荷美爾 (HRL) 2024 Q1 法說會逐字稿

Ladies and gentlemen, and welcome to the Hormel Foods Corporation First Quarter Earnings Conference Call. (Operator Instructions) This call is being recorded on Thursday, February 29, 2024.

女士們、先生們，歡迎參加荷美爾食品公司第一季財報電話會議。 （操作員說明）此通話錄音時間為 2024 年 2 月 29 日星期四。

I would now like to turn the conference over to David Dahlstrom, Director of Investor Relations. Please go ahead.

我現在想將會議交給投資者關係總監 David Dahlstrom。請繼續。

Good morning. Welcome to the Hormel Foods conference call for the first quarter of fiscal 2024. We released our results this morning before the market opened around 6:30 a.m. Eastern Time. A copy of the release can be found on our website, hormelfoods.com under the Investors section.

早安.歡迎參加荷美爾食品 2024 財年第一季的電話會議。今天早上，我們在東部時間上午 6:30 左右市場開盤前發布了業績。新聞稿的副本可以在我們的網站 hormelfoods.com 的「投資者」部分找到。

On our call today is Jim Snee, Chairman of the Board, President and Chief Executive Officer; Jacinth Smiley, Executive Vice President and Chief Financial Officer; and Deanna Brady, Executive Vice President of the Retail segment.

今天與我們通話的是董事會主席、總裁兼執行長 Jim Snee； Jacinth Smiley，執行副總裁兼財務長；迪安娜·布雷迪 (Deanna Brady)，零售部門執行副總裁。

Jim will review the company's first quarter results and give a perspective on the rest of fiscal 2024. Jacinth will provide detailed financial results and further commentary on our outlook. Deanna will join Jim and Jacinth for the Q&A portion of the call. The line will be open for questions following Jacinth's remarks. As a courtesy to the other analysts, please limit yourself to 1 question with 1 follow-up. If you have additional questions, you are welcome to rejoin the queue. At the conclusion of this morning's call, a webcast replay will be posted to our investor website and archived for 1 year.

Jim 將回顧該公司第一季的業績，並對 2024 財年剩餘時間做出展望。Jacinth 將提供詳細的財務業績以及對我們前景的進一步評論。迪安娜將與吉姆和傑辛斯一起參加電話會議的問答部分。傑辛斯發表演說後，該熱線將開放接受提問。出於對其他分析師的禮貌，請將自己限制在 1 個問題和 1 個後續問題上。如果您還有其他問題，歡迎您重新加入隊列。今天早上的電話會議結束時，網路廣播重播將發佈到我們的投資者網站上並存檔一年。

Before we get started this morning, 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.

在我們今天早上開始之前，我需要參考安全港聲明。今天發表的一些評論將具有前瞻性，實際結果可能與我們將發表的聲明中表達或暗示的結果有重大差異。

Please refer to our most recent annual report on Form 10-K and quarterly reports on Form 10-Q, which can be accessed at hormelfoods.com under the Investors section. Additionally, please note the company uses non-GAAP results to provide investors with a better understanding of the company's operating performance on a consistent basis. The presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP.

請參閱我們最新的 10-K 表格年度報告和 10-Q 表格季度報告，您可以在 hormelfoods.com 的「投資者」部分存取該報告。此外，請注意，公司使用非公認會計準則績效是為了讓投資人更了解公司的一致經營績效。此資訊的呈現不應被孤立地考慮或作為根據 GAAP 呈現的財務資訊的替代品。

Non-GAAP figures adjust for the costs associated with the company's transformation and modernization initiative. These non-GAAP measures include adjusted operating income, adjusted operating margin, adjusted SG&A as a percent of net sales and adjusted diluted net earnings per share. Discussion on non-GAAP information and reconciliations to the GAAP results are detailed in our press release, which can be accessed from our corporate or investor website.

非公認會計準則數據根據與公司轉型和現代化計劃相關的成本進行了調整。這些非公認會計準則指標包括調整後的營業收入、調整後的營業利潤率、調整後的銷售及管理費用佔淨銷售額的百分比以及調整後的攤薄每股淨收益。我們的新聞稿詳細介紹了非公認會計準則資訊的討論以及與公認會計準則結果的調節，您可以從我們的公司或投資者網站存取新聞稿。

I will now turn the call over to Jim Snee.

我現在將把電話轉給吉姆·斯尼。

Thank you, David. Good morning, everyone. We delivered strong results in the first quarter, led by better-than-expected performance in each of our segments and we have made good initial progress on our work to transform and modernize our company. We also achieved broad-based volume growth across our businesses, reflecting the strength of our leading brands, robust demand for our foodservice products and momentum in our Planters snack nuts business. These results demonstrate our team's meaningful execution against our strategic priorities, the value of our balanced business model and marked improvements in our supply chain.

謝謝你，大衛。大家，早安。我們在第一季取得了強勁的業績，每個部門的業績都優於預期，並且我們在公司轉型和現代化工作方面取得了良好的初步進展。我們的業務量也實現了廣泛的成長，反映出我們領先品牌的實力、對食品服務產品的強勁需求以及 Planters 零食堅果業務的勢頭。這些結果證明了我們的團隊對我們的策略重點的有意義的執行、我們平衡的業務模式的價值以及我們供應鏈的顯著改進。

Our first quarter results were very encouraging. We grew volume in each of our segments with overall volume increasing 4%. Net sales grew 1%, led by another excellent quarter from our foodservice team. Adjusted operating margin increased compared to last year reflecting higher gross profit and disciplined cost management.

我們第一季的業績非常令人鼓舞。我們每個細分市場的銷量均有所成長，整體銷量成長了 4%。在我們的餐飲服務團隊又一個出色的季度帶動下，淨銷售額成長了 1%。調整後的營業利潤率與去年相比有所增加，反映出更高的毛利和嚴格的成本管理。

Diluted net earnings per share was in line with last year, while on an adjusted basis, we grew our bottom line and cash from operations nearly doubled compared to the first quarter of last year, a direct result of our actions to better manage working capital and grow earnings.

稀釋後每股淨利潤與去年持平，而在調整後的基礎上，我們的利潤有所增長，營運產生的現金與去年第一季相比幾乎翻了一番，這是我們採取行動更好地管理營運資本和增加收入。

We have a clear and achievable path to deliver earnings growth and improve our business over the next 3 years. And as we outlined at our recent Investor Day, we are focused on 3 enterprise objectives to accelerate profitable growth. First, restoring dependable operating income growth from our current businesses; second, driving savings through transformation and modernization; and third, capturing incremental value through our investments in the business.

我們有一條清晰且可實現的路徑來在未來三年內實現盈利成長並改善我們的業務。正如我們在最近的投資者日所概述的那樣，我們專注於加速獲利成長的 3 個企業目標。首先，恢復我們現有業務的可靠營業收入成長；第二，透過轉型和現代化推動儲蓄；第三，透過我們對業務的投資來獲取增量價值。

Our first quarter results demonstrate the strides we are making in each of these key focus areas. First, our results indicate progress towards restoring sustainable and dependable bottom line growth with momentum across the portfolio. Taking a closer look by business, foodservice is off to another fast start.

我們第一季的業績證明了我們在每個關鍵重點領域的進步。首先，我們的結果表明，整個投資組合在恢復可持續和可靠的利潤成長方面取得了進展。從業務角度仔細觀察，餐飲服務業又迎來了另一個快速起步。

Volume and net sales growth were broad-based across numerous categories, led by Jennie-O Turkey and double-digit gains for products such as Hormel BACON 1 cooked Bacon, Pepperoni, Austin Blues Smoked Meats, and Cafe H globally inspired proteins. Segment profit increased 10%, driven by volume, mix and favorable logistics expenses. We continue to operate from a position of strength in foodservice due to our long-standing relationships, differentiated product portfolio, innovative solutions and direct sales team.

在Jennie-O Turkey 的引領下，眾多品類的銷售和淨銷售額均實現了廣泛增長，荷美爾培根1 熟培根、意大利辣香腸、奧斯汀布魯斯熏肉和Cafe H 等全球靈感蛋白質產品均實現了兩位數增長。受銷量、產品組合和有利的物流費用的推動，該部門利潤增加了 10%。憑藉我們長期的合作關係、差異化的產品組合、創新的解決方案和直銷團隊，我們繼續在餐飲服務領域保持優勢地位。

This was again acknowledged by the industry in January when we received the Distributor's Choice Award for strategic partnership by the International Foodservice Distributor Association. This honor recognized our team as the most strategic partner across the foodservice landscape.

