荷美爾 (HRL) 2021 Q4 法說會逐字稿

Good morning, everyone, and welcome to the Hormel Foods Fourth Quarter 2021 Earnings Webcast. (Operator Instructions) Please also note, today's event is being recorded.

大家早上好，歡迎收聽荷美爾食品公司 2021 年第四季度收益網絡廣播。 （操作員說明）另請注意，今天的活動正在錄製中。

At this time, I'd like to turn the conference call over to Nathan Annis, Director of Investor Relations. Sir, please go ahead.

此時，我想將電話會議轉交給投資者關係總監 Nathan Annis。先生，請繼續。

Good morning. Welcome to the Hormel Foods conference call for the fourth quarter of fiscal 2021. 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; Jim Sheehan, Executive Vice President and Chief Financial Officer; and Jacinth Smiley, Group Vice President of Corporate Strategy. Jacinth becomes Executive Vice President and Chief Financial Officer on January 1.

早上好。歡迎參加荷美爾食品公司 2021 財年第四季度的電話會議。我們今天早上在東部時間上午 6:30 左右開市前發布了我們的業績。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； Jim Sheehan，執行副總裁兼首席財務官； Jacinth Smiley，集團企業戰略副總裁。 Jacinth 於 1 月 1 日成為執行副總裁兼首席財務官。

Jim Snee will provide a review of the company's current and future operating conditions and a perspective on fiscal 2022. Jim Sheehan will provide detailed financial results and commentary on the fourth quarter, and Jacinth Smiley will provide commentary on the company's fiscal 2022 outlook. As a reminder, the fourth quarter of fiscal 2021 contained an extra week compared to fiscal 2020. The line will be open for questions following Jacinth's remarks. (Operator Instructions)

Jim Snee 將回顧公司當前和未來的經營狀況以及對 2022 財年的展望。Jim Sheehan 將提供第四季度的詳細財務業績和評論，Jacinth Smiley 將提供公司 2022 財年展望的評論。提醒一下，與 2020 財年相比，2021 財年第四季度比 2020 財年多出一周。Jacinth 發表講話後，這條線路將開放供提問。 （操作員說明）

An audio replay of this call will be available beginning at noon today Central Time. The dial-in number is (877) 344-7529 and the access code is 10161982. It will also be posted on our website and archived for 1 year.

本次通話的音頻重播將從今天中部時間中午開始提供。撥入號碼是(877) 344-7529，接入碼是10161982。它也將發佈在我們的網站上並存檔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 Pages 35 through 41 in the company's Form 10-Q for the fiscal quarter ended July 25, 2021. It can be accessed on our website.

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。請參閱公司截至 2021 年 7 月 25 日的財政季度的 10-Q 表格中的第 35 頁至第 41 頁。可在我們的網站上訪問。

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 sales and adjusted diluted earnings per share. Discussion on non-GAAP information is detailed in our press release located on our corporate website.

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。這些非公認會計原則指標包括有機銷量、有機銷售額和調整後的稀釋每股收益。關於非公認會計原則信息的討論在我們公司網站上的新聞稿中有詳細說明。

I will now turn the call over to Jim Snee.

我現在將把電話轉給 Jim Snee。

Thank you, Nathan. Good morning, everyone. I want to start this morning by congratulating Jim Sheehan on his upcoming retirement. Jim will be retiring as CFO at the end of the calendar year, so this will be his last earnings call. Jim has over 4 decades with our company and, under his tenure, has built a world-class finance, accounting and technology organization. Jim was the guiding force behind Project Orion, an initiative that will benefit our company for decades to come.

謝謝你，內森。大家，早安。我想從今天早上開始祝賀 Jim Sheehan 即將退休。吉姆將在日曆年年底退休，擔任首席財務官，因此這將是他最後一次財報電話會議。 Jim 在我們公司工作了 4 多年，在他任職期間，他建立了一個世界級的財務、會計和技術組織。 Jim 是 Project Orion 背後的指導力量，該計劃將使我們公司在未來幾十年受益。

For over 43 years, with the last 5 years as CFO, Jim has been a trusted partner to me and many of my predecessors. Jim helped complete over $5 billion in strategic acquisitions, including Justin's, Fontanini, Ceratti, Columbus, Sadler's and, our largest acquisition ever, Planters. Equally impressive was Jim's contribution to reshaping our portfolio as he was also a guiding force behind many of the divestitures we made to transform our company.

