品來說，這是一個積極而激動人心的時刻。度過一個安全愉快的勞動節週末。

And ladies and gentlemen, with that, we'll conclude today's conference call and presentation. We do thank you for joining today's conference. You may now disconnect your lines.

女士們，先生們，到此，我們將結束今天的電話會議和演講。我們非常感謝您參加今天的會議。您現在可以斷開線路。