一月份，我們再次獲得了業界的認可，因為我們獲得了國際食品服務分銷商協會頒發的策略合作夥伴選擇獎。這項榮譽認可了我們的團隊作為整個餐飲服務領域最具戰略合作夥伴的地位。

We also delivered a solid quarter in the convenience store channel led by our Planters business. Volume was strong for our snacking business and convenience driven by positive takeaway for both the Planters and Corn Nuts brands. We expect our convenience store business will continue to be a growth catalyst in fiscal 2024, led by expanded distribution of our flavored cashews, innovation in corn nuts and better service levels on planters, peanuts and trail mix items.

我們也在以播種機業務為首的便利商店通路中實現了穩健的季度業績。由於 Planters 和 Corn Nuts 品牌的積極外賣，我們的零食業務和便利性業務銷量強勁。我們預計，我們的便利商店業務將繼續成為 2024 財年的成長催化劑，這主要得益於我們風味腰果的分銷擴大、玉米堅果的創新以及播種機、花生和什錦乾果的更好服務水平。

We also plan to further leverage the momentum in our snack nuts business to increase placements of our other items across the convenient store footprint. Our International business is also off to a better-than-anticipated start to the year as volume and segment profit both increased compared to last year.

我們還計劃進一步利用零食堅果業務的勢頭，增加我們其他商品在便利商店的佈局。我們的國際業務今年的開局也優於預期，銷量和部門利潤均較去年增長。

Results this quarter were very encouraging, particularly given the challenging conditions the team faced in fiscal 2023. We remain confident the International business will further accelerate over the course of the year, driven by more normalized shipments of SPAM and easing of headwinds impacting our commodity exports and growth from our partnerships around the world.

本季的業績非常令人鼓舞，特別是考慮到團隊在2023 財年面臨的挑戰。我們仍然相信，在垃圾郵件運輸更加正常化以及影響我們商品出口的不利因素緩解的推動下，國際業務將在這一年中進一步加速以及我們在世界各地的合作夥伴關係的成長。

In our Retail segment, our leading brands, execution in the marketplace and recovery in Turkey supported volume growth for the quarter. Demand was strong for many products, including Skippy peanut butter, Planter Snack Nuts, Wholly dips, Herdez and La Victoria salsas, refrigerated entrees and Hormel pepperoni, which all grew volume and net sales during the quarter.

在我們的零售部門，我們的領先品牌、市場執行力和土耳其的復甦支持了本季的銷售成長。許多產品的需求強勁，包括 Skippy 花生醬、Planter Snack Nuts、Wholly 醬、Herdez 和 La Victoria salsas、冷藏主菜和 Hormel 義大利辣香腸，這些產品在本季度的銷量和淨銷售額均有所增長。

Additionally, Sir Can-A data noted several positives for the quarter as we gained or maintained share across many of our products in key categories, including the SPAM family of products, Skippy peanut butter, Hormel Black Label Bacon, Jennie-O Ground Turkey, Hormel pepperoni, Planter snack nuts, Herdez salsas and sauces, and Dinty Moore stew.

此外，Sir Can-A 的數據還指出了本季度的一些積極因素，因為我們在關鍵類別的許多產品中獲得或保持了份額，包括SPAM 系列產品、Skippy 花生醬、Hormel Black Label 培根、Jennie-O Ground Turkey、 Hormel 辣香腸、Planter 零食堅果、Herdez 莎莎醬和醬汁以及 Dinty Moore 燉菜。

While we expect our retail business to face incremental pressure from whole bird turkey dynamics and like many others in the industry, an uncertain consumer backdrop. Our team remains focused on winning with our consumers and our customers, better allocating our resources to drive profitable growth and improving the margin structure of the business.

雖然我們預計我們的零售業務將面臨來自整隻火雞動態的增量壓力，並且像行業中的許多其他業務一樣，消費者背景不確定。我們的團隊仍然專注於贏得消費者和客戶的青睞，更好地分配我們的資源以推動獲利成長並改善業務的利潤結構。

Underpinning the strong starts from our businesses, was improvement across our supply chain as we reverse the inefficiencies and higher operating costs that we absorbed this time last year. Our supply chain improvements resulted in lower freight and warehousing expenses, lower distressed sales and higher investment income resulting from a 4-day reduction in our cash cycle.

整個供應鏈的改善支撐了我們業務的強勁開局，因為我們扭轉了去年這個時候的低效率和較高的營運成本。我們的供應鏈改進降低了運費和倉儲費用，減少了不良銷售，並因現金週期縮短了 4 天而提高了投資收入。

Finished goods inventory was down on both a volume and dollar basis at the end of the first quarter, and total inventory was down almost 9% compared to last year.

第一季末，成品庫存數量和金額均有所下降，總庫存與去年同期相比下降了近 9%。

In addition to forward progress on inventory management, fill rates benefited from the increased efficiency and overall health of our one supply chain.

除了庫存管理的進步外，我們單一供應鏈的效率和整體健康狀況的提高也使履行率受益。

First quarter retail and foodservice fill rates increased compared to both the prior quarter and prior year. And our fill rates have surpassed 97% to begin the second quarter, marking the first time since March of 2020 that we have achieved this level of service.

與上一季和去年同期相比，第一季零售和餐飲服務的填充率有所上升。從第二季開始，我們的填充率已超過 97%，這是自 2020 年 3 月以來我們首次達到此服務水準。

Turning to our second key strategic area, advancing our transformation and modernization initiative. This includes the areas of supply chain efficiency, portfolio optimization, and data and analytics. We're in the early innings with these efforts, but we are pleased with the progress our team has made thus far. Notably, within our planned work stream, we are implementing a new end-to-end planning process and are integrating new planning technology. In the buy work stream, we are realizing the benefits from our new procurement and productivity programs with further savings expected across many categories, such as logistics, warehousing, and supplies.

第二個重點策略領域，推動轉型和現代化建設。這包括供應鏈效率、產品組合優化以及數據和分析領域。我們的這些努力還處於初期階段，但我們對我們的團隊迄今為止所取得的進展感到滿意。值得注意的是，在我們計劃的工作流程中，我們正在實施新的端到端規劃流程並整合新的規劃技術。在採購工作流程中，我們正在認識到新的採購和生產力計劃的好處，預計物流、倉儲和供應等許多類別將進一步節省開支。

Under the make work stream, we are standardizing our ways of working across the manufacturing network. We are also continuing to take actions to optimize our refrigerated and ambient distribution networks within our move work stream.

在製造工作流程下，我們正在標準化整個製造網路的工作方式。我們也將繼續採取行動，在搬家工作流程中優化我們的冷藏和常溫配送網路。

We made progress on our total company effort to improve our portfolio. Identifying approximately 10% of the items to be optimized. Throughout the year, we expect to use our enhanced data and analytics capabilities to identify more opportunities to better our portfolio. And to support these specific work streams and the broader goals of the organization, we formed a data and analytics office focused on creating easy access to reliable and consistent technology, data and analytics.

我們在公司整體努力改善產品組合方面取得了進展。確定大約 10% 的待優化項目。在這一年中，我們希望利用我們增強的數據和分析能力來發現更多機會來改善我們的投資組合。為了支援這些特定的工作流程和組織更廣泛的目標，我們成立了一個數據和分析辦公室，專注於輕鬆存取可靠且一致的技術、數據和分析。

Executing our transformation and modernization initiative remains a critical piece to our projected growth over the next 3 years, and I'm pleased with the team's early progress.

執行我們的轉型和現代化計劃仍然是我們未來 3 年預計成長的關鍵部分，我對團隊的早期進展感到滿意。

Moving on to the third key focus area, capturing value from our investments, where our progress was highlighted by the strong momentum in our Planter snack nuts business. In the first quarter, Planters volume and dollar share maintained positive momentum, while total points of distribution and household penetration grew. We also continue to support the brand via higher ROI advertising and an always-on strategy.

接下來是第三個關鍵重點領域，即從我們的投資中獲取價值，Planter 零食堅果業務的強勁勢頭凸顯了我們的進展。第一季度，種植者數量和美元份額保持積極勢頭，而總分銷點和家庭滲透率則有所增長。我們也繼續透過更高的廣告投資報酬率和始終在線的策略來支持該品牌。

Most recently, with the launch of the Planters Ah Nuts! campaign that went live in January. Innovation remains a point of focus for this business. One example is our flavored cashews line, which is delivering against our key performance indicators and remains on track to achieve its plan for the year. Importantly, this product line continues to over-index with younger consumers which is driving new consumers and excitement to the Snack Nuts category.