43 年多來，過去 5 年擔任首席財務官，Jim 一直是我和我的許多前任值得信賴的合作夥伴。 Jim 幫助完成了超過 50 億美元的戰略收購，包括 Justin's、Fontanini、Ceratti、Columbus、Sadler's 以及我們有史以來最大的收購案 Planters。同樣令人印象深刻的是吉姆對重塑我們的投資組合的貢獻，因為他也是我們為改造公司而進行的許多資產剝離背後的指導力量。

Jim's oversight to our evolution puts us on a solid foundation for the future growth of our company. Additionally, Jim has overseen the distribution of over $2 billion in dividends to our shareholders. In addition to his business accolades, Jim was the key voice behind our game-changing Inspired Pathways program, which provides free college education for children of our team members. Jim will be missed, and we wish him well in retirement, along with his wife, [Jean.]

Jim 對我們發展的監督為我們公司的未來發展奠定了堅實的基礎。此外，Jim 還監督向我們的股東分配了超過 20 億美元的股息。除了他的商業榮譽之外，Jim 還是我們改變遊戲規則的 Inspired Pathways 計劃背後的關鍵人物，該計劃為我們團隊成員的孩子提供免費的大學教育。吉姆將被懷念，我們祝愿他和他的妻子 [Jean.] 退休後一切順利。

Jacinth Smiley succeeds Jim and brings a wealth of experience from outside Hormel Foods. She has deep and broad domestic and international experience in areas such as corporate finance, public accounting and compliance. Most recently, she served as the Group Vice President of Corporate Strategy. Hormel Foods is fortunate to have Jacinth as CFO, and I'm looking forward to her leadership in her new role. My sincere congratulations to both Jim and Jacinth.

Jacinth Smiley 接替 Jim 並帶來了 Hormel Foods 以外的豐富經驗。她在公司財務、公共會計和合規等領域擁有深厚而廣泛的國內和國際經驗。最近，她擔任集團企業戰略副總裁。 Hormel Foods 很幸運有 Jacinth 擔任首席財務官，我期待著她在新角色中發揮領導作用。我對 Jim 和 Jacinth 表示衷心的祝賀。

In an incredibly difficult and rapidly changing operating environment, our team delivered outstanding top line results. We achieved record sales in fiscal 2021, exceeding both $10 billion and $11 billion in sales for the first time. For the full year, sales were $11.4 billion, representing 19% sales growth. On an organic basis, sales increased 14%.

在極其困難且瞬息萬變的運營環境中，我們的團隊取得了出色的頂線業績。我們在 2021 財年實現了創紀錄的銷售額，銷售額首次超過 100 億美元和 110 億美元。全年銷售額為 114 億美元，銷售額增長 19%。在有機基礎上，銷售額增長了 14%。

Our top line growth was incredibly balanced as each of our go-to-market sales channels and business segments posted strong double-digit sales gains, underpinned by value-added volume growth, pricing and a better mix. Adjusted diluted earnings per share for the full year increased 4% to $1.73 in spite of inflationary pressure and supply chain challenges. Diluted earnings per share was $1.66.

我們的收入增長非常平衡，因為我們的每個上市銷售渠道和業務部門都實現了兩位數的強勁銷售增長，這得益於增值量增長、定價和更好的組合。儘管存在通脹壓力和供應鏈挑戰，但全年調整後稀釋後每股收益增長 4% 至 1.73 美元。每股攤薄收益為 1.66 美元。

We had an excellent fourth quarter and posted numerous records, including a fourth consecutive quarter of record sales, record diluted earnings per share and record cash flow from operations. I want to commend our entire team for delivering this impressive performance and the numerous fourth quarter records.

我們有一個出色的第四季度，並發布了許多記錄，包括連續第四個季度創紀錄的銷售額、創紀錄的每股攤薄收益和創紀錄的運營現金流。我要讚揚我們整個團隊提供了令人印象深刻的表現和無數第四季度的記錄。

Sales increased 43%, and organic sales increased 32%. Volume increased 14%, and organic volume increased 8%. We grew sales in every segment and every channel for the quarter. Compared to prepandemic levels in 2019, all channels grew by over 25%, driven by strong demand and pricing action in almost every category.