最近，隨著 Planters Ah Nuts 的推出！一月開始的活動。創新仍然是該業務的關注點。一個例子是我們的風味腰果生產線，該生產線正在兌現我們的關鍵績效指標，並有望實現今年的計劃。重要的是，該產品線繼續過度吸引年輕消費者，這正在推動新消費者和對零食堅果類別的興奮。

Over the next few weeks, we will be launching additional innovation including a salt and vinegar line extension to our flavored cashews and a new-to-market offering, Planters Nut Duos, which has the potential to be a significant contributor to the Snack Nuts category.

在接下來的幾週內，我們將推出更多創新，包括鹽和醋系列產品的風味腰果延伸以及新上市產品 Planters Nut Duos，有潛力成為休閒堅果類別的重要貢獻者。

We also continue to innovate with new varieties of Corn Nuts, including Loaded Taco Flavored corn nuts and Kickin' Dill Pickle, which is expected to launch in time for summer.

我們也繼續創新玉米堅果新品種，包括 Loaded Taco Flavored 玉米堅果和 Kickin' Dill Pickle，預計在夏季推出。

From a profitability perspective, we continue to put a heavy emphasis on redistributing our trade dollars to higher ROI promotions and channels, while simultaneously shifting mix toward innovation and premium nut varieties. These are just some of the high priority plans we have in place to keep the momentum going for our Planters Snack Nuts business in fiscal 2024 and beyond.

從獲利角度來看，我們繼續專注於將貿易資金重新分配到投資回報率更高的促銷活動和管道，同時將組合轉向創新和優質堅果品種。這些只是我們為在 2024 財年及以後保持 Planters 零食堅果業務發展勢頭而製定的一些高度優先計劃。

We continue to take actions as the category leader to support the Planters and Corn Nuts brands and drive growth for our business, the category, and for our customers.

我們作為品類領導者繼續採取行動，支持 Planters 和 Corn Nuts 品牌，並推動我們的業務、品類和客戶的成長。

In addition to the Planters business, we have many opportunities to capture incremental value from other investments and initiatives this year and into the future. This includes driving further benefits from the Jennie-O Turkey Store transformation, our go-forward initiative and the recent investments made in capacity and automation. While we realize that 1 quarter does not make a year and there remains significant work ahead, we are confident that we are on the right track to deliver on our commitment to improve our business and increase long-term shareholder returns.

除了種植者業務之外，我們還有很多機會從今年和未來的其他投資和舉措中獲取增量價值。這包括從 Jennie-O 土耳其商店轉型、我們的前進計劃以及最近在產能和自動化方面的投資中獲得更多收益。雖然我們意識到一個季度並不等於一年，而且未來仍有大量工作要做，但我們相信，我們正走在正確的軌道上，履行我們改善業務和增加長期股東回報的承諾。

Now shifting to our outlook. We are reaffirming our full year net sales and earnings expectations. From a top line perspective, we expect net sales growth of 1% to 3%. This continues to assume volume growth in key categories, higher brand support and innovation and our current assumptions for raw material input costs.

現在轉向我們的展望。我們重申全年淨銷售額和獲利預期。從營收角度來看，我們預期淨銷售額將成長 1% 至 3%。這繼續假設關鍵類別的銷售成長、更高的品牌支援和創新以及我們目前對原材料投入成本的假設。

In retail, we expect higher net sales across many of our verticals. Targeted retail pricing actions will be effective by the end of the second quarter and are expected to impact our results in the back half of the year.

在零售業，我們預期許多垂直行業的淨銷售額將會更高。有針對性的零售定價行動將於第二季末生效，預計將影響我們下半年的業績。

In foodservice, we expect broad volume growth similar to the first quarter, led by turkey, pepperoni and bacon. This volume growth, coupled with higher raw material input markets year-over-year should support net sales gains.

在餐飲服務領域，我們預計銷量將出現與第一季類似的廣泛成長，其中火雞、義大利辣香腸和培根將帶動成長。這種銷售成長，加上原材料投入市場的年成長，應該會支持淨銷售額的成長。

We expect net sales increases in our international business to be driven by the branded export business led by refrigerated items, Skippy and SPAM, and the retail and foodservice channels in China.

我們預計國際業務的淨銷售額成長將受到以冷藏品、Skippy 和 SPAM 為主導的品牌出口業務以及中國零售和餐飲服務管道的推動。

From a bottom line perspective, we are also reaffirming our diluted net earnings per share and adjusted diluted net earnings per share outlooks. Consistent with our initial outlook, we expect continued growth in foodservice. Improvement in our international business and benefits from innovation in retail. Our full year outlook also assumes higher salaries, normalized employee-related expenses and costs associated with planned investments in the business. Diluted net earnings per share and adjusted diluted net earnings per share are expected to decline year-over-year in the second quarter and grow in the back half of the year.

從獲利角度來看，我們也重申了稀釋每股淨利潤和調整後稀釋每股淨利前景。與我們最初的展望一致，我們預計餐飲服務將持續成長。我們的國際業務得到改善，並受益於零售創新。我們的全年展望還假設工資上漲、員工相關費用正常化以及與計劃的業務投資相關的成本。預計第二季稀釋每股淨利和調整後稀釋每股淨利將年減，下半年將成長。

At a high level, we are assuming our stronger-than-expected start to be partially offset by incremental earnings pressure coming from our whole bird turkey business.

在較高層面上，我們假設我們強於預期的開局將被我們整個火雞業務帶來的增量獲利壓力部分抵消。

Jacinth will provide further details on these assumptions in her remarks.

Jacinth 將在她的演講中提供有關這些假設的更多細節。

Taking all these factors into account for the full year, we expect net sales growth of 1% to 3%. Diluted net earnings per share to be $1.43 to $1.57 and adjusted diluted net earnings per share to be $1.51 to $1.65. And we expect a benefit to net earnings from our transformation and modernization initiative.

考慮到全年的所有這些因素，我們預計淨銷售額將成長 1% 至 3%。稀釋每股淨利為 1.43 美元至 1.57 美元，調整後稀釋每股淨利為 1.51 美元至 1.65 美元。我們預計我們的轉型和現代化計劃將為淨利潤帶來好處。

In closing, our strong start to the year reflects our team's ability to execute our clear and achievable plan. We remain focused on our strategic priorities and delivering on our commitment to improve our business and drive long-term shareholder returns.

最後，我們今年的強勁開局反映了我們團隊執行清晰且可實現的計劃的能力。我們仍然專注於我們的策略重點，並履行我們改善業務和推動長期股東回報的承諾。

At this time, I will turn the call over to Jacinth Smiley to discuss detailed financial information related to the first quarter and additional color on key assumptions and our outlook.

此時，我將把電話轉給 Jacinth Smiley，討論與第一季相關的詳細財務資訊以及有關關鍵假設和我們前景的其他資訊。

Thank you, Jim. Good morning, everyone. We delivered strong results in the first quarter, led by better-than-expected performance in each of our business segments. During the first quarter, we grew volume 4% and across all of our segments.

謝謝你，吉姆。大家，早安。我們在第一季取得了強勁的業績，各業務部門的業績都優於預期。第一季度，我們所有細分市場的銷量成長了 4%。

Net sales for the first quarter were $3 billion, a 1% increase compared to the previous year. Gross profit increased 3% driven by higher net sales and lower logistics expenses. Gross profit as a percentage of net sales increased to 17% compared to 16.7% last year and 16.1% in the fourth quarter. Both our retail and foodservice teams drove better margins quarter-over-quarter and compared to last year.

第一季淨銷售額為30億美元，較上年成長1%。由於淨銷售額增加和物流費用減少，毛利增加了 3%。毛利佔淨銷售額的百分比上升至 17%，而去年為 16.7%，第四季為 16.1%。與去年相比，我們的零售和餐飲服務團隊的利潤率較上季成長。

First quarter SG&A increased 8%, reflecting incremental investment in our transformation and modernization initiative and higher employee-related expenses. Adjusted SG&A as a percent of net sales was marginally higher compared to last year.

第一季 SG&A 成長 8%，反映出我們轉型和現代化計畫的投資增量以及員工相關費用的增加。調整後的銷售及管理費用佔淨銷售額的百分比略高於去年。

Advertising investments are expected to be up significantly in the second quarter and increase for the full year. We are actively supporting our brands in the marketplace, including the SPAM, Planters and Hormel Chili brands.

預計第二季廣告投資將大幅成長，全年廣告投資將持續成長。我們在市場上積極支持我們的品牌，包括 SPAM、Planters 和 Hormel Chili 品牌。

Equity in earnings of affiliates increased 3%, primarily due to the inclusion of minority interest in Garudafood and growth from our partnership in the Philippines. Operating income for the first quarter was $284 million and adjusted operating income was $295 million. Adjusted operating margin of 9.8% increased 10 basis points compared to the first quarter of last year. The effective tax rate was 23.4% compared to 22.6% for the previous year. Our prior year effective tax rate benefited from the impact of certain discrete items and higher federal deductions.

附屬公司的權益收益成長了 3%，這主要是由於納入了 Garudafood 的少數股權以及我們在菲律賓的合作夥伴關係的成長。第一季營業收入為 2.84 億美元，調整後營業收入為 2.95 億美元。調整後營業利益率為 9.8%，較去年第一季增加 10 個基點。有效稅率為23.4%，上年度為22.6%。我們上一年的有效稅率受益於某些離散項目和更高聯邦扣除額的影響。

The effective tax rate for fiscal 2024 is expected to be between 21% and 23%. The net result of all these factors was diluted net earnings per share of $0.40 and adjusted diluted earnings per share of $0.41. Upside this past quarter compared to our expectations was driven by broad-based volume growth, strong results for all of our businesses, improvement across supply chain and below-the-line favorability.

2024 財年的有效稅率預計在 21% 至 23% 之間。所有這些因素的最終結果是稀釋每股淨利潤為 0.40 美元，調整後稀釋每股收益為 0.41 美元。與我們的預期相比，上個季度的成長是由廣泛的銷售成長、我們所有業務的強勁業績、整個供應鏈的改善以及線下好感度所推動的。

Turning to cash flow. Operating cash flow of $404 million increased 98% compared to last year. This was a direct result of our successful actions to rectify the inefficiencies caused by elevated inventory levels last year and underlying business growth. Overall, we drove a 4-day reduction in our cash conversion cycle. We paid our 382nd consecutive quarterly dividend effective February 15 at an annual rate of $1.13 per share, an increase of 3%.

轉向現金流。營運現金流為 4.04 億美元，較去年成長 98%。這是我們成功糾正去年庫存水準升高和基本業務成長造成的效率低下問題的直接結果。整體而言，我們的現金轉換週期縮短了 4 天。我們自 2 月 15 日起連續支付第 382 個季度股息，年利率為每股 1.13 美元，成長 3%。

We invested $47 million in capital projects during the first quarter, including investments in our Jennie-O Turkey store transformation. Our outlook for capital expenditures in 2024 remains at $280 million.

第一季我們在資本項目上投資了 4,700 萬美元，包括對 Jennie-O 土耳其商店改造的投資。我們對 2024 年資本支出的展望仍為 2.8 億美元。

We ended the first quarter with $982 million in cash and short-term investments and $3.3 billion of debt. We plan to utilize a combination of cash on hand and debt issued in the second quarter to pay our $950 million note due in June.

截至第一季末，我們的現金和短期投資為 9.82 億美元，債務為 33 億美元。我們計劃利用手頭現金和第二季發行的債務相結合來支付 6 月到期的 9.5 億美元票據。

We have accounted for a higher interest expense in our outlook and expect to remain within our stated goal of 1.5x to 2x net debt-to-EBITDA.

我們在展望中考慮了較高的利息支出，並預計將保持在淨債務與 EBITDA 比 1.5 倍至 2 倍的既定目標之內。

I would like to further highlight the progress we have been making on our transformation and modernization initiative, which is expected to drive at least $200 million in operating income by 2026. Through the first quarter, we made great progress and remain on track to capture our full year savings target for fiscal 2024. The work has intensified in the second quarter with the expectation that savings capture will accelerate throughout the year.

我想進一步強調我們在轉型和現代化計劃方面取得的進展，預計到 2026 年將帶來至少 2 億美元的營業收入。整個第一季度，我們取得了巨大進展，並將繼續努力實現我們的目標。 2024 財年全年儲蓄目標。第二季工作力度加大，預計全年儲蓄將加速。

This year, we are highly confident in our ability to capture direct savings from our productivity programs, which are targeting packaging, ingredients and other supply categories. Continued benefits from the work we have done lowering logistics expenses across our network, including lower contracted freight rates, optimized routes, increased truck weights and reduced reliance on third-party warehousing.

今年，我們對從針對包裝、配料和其他供應類別的生產力計劃中直接節省成本的能力充滿信心。我們持續受益於降低整個網路物流費用的工作，包括降低合約運費、優化路線、增加卡車重量以及減少對第三方倉儲的依賴。

Benefits from lower distressed sales as we make improvements to our inventory management planning and manufacturing processes. Value derived from new capabilities and ways of working, including integrated business planning and from the implementation of our standardized and proprietary manufacturing system across our network and benefit from minimizing complexity and reducing costs through portfolio optimization. This is a truly exciting and important time for our company as we build toward our future.

由於我們改進了庫存管理規劃和製造流程，因此可以從較低的不良銷售中受益。價值源自新的能力和工作方式，包括整合業務規劃以及在整個網路中實施標準化和專有製造系統，並透過產品組合優化最大限度地降低複雜性和降低成本。對我們公司來說，在我們邁向未來的過程中，這是一個真正令人興奮且重要的時刻。

Transitioning to our outlook. We are reaffirming our full year net sales and earnings expectations. The supplement what Jim reviewed earlier, I will share some additional color on our assumptions for the rest of the year. From a pork perspective, our outlook remains unchanged. The USDA is projecting modestly higher production and exports in 2024.

轉變為我們的觀點。我們重申全年淨銷售額和獲利預期。在吉姆之前評論的補充中，我將分享一些關於我們今年剩餘時間的假設的額外資訊。從豬肉的角度來看，我們的前景保持不變。美國農業部預計 2024 年產量和出口量將小幅成長。

Cold storage levels for pork continued to trend below last year and historical averages, which we expect to be supportive of pork markets. We assumed full year pork input costs to be higher than last year and remain above 5-year averages.

豬肉冷藏水平繼續低於去年和歷史平均水平，我們預計這將支撐豬肉市場。我們假設全年豬肉投入成本高於去年，仍高於五年平均。

Specific to turkey, overall inventory levels have recovered despite lingering impacts from cases of HPAI in the fall and early winter. Barring a significant supply disruption this spring from additional outbreaks of HPAI, we are in a strong position to service our customers and attract new business opportunities. We made good progress regaining value-added Turkey distribution in the retail and foodservice channels during the first quarter, and we expect this to continue for the rest of fiscal 2024.

具體到土耳其，儘管秋季和初冬高致病性禽流感病例的影響持續存在，但整體庫存水準已恢復。除非今年春季高致病性禽流感爆發導致供應嚴重中斷，否則我們將有能力為客戶提供服務並吸引新的商機。第一季度，我們在零售和餐飲服務管道中恢復土耳其增值分銷方面取得了良好進展，我們預計這種情況將在 2024 財年剩餘時間內持續下去。

On the commodity side of the business, whole bird turkey markets have stabilized below our initial forecast. Consequently, we have included in our outlook, incremental earnings pressure from lower-than-expected market pricing. We began absorbing this impact in the first quarter and expect continued pressure for the balance of the year.

在商品業務方面，整隻火雞市場已穩定在我們最初的預測以下。因此，我們在展望中納入了低於預期的市場定價所帶來的增量獲利壓力。我們從第一季開始吸收這種影響，並預計今年剩餘時間將繼續面臨壓力。

Net-net, we now expect approximately $0.15 of earnings headwinds from our Turkey business in fiscal 2024, which is an update to the $0.10 impact we called out on our fourth quarter earnings call. Most of this $0.15 headwind will impact quarters 2 through 4.

淨淨值，我們現在預計 2024 財年土耳其業務的盈利阻力約為 0.15 美元，這是我們在第四季度財報電話會議上指出的 0.10 美元影響的更新。這 0.15 美元的逆風大部分將影響第二季至第四季。

In the second quarter, we expect earnings to be lower compared to last year and lower relative to our expectations heading into the year primarily related to our whole bird turkey business. We remain confident in our growth outlook for the second half of the year, expecting all segments to deliver profit improvement in addition to benefits from our transformation and modernization initiative.

在第二季度，我們預計收益將低於去年，也低於我們對今年的預期，這主要與我們的整隻火雞業務有關。我們對下半年的成長前景仍然充滿信心，預計除了我們的轉型和現代化舉措之外，所有部門都將實現利潤改善。

To wrap up our commentary this morning, I want to extend my gratitude to each and every member of our dedicated team. Your hard work has been instrumental in delivering a strong start to the year and contributing to the momentum in achieving our strategic objectives to improve our business for the long term.

作為今天早上的評論的結束語，我想向我們敬業團隊的每一位成員表示感謝。你們的辛勤工作為今年的良好開局發揮了重要作用，並為實現我們長期改善業務的戰略目標做出了貢獻。

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

此時，我會將通話轉交給接線員進行通話的問答部分。

(Operator Instructions). First question comes from Rupesh Parikh from Oppenheimer.

（操作員說明）。第一個問題來自奧本海默的魯佩什·帕里克（Rupesh Parikh）。

So just going back to the Q1 performance, it was clearly ahead of expectation. So I was just hoping for more color in terms of what drove the outperformance?

回到第一季的表現，它顯然超出了預期。所以我只是希望能有更多的色彩來推動表現出色？

Yes. Q1 was a very strong performance for the company. And it really is -- what's so exciting for us is it was so broad-based. When we think about all the different areas, I mean, clearly, volume is a very positive story. We saw volume growth in each segment. When we think about retail and what's happening in the retail environment, we knew Turkey volumes were going to be positive. But even when we take that, that out and some of our other non-track businesses, retail volumes were up year-over-year.

是的。第一季該公司的業績非常強勁。事實確實如此——令我們如此興奮的是它的基礎如此廣泛。當我們考慮所有不同的領域時，我的意思是，顯然，成交量是一個非常積極的故事。我們看到每個細分市場的銷量都在成長。當我們考慮零售業以及零售環境中發生的事情時，我們知道土耳其的銷售將是正面的。但即使我們剔除這一點，以及我們其他一些非軌道業務，零售量仍較去年同期成長。

Foodservice had a very strong quarter. They continue to really perform in the marketplace. And so across all of the businesses, really, really great to see them have a successful and strong Q1.

餐飲服務季度表現非常強勁。他們繼續在市場上表現出色。因此，對於所有企業來說，非常非常高興看到他們在第一季取得了成功和強勁的業績。

And the other thing that we've spent a lot of time talking about is our supply chain. And we've did see marked improvement in our supply chain in Q1. A year ago, we were talking about inventory, and we've really been able to get that under our control. We've seen lower inventory volume and dollars, which obviously has a positive impact when we think about distressed sales.

我們花了很多時間談論的另一件事是我們的供應鏈。我們確實看到第一季供應鏈有了顯著改善。一年前，我們談論庫存，我們確實能夠控制它。我們看到庫存量和美元都減少了，當我們考慮不良銷售時，這顯然會產生積極的影響。

The other piece that's really, really exciting for us is seeing what we're getting done on fill rates. And we talked about it in the prepared remarks that we've got the highest fill rate since 2020. And then obviously, there were some below-the-line favorability as well. But when we wrap it all up, I think the key takeaway here is, we're executing our strategy, and we have confidence that the business will keep moving in the right direction throughout 2024.

另一件對我們來說真正非常令人興奮的事情是看到我們在填充率方面所做的工作。我們在準備好的發言中談到，我們已經獲得了 2020 年以來最高的填充率。顯然，也有一些線下的好感度。但當我們總結這一切時，我認為這裡的關鍵要點是，我們正在執行我們的策略，並且我們有信心業務將在 2024 年繼續朝著正確的方向發展。

Great. And then maybe just one quick follow-up question. So as we look at the outlook for the year, what are the key risks that you see in delivering those targets?

偉大的。然後也許只是一個快速的後續問題。那麼，當我們展望今年的前景時，您認為實現這些目標的主要風險是什麼？

Yes. I think we tried to be pretty specific in regards to the risk that Turkey presents to us. We know that the whole bird outlook is worse and we've built in another nickle with -- most of that occurring in Q2. But the other part really is the consumer environment, which we're watching very closely. As we think about our business, our shares are solid. We're making advertising investments to support the brands, driving some great innovation but we know that there are categories that are weak, and we are watching those volumes. But we're doing all the right things to make sure that we're driving our shares and supporting the brands.

是的。我認為我們試圖非常具體地說明土耳其對我們造成的風險。我們知道整個鳥類的前景更糟，我們已經建立了另一個缺口——大部分發生在第二季度。但另一部分確實是消費者環境，我們正在密切關注。當我們思考我們的業務時，我們的股票是穩固的。我們正在進行廣告投資來支持品牌，推動一些偉大的創新，但我們知道有些類別很薄弱，我們正在關注這些數量。但我們正在做所有正確的事情，以確保我們推動我們的股票並支持品牌。

The next question comes from Ken Goldman at JPMorgan.

下一個問題來自摩根大通的肯‧戈德曼。

I just wanted to clarify something. Last quarter, your slide presentation said to expect back half profit growth in all 3 segments. Today, I think you're saying you'll just see profit improvement. Maybe it's just semantics, but I'm just trying to get a sense, do you still expect each segment's profits to increase year-on-year in the back half where now the messaging just will improve sequentially and maybe not all be up year-on-year. Again, maybe just semantics.

我只是想澄清一些事情。上個季度，您的幻燈片簡報預計所有 3 個細分市場的利潤將增加一半。今天，我認為您是說您只會看到利潤的改善。也許這只是語義，但我只是想了解一下，您是否仍然期望每個細分市場的利潤在下半年同比增長，現在消息傳遞只會依次改善，也許不會全部同比增長-同年。再說一次，也許只是語意。

Yes. Great question, Ken. Thanks for asking it. But we do expect profit growth in all segments in the back half of the year.

是的。好問題，肯。謝謝你的提問。但我們確實預計下半年所有細分市場的利潤都會成長。

Perfect. And then just on foodservice. Obviously, your tone is pretty strong here. There are some more macro indications that on the edge, some slowdown in restaurant demand is out there. Last quarter, you were seeing higher checks despite traffic softness. You still saw restaurants staffed for all hours. I'm just curious, are there any amendments at all, I guess, and how you view the away-from-home situation from a macro perspective or any of those KPIs that you look at?

完美的。然後就是餐飲服務。顯然，你的語氣在這裡很強烈。還有一些更宏觀的跡象表明，餐廳需求正在放緩。上個季度，儘管流量疲軟，您還是看到了更高的支票。你仍然會看到餐廳全天都有工作人員。我只是好奇，我想是否有任何修改，以及您如何從宏觀角度或您所關注的任何關鍵績效指標來看待離家的情況？

Yes. I mean we're watching all those things, Ken. The other part, obviously, in Q1, is there were some weather-related events that also have an issue. But from where we sit and if you heard us say many, many times, as we do believe that we have working from such a advantaged position in our foodservice business. Because it's not just the restaurant and hotel business. Right? We have a significant non-commercial business as well. We've spent a lot of time talking about sea stores continue to grow and obviously, the acquisition and execution against the Planters brand helps us in that regard. But even in the more traditional restaurant business, we still feel like we're operating from a position of strength because of this differentiated value-added portfolio, the relationships that we've built over 30 years and really thinking about how can we help the operator take cost out of their system. And we do that through our direct selling organization.

是的。我的意思是我們正在觀察所有這些事情，肯。顯然，第一季的另一部分是一些與天氣相關的事件也存在問題。但從我們坐的地方來看，如果你聽到我們說過很多很多次，因為我們確實相信我們在餐飲服務業務中處於如此有利的地位。因為這不僅僅是餐廳和酒店業務。正確的？我們還有重要的非商業業務。我們花了很多時間談論海上商店的持續成長，顯然，對 Planters 品牌的收購和執行在這方面對我們有幫助。但即使在更傳統的餐飲業務中，我們仍然覺得自己在營運中處於優勢地位，因為這種差異化的增值產品組合、我們 30 多年來建立的關係以及真正思考如何幫助營運商降低系統成本。我們透過我們的直銷組織來做到這一點。

So yes, we're watching all those macro factors. We know they're real. But I think the way that we've diversified and balanced the business even within our Foodservice segment is what really helps set us apart.

所以，是的，我們正在關注所有這些宏觀因素。我們知道它們是真實的。但我認為，即使在我們的餐飲服務領域，我們實現業務多元化和平衡的方式才是真正幫助我們脫穎而出的原因。

The next question comes from Michael Lavery of Piper Sandler.

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

Just was -- you've got -- just was looking at the volume gains across all segments. That's are defined in food these days, but certainly, a couple of them had some price pressure. How are you thinking about pricing? You mentioned a couple of targeted actions coming this second quarter. But can you give us a sense of magnitude or where those might be and just how you think about the rest of the year?

只是——你已經——只是關注所有細分市場的銷售成長。如今，這是在食品中定義的，但當然，其中一些食品面臨一些價格壓力。您如何考慮定價？您提到了第二季將採取的一些有針對性的行動。但您能否讓我們了解一下其規模或可能在哪裡，以及您對今年剩餘時間的看法？

Yes. Great question, Michael. And actually, the conversation does go back to what we said in Q4 and in our outlook for the year we had, specially mentioned some targeted pricing. But I think to go along with that, which is really, really important is that we are investing in our brands and where we've invested higher advertising dollars to drive volume, to improve mix, we've got some great innovation that continues to be generated across many of the brands. And so it is -- it's broad-based pricing. Some of it's wrap around pricing.

是的。好問題，麥可。實際上，談話確實回到了我們在第四季度所說的話以及我們對今年的展望中所說的，特別提到了一些目標定價。但我認為，除此之外，非常非常重要的是，我們正在對我們的品牌進行投資，並且我們投入了更多的廣告資金來推動銷量、改善組合，我們已經有了一些偉大的創新，這些創新將繼續可以在許多品牌中產生。事實也是如此——這是一個基礎廣泛的定價。其中一些是環繞定價。

And just wanted to make sure that, that was clear that it wasn't new that we are going back to Q4 and I think what I'll do is maybe turn it over to Deanna to give you maybe some more specifics on what she's seeing in the retail environment.

只是想確保這一點，很明顯，我們要回到第四季度並不是什麼新鮮事，我想我會做的可能是將其交給 Deanna，以便為您提供一些關於她所看到的更多細節在零售環境中。

Just to clarify, it really is very targeted pricing and a few key categories where beef is the main driver. So we've lagged in pricing in some of our grocery items relative to where beef has moved, we've taken some target pricing. With that in mind, though, we've been able to shift dollars from advertising to ensure that, that we're talking to the consumer about the products, the value and the role they play in their lives, particularly for lunch and dinner is really great options.

需要澄清的是，這確實是非常有針對性的定價和幾個關鍵類別，其中牛肉是主要驅動力。因此，相對於牛肉的移動，我們的一些雜貨產品的定價滯後，我們採取了一些目標定價。不過，考慮到這一點，我們已經能夠將廣告費用轉移到消費者身上，以確保我們與消費者談論產品、價值以及它們在生活中所扮演的角色，特別是在午餐和晚餐時真的很棒的選擇。

So we've been able to pivot and turn on advertising. And in those categories like Stew, (inaudible) and Chili, the ROI on advertising is extremely high. And so it's a really important strategy for us. We're also looking at promotions and thinking about with these different pricing on shelf adjusting our promotional strategy and thinking about depth and frequency of promotion to really get the right price for the consumer to stay in the category with us.

因此，我們已經能夠轉向並開啟廣告業務。在燉菜（聽不清楚）和辣椒等類別中，廣告的投資報酬率非常高。所以這對我們來說是一個非常重要的策略。我們也正在考慮促銷活動，並考慮貨架上的這些不同定價，調整我們的促銷策略，並考慮促銷的深度和頻率，以便真正為消費者提供合適的價格，讓他們留在我們的類別中。

Okay. That's great color. And you mentioned the incremental headwinds on turkey from extended price pressure or worse than expected. Sorry, if I might have missed it, and I know you touched on pretty much broad strength in at least the first quarter but what's the offset for that? Is it just sort of everything else? Or is there anything in particular that really is kind of keeping you to hold guidance that covers the extra pressure in turkey?

好的。那顏色真棒。您提到了土耳其因長期價格壓力或比預期更糟糕而面臨的增量阻力。抱歉，如果我可能錯過了，而且我知道您至少在第一季談到了相當廣泛的實力，但是對此的抵消是什麼？這只是其他一切嗎？或者有什麼特別的事情可以讓你保持指引來應對土耳其的額外壓力？

Yes. Michael, I mean, first of all, I want to apologize. I misspoke because I said that it was both targeted and broad-based pricing, but it is very targeted pricing, which Deanna corrected me on. So when we think about the turkey situation, and the reason we are where we are with guidance is, it's early. And for all the factors that we've talked about from some of our earlier questions, obviously, foodservice is off to a great start.

是的。邁克爾，我的意思是，首先我想道歉。我說錯了，因為我說它既是有針對性的，也是有廣泛基礎的定價，但它是非常有針對性的定價，迪安娜糾正了我。因此，當我們考慮火雞的情況時，以及我們在指導下所處的位置的原因是，現在還為時過早。對於我們在之前的一些問題中討論過的所有因素，顯然，餐飲服務已經有了一個很好的開始。

The Q1 performance demonstrates the business improvement. Our international team had a really strong first quarter, and that exceeded our expectations. They've gotten back on track a little sooner than we thought. And so that's what's going to offset that additional headwind coming from the turkey market. But in regards to just overall guidance, the biggest thing is it's early.

第一季的業績顯示了業務的改善。我們的國際團隊第一季表現非常強勁，超出了我們的預期。他們回到正軌比我們想像的要早一些。因此，這將抵消來自火雞市場的額外阻力。但就整體指導而言，最重要的是現在還為時過早。

The next question comes from Tom Palmer at Citi.

下一個問題來自花旗銀行的湯姆·帕爾默。

I wanted to ask on or just clarify, I guess, the expected earnings outlook as the year progresses. So you're guiding for the decline in second quarter year-over-year and then an increase in the second half. I just want to clarify, is that you're looking for an increase in both the third quarter and the fourth quarter? Or might that be more weighted to 1 of those 2?

我想，我想詢問或只是澄清一下隨著時間的推移，預期的盈利前景。因此，您預計第二季將年減，然後下半年成長。我只是想澄清一下，您是否希望第三季和第四季都有成長？或者這可能對這 2 者中的 1 者更重要？

Yes. I mean the way we're thinking about it right now, Tom, is it's -- we're looking at half 2 in totality. And so that's why we think we're going to -- we want to talk about it that way that we'll have profit growth in the back half. And really, what gives us that confidence is, foodservice continues its trajectory. Our international team continues to ramp up their performance. The retail team will continue to benefit. We've got, in addition to what Deanna talked about innovation, distribution, supply chain continues their strong performance.

是的。我的意思是，湯姆，我們現在考慮的方式是──我們正在總共考慮一半2。因此，這就是為什麼我們認為我們將 - 我們希望以這種方式來談論我們將在下半年實現利潤增長。事實上，讓我們有信心的是，餐飲服務仍在繼續發展。我們的國際團隊繼續提高他們的表現。零售團隊將繼續受益。除了迪安娜談到的創新、分銷、供應鏈之外，我們也持續保持強勁的表現。

And then we haven't talked about it yet, but we do expect to see our transformation and modernization initiative really accelerate as we go throughout the year.

我們還沒有討論過這個問題，但我們確實希望看到我們的轉型和現代化計劃在全年中真正加速。

And then I just wanted to ask on your visibility on whole Turkey. I think when we looked at last year, maybe you locked in or contracted a bit less volume pricing for whole birds than maybe in a normal year. So maybe an update there as you look at the progression of this year. Is it going to be a bit more normal in terms of whole bird contracted out, and therefore, you have kind of a higher level of visibility on pricing than you did, say, a year ago?

然後我只是想問一下您對整個土耳其的能見度。我認為，當我們回顧去年時，也許您鎖定或簽訂的整隻雞的批量定價比正常年份要少一些。因此，當您查看今年的進展時，也許會有更新。就整隻雞的外包而言，這是否會更正常一些，因此，您對定價的了解比一年前更高？

Yeah. I think, it's we're in the midst of that process right now, Tom. So it's hard to say at this point. When we think about Turkey, there's a couple of components that we really should spend a little bit more time on. There's this the value-added business.

是的。我想，我們現在正處於這個過程之中，湯姆。所以目前還很難說。當我們想到土耳其時，我們確實應該在幾個方面多花一些時間。這就是增值業務。

And when we think about retail lean ground turkey, that value-added business is doing really well and gaining share. Our foodservice team, because we've got volumes back and supply back, they're doing a great job regaining lost business due to that lack of supply in the foodservice channel.

當我們想到零售瘦肉火雞時，增值業務表現非常好，並且份額不斷增加。我們的餐飲服務團隊，因為我們已經恢復了數量和供應，所以他們在恢復因餐飲服務管道供應不足而失去的業務方面做得很好。

And so really, what we're talking about is the decline in the market, which obviously we are applying to what our estimates are in the whole bird turkey business for the rest of the year. And so that's how we're thinking about it to actually know how it's going to shake out from now through the end of the year is still TBD.

事實上，我們談論的是市場的下滑，顯然我們正在將其應用於今年剩餘時間整個火雞業務的估計。因此，這就是我們的思考方式，以便真正了解從現在到今年年底它將如何發展，但仍有待確定。

Next question comes from Ben Theurer from Barclays.

下一個問題來自巴克萊銀行的 Ben Theurer。

Congrats on this very strong results for first quarter. Jim, I wanted to kind of dig a little deeper into some of the volume dynamics and particularly in retail as it relates to the non-Turkey piece of it. And Deanna, maybe that actually a question also for you. As you look through the performance of the fourth -- the first quarter, sorry, and you kind of progress further into 2Q and the back half of the year. What are your expectations for some of your other key categories in retail, in particular, as it relates to volume and the cadence of that, if you think about it on a sequential basis? Any color here would be much appreciated.

恭喜第一季取得如此強勁的業績。吉姆，我想更深入地了解一些銷售動態，特別是零售業，因為它與非土耳其部分有關。迪安娜，也許這對你來說也是一個問題。當您查看第四季度（第一季）的表現時，抱歉，您會進一步進入第二季和今年下半年。如果您按順序考慮的話，您對零售業的其他一些關鍵類別有何期望，特別是因為它與數量和節奏有關？這裡任何顏色都會非常感謝。

Sure. Thanks, Ben. In the first quarter, we saw really nice volume growth across many of our flagship and rising brands. When you think about Bacon, you think about Pepperoni, you think about Applegate and our MegaMex portfolio, so nice volume both in shipments as well as takeaway at the shelf. Those are also a lot of the categories where we've invested capacity. And so we've got a good runway for growth when you think about Bacon and Pepperoni as examples.

當然。謝謝，本。在第一季度，我們看到許多旗艦品牌和新興品牌的銷售成長非常好。當您想到培根時，您會想到義大利辣香腸，您會想到 Applegate 和我們的 MegaMex 產品組合，無論是出貨量還是貨架上的外賣量都非常大。這些也是我們投入產能的許多類別。因此，當您以培根和義大利辣香腸為例時，我們就有了良好的成長跑道。

Planters had a particularly strong quarter as well as Skippy. And we continue -- we see those all those businesses I just mentioned continuing to grow throughout the year. And then Jim mentioned Jennie-O Turkey on shelf is doing exceptionally well when you think of the value that turkey offers, the health benefits, we're working really hard to make sure that our consumers understand the value that turkey plays in their diet in particular, and the health values there.

Planters 和 Skippy 的季度表現尤其強勁。我們繼續——我們看到我剛才提到的所有這些業務全年都在持續成長。然後吉姆提到，當你想到火雞提供的價值和健康益處時，貨架上的Jennie-O 火雞表現得非常好，我們正在努力確保我們的消費者了解火雞在他們的飲食中所發揮的價值。特別是，以及那裡的健康價值。

And then under our new go-forward structure, we're able to bring our brands together that really can be impactful to help consumers put dinner on the table. So you think of Jennie-O lean ground turkey, coupled with our protein Portfolio as we head into the next quarter with Cinco de Mayo, and you'll see a lot of in-store activation of those brands working really hard together.

然後，在我們新的前進結構下，我們能夠將我們的品牌整合在一起，這確實可以有效地幫助消費者解決問題。因此，當我們進入下一季的五月五日節時，您會想到Jennie-O 瘦肉火雞，再加上我們的蛋白質產品組合，您會看到這些品牌在店內進行了大量的激活工作，非常努力地合作。

Okay. Perfect. And then just one quick follow-up for Jacinth. On the bond that's due later in the year. Did you say you're going to plan on completely repaying it or partially repaying it? I didn't catch that in the prepared remarks. Sorry for that. I just wanted to clarify.

好的。完美的。然後是 Jacinth 的一個快速跟進。關於今年稍後到期的債券。你說你打算全額還款還是部分還款？我在準備好的發言中沒有註意到這一點。對此感到抱歉。我只是想澄清一下。

So we will utilize our cash on a combination of our cash on hand and also going out to -- with new debt issuance to pay down the full $950 million.

因此，我們將利用我們手頭現金和發行新債的組合來償還全部 9.5 億美元。

The next question comes from Ben Bienvenu from Stephens Inc.

下一個問題來自 Stephens Inc. 的 Ben Bienvenu。

I want to ask as it relates to raw material input costs. We've seen various cuts within the overall cutout as well as the overall cutout come down, namely trim down considerably year-over-year, really for the last several quarters. Are you all in a position where you're able to start to recognize some margin benefit from that? And what is the lag associated with that dynamic and perhaps the tail in terms of your ability to procure and secure longer dated lower-priced raw materials?

我想問一下，這跟原料投入成本有關。我們已經看到整體削減的各種削減以及整體削減的下降，即同比大幅削減，實際上是在過去的幾個季度中。你們都能夠開始認清從中獲得的一些利潤收益嗎？與這種動態相關的滯後是什麼，也許是您採購和獲得更長期的低價原材料的能力的尾部？

Yes, Ben, as we think about the impact of raw materials in the quarter, I mean, it was largely in line with what we expected. And the thing that we've talked about often is it's not necessarily a point in time for a market. It's the volatility and how each of those cuts are reacting. So I think the biggest thing to know is that the commodity markets really didn't have a dramatic impact in our ability to have such a strong quarter this year or this first quarter.

是的，本，當我們考慮本季原材料的影響時，我的意思是，它很大程度上符合我們的預期。我們經常談論的事情是，這不一定是市場的時間點。這是波動性以及每次削減的反應。因此，我認為最重要的是，大宗商品市場並沒有對我們今年或第一季實現如此強勁的季度業績產生巨大影響。

Okay. Fair enough. As we think about supporting volume growth through the balance of the year, obviously, a good start to the year, do you find yourself needing to make or wanting to make targeted investments in promotional activity or vendor sponsor trade spend to support volume. What is your strategy there as we move through the year?

好的。很公平。當我們考慮在今年剩餘時間內支持銷售成長時，顯然，這是今年的良好開端，您是否發現自己需要或想要在促銷活動或供應商贊助商貿易支出方面進行有針對性的投資以支持銷量。今年你們的戰略是什麼？

Yes. I'll go ahead and start on just the broader organization. I think we spend a lot of time on retail, but I do think it's important to think about the total company volume growth. And international, again, had a really strong first quarter earlier than we expected, but we expect them to show volume growth. Our foodservice business continues to be healthy that will be a strong contributor to the total company volume performance. But I'll let maybe Deanna address the retail question specifically.

是的。我將繼續從更廣泛的組織開始。我認為我們在零售上花了很多時間，但我確實認為考慮公司總銷量的成長很重要。國際市場的第一季表現再次比我們預期的要強勁，但我們預計它們將出現銷售成長。我們的餐飲服務業務持續健康發展，將為公司整體銷售業績做出巨大貢獻。但我會讓迪安娜專門解決零售問題。

The plan for the rest of the year is a year-over-year increase in advertising. You'll see that advertising really pushed under our new structure towards the flagship and rising brands. That's working exceptionally well for us, and we're seeing extremely strong return on investments. We have also moved to an always-on strategy, in particular, with Planters, and that's working really hard as well.

今年剩餘時間的計畫是廣告投放量較去年同期增加。您會發現，在我們的新架構下，廣告確實被推向了旗艦品牌和新興品牌。這對我們來說非常有效，我們看到了極其強勁的投資回報。我們也轉向了永遠在線的策略，特別是與種植者一起，這也非常有效。

In addition to advertising to drive growth, we've got the most robust innovation pipeline and execution plan across a variety of our categories as we head into the year.

除了透過廣告來推動成長之外，我們還在各個類別中擁有最強大的創新管道和執行計劃。

And then, we finally are thinking about promotional activity as well and really monitoring how promotions are working, and we are seeing a difference from how they've worked for the last few years as well as thinking about relative to pre-COVID time frames, but really being intentional to ensure that we're getting the right promoted prices to help drive growth and keep consumers in our categories and with our brands.

然後，我們最終也在考慮促銷活動，並真正監控促銷活動的運作方式，我們看到了與過去幾年的運作方式的不同，並考慮了相對於新冠疫情之前的時間框架，但我們確實有意識地確保我們獲得正確的促銷價格，以幫助推動成長並讓消費者留在我們的類別和品牌中。

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

下一個問題來自美國銀行的彼得‧加爾博。

Maybe just 2 really quick ones. Jacinth, thanks for the help on Jennie-O, the $0.15 update. I was wondering if we could just get a little bit more detail in terms of cadence. A, just what the impact was of that $0.15 in the first quarter and then I think you said the majority of it coming in 2Q, if you could put a finer point on that.

也許只有兩個非常快的。 Jacinth，感謝您對 Jennie-O 的幫助，0.15 美元的更新。我想知道我們是否可以在節奏方面獲得更多細節。答，第一季那 0.15 美元的影響是什麼，然後我想你說過大部分會在第二季產生，如果你能對此說得更詳細一點的話。

So the way we are thinking about it for the rest of the year, certainly, it's going to impact all the rest of the quarters going through the year. But we're thinking about the most of that impact coming in the second quarter and then the rest spread out. So if we think about the additional $0.05 that we talked about, so coming into the year -- last year, we talked about $0.10 impact as we updated and looked at the impact this year, we think there's going to be an additional $0.05 and the additional $0.05 is going to be spread out with the most of that $0.05 coming in the second.

因此，我們對今年剩餘時間的思考方式肯定會影響今年剩餘的所有季度。但我們正在考慮大部分影響將出現在第二季度，然後其餘部分將分散開來。因此，如果我們考慮我們談到的額外 0.05 美元，那麼進入今年 - 去年，我們在更新並查看今年的影響時談到了 0.10 美元的影響，我們認為將會有額外的 0.05 美元，並且額外的0.05美元將被分配，其中大部分0.05 美元將在第二個中分配。

Okay. But is it fair to assume like was there a very minimal impact in the first quarter? Or just, again, as we're trying to bridge the whole number?

好的。但假設第一季的影響非常小是否公平？或者只是，再次，當我們試圖彌合整個數字時？

Yes. There is certainly some of it that happened in the first quarter, for sure, Peter. But it's a little bit minimal.

是的。當然，彼得，第一季確實發生了一些事情。但這有點小。

It's fair to say some of it will spill over into Q2. But in addition, we'll have the $0.05 to what Jacinth described as the majority of that $0.05 in Q2.

公平地說，其中一些將蔓延到第二季。但除此之外，我們將在第二季度獲得 0.05 美元，其中 Jacinth 所說的 0.05 美元的大部分。

Got it. And then, Jim, just foodservice, 1 question and maybe 1 comment. Obviously, quarter came in a lot better than a lot of the indicators would have said kind of back to Ken's question. Even to speaking about some of the headwinds from January. So just maybe wanted to unpack that more. And then I think in your prepared remarks, you said foodservice volume you'd expect kind of at similar level through the rest of the year. So I just wanted to make sure I understood that comment if it was just more of a positive volume trend on food service.

知道了。然後，吉姆，只是餐飲服務，1 個問題，也許還有 1 條評論。顯然，季度的表現比許多指標所說的要好得多，這有點回到肯的問題。甚至談論一月份以來的一些不利因素。所以也許只是想進一步了解。然後我認為，在您準備好的演講中，您說過，您預計今年剩餘時間的餐飲服務量將保持在類似水平。所以我只是想確保我理解這個評論是否只是餐飲服務的正面數量趨勢。

Yes. I mean, I think, the key takeaway here is the foodservice business continues to operate from a very advantaged position. And really strong Q1, and we expect that business to continue through -- continuous trajectory throughout the year, which a big part of that is the volume growth that we expect in the back half of the business from it as well.

是的。我的意思是，我認為這裡的關鍵要點是餐飲服務業務繼續以非常有利的地位運作。第一季非常強勁，我們預計該業務將在全年持續保持軌跡，其中很大一部分是我們預計後半段業務的銷售成長。

So there was the January slowdown, which really is just weather driven. We see the weather impacting the business and then, of course, some of the post-holiday doldrums. But the business continues to perform really well, and we expect it to continue its trajectory in the back half of the year.

因此，一月份出現了經濟放緩，這實際上只是天氣造成的。我們看到天氣影響了業務，當然還有節後的一些低迷。但該業務仍然表現良好，我們預計它將在今年下半年繼續保持其發展軌跡。

The next question comes from Adam Samuelson at Goldman Sachs.

下一個問題來自高盛的亞當·薩繆爾森。

So maybe just the first question, bit of a clarification. Just as I think about turkey and the impact on company level volumes, this quarter, you were lapping some of the steepest production disruptions last year from HPAI in your own business. And so just can you just articulate how much of the year-on-year volume growth at the company level, 3.7%, was attributable to kind of the normalization of your own turkey production, I would think it explains basically all of that 3.7%.

所以也許只是第一個問題，需要澄清一下。正如我思考火雞及其對公司層面產量的影響一樣，本季度，您在自己的業務中經歷了去年 HPAI 造成的一些最嚴重的生產中斷。因此，您能否闡明公司層面的同比銷量增長（3.7％）有多少歸因於您自己的火雞生產的正常化，我認為這基本上解釋了所有這 3.7％ 。

And maybe touching on Peter's question, just to be clear, Jim, are you saying foodservice, you think, is growing volumes kind of mid- to high single-digit clip for the balance of the year? Or you're talking about the absolute volume tonnage staying at this level through the balance of the year.

也許談到彼得的問題，吉姆，要明確一點，你是說餐飲服務，你認為，今年剩餘時間的銷售成長是否是中高個位數？或者你說的是今年剩餘時間絕對噸位保持在這個水準。

Yes. Okay. So Adam, I guess on the Turkey question with volume, what we were saying is that we had expected Turkey volumes to grow, which they did. But then, we also saw growth in underlying volumes in our broad-based value-added businesses. So that's how we're thinking about that. And then really for foodservice volume growth, we expect that to be in the mid-single-digit range.

是的。好的。所以亞當，我想關於土耳其的銷售問題，我們所說的是我們預期土耳其的銷量會成長，而他們確實做到了。但隨後，我們也看到了廣泛基礎的增值業務的基礎銷量的成長。這就是我們的想法。對於餐飲服務量的成長，我們預計將在中個位數範圍內。

Okay. Well, okay. So I guess maybe kind of keying off that then, especially where there's still inflation on the beef side. I'm trying to think about kind of mid-single-digit volumes in your foodservice business, kind of some recovery in International, which had a quite challenging 2023. I'm trying to square that to the overall guidance for company level sales of up 1% to 3% for the year and just the implied decline in either consolidated pricing and/or the retail business in the balance of the year. So how do I bridge those 2 pieces a little bit more clearly?

好的。哦，那好吧。所以我想也許可以暫時停止這種做法，尤其是在牛肉方面仍然存在通貨膨脹的情況下。我正在嘗試考慮您的餐飲服務業務的中個位數銷量，以及國際業務的一些復甦，該業務在 2023 年面臨著相當大的挑戰。我正在嘗試將其與公司層面銷售的總體指導相結合今年上漲1% 至3%，這只是今年剩餘時間綜合定價和/或零售業務的隱含下降。那我該如何更清楚地連結這兩個部分呢？

Well, there's a lot there, Adam. I think from our perspective, I think, there's 2 things. I want to go back to the reason we reaffirmed our guidance is it's early. But I think the second part in terms of -- as you think about trying to parse all of that apart, I know you'll have a follow-up call with David, and that's probably a really good time to walk through all those different parts.

嗯，有很多東西，亞當。我認為從我們的角度來看，有兩件事。我想回到我們重申我們的指導的原因是現在還為時過早。但我認為第二部分——當你考慮嘗試將所有這些分開時，我知道你會與大衛進行後續通話，這可能是一個很好的時機來了解所有這些不同的內容部分。

There are no further questions. I will now turn the call back over to Jim Snee for closing comments.

沒有其他問題了。現在，我將把電話轉回吉姆·斯尼 (Jim Snee) 徵求結束意見。

Well, I want to thank all of you for joining us this morning. We're really pleased by our overall performance in the strong first quarter that we were able to deliver. This is a result of a total team effort, and I want to take the opportunity to thank all of our teams. It's early. We know we have a lot of work to do to deliver the numbers we want to deliver for the balance of the year. But as I said earlier, we are executing our strategy, and we have confidence that the business will keep moving in the right direction throughout 2024. Thank you, everyone.

好吧，我要感謝大家今天早上加入我們。我們對第一季強勁的整體表現感到非常滿意。這是團隊共同努力的結果，我想藉此機會感謝我們所有團隊。現在還早。我們知道，要實現今年剩餘時間的目標，我們還有很多工作要做。但正如我之前所說，我們正在執行我們的策略，我們有信心業務將在 2024 年繼續朝著正確的方向發展。謝謝大家。

Ladies and gentlemen, this concludes today's conference call. We thank you for participating, and we ask that you please disconnect your lines.

女士們、先生們，今天的電話會議到此結束。我們感謝您的參與，並請您斷開線路。