銷售額增長了 43%，有機銷售額增長了 32%。銷量增加了 14%，有機銷量增加了 8%。我們在本季度的每個細分市場和每個渠道的銷售額都有所增長。與 2019 年疫情前的水平相比，在幾乎每個類別的強勁需求和定價行動的推動下，所有渠道都增長了 25% 以上。

This all-time record performance was led by further acceleration in our foodservice businesses. Our foodservice teams across the organization posted 72% sales growth for the quarter, 33% higher than prepandemic levels. This followed second quarter growth of 28% and third quarter growth of 45%. Strength was broad-based with significant contributions from Refrigerated Foods, Jennie-O Turkey Store and MegaMex. We also saw a strong recovery in our noncommercial segments, including college and university and K-12 institutions.

這一創紀錄的業績得益於我們餐飲服務業務的進一步加速。我們整個組織的餐飲服務團隊公佈了本季度 72% 的銷售額增長，比大流行前的水平高出 33%。緊隨其後的是第二季度增長 28% 和第三季度增長 45%。實力廣泛，來自 Refrigerated Foods、Jennie-O Turkey Store 和 MegaMex 的顯著貢獻。我們的非商業部門也出現了強勁復甦，包括學院和大學以及 K-12 機構。

Our foodservice portfolio remains perfectly positioned to meet the needs of today's foodservice operators with labor and time-saving products. I believe our growth in foodservice is a function of our differentiated value proposition in the industry as well as our dedication during the pandemic. We have grown with our distributor and operator partners during the recovery, strengthening many of our partnerships and decades-long relationships.

我們的餐飲服務產品組合仍然處於完美的位置，可以通過節省勞動力和節省時間的產品滿足當今餐飲服務運營商的需求。我相信我們在餐飲服務方面的增長是我們在行業中的差異化價值主張以及我們在大流行期間的奉獻精神的結果。在復蘇期間，我們與我們的分銷商和運營商合作夥伴一起成長，加強了我們的許多合作夥伴關係和長達數十年的關係。

The top line performances from our other channels were equally impressive. Retail, deli and international each delivered a second consecutive year of growth. Retail and international sales both increased 34%, and deli sales increased 24%.

我們其他頻道的頂級表現同樣令人印象深刻。零售、熟食和國際市場均實現連續第二年增長。零售和國際銷售額均增長 34%，熟食銷售額增長 24%。

On an organic basis, each channel posted strong double-digit growth. Growth came from numerous brands across all areas of our portfolio, including SPAM, Applegate, Columbus, Hormel Black Label, Wholly, Hormel Compleats, Gatherings and many more.

在有機基礎上，每個渠道都實現了兩位數的強勁增長。增長來自我們產品組合所有領域的眾多品牌，包括 SPAM、Applegate、Columbus、Hormel Black Label、Wholly、Hormel Compleats、Gatherings 等等。

We continue to see very positive trends for consumer takeaway at retail. According to IRI, key metrics for our brands such as buy rate and trips per buyer remain favorable, which indicates elevated consumer spending on our products has remained. We also continue to grow share in many important categories, including Hormel Gatherings, party trays, Hormel pepperoni, SPAM luncheon meat and Hormel chili.

我們繼續看到零售業消費者外賣的非常積極的趨勢。根據 IRI 的數據，我們品牌的關鍵指標，如購買率和每位買家的旅行次數仍然有利，這表明消費者對我們產品的支出仍然保持較高水平。我們還在許多重要類別中繼續增加份額，包括荷美爾聚會、派對托盤、荷美爾意大利辣香腸、SPAM 午餐肉和荷美爾辣椒。

Our One Supply Chain team has done an excellent job operating in and navigating constant supply chain disruptions. We have also seen the positive impact of their strategic actions, namely, we're starting to see an increasing number of our open positions being filled, more automation being implemented in our facilities and a more simplified product portfolio. In total, these actions are allowing us to maximize our throughput to meet the continued strong demand of our customers.

我們的 One Supply Chain 團隊在應對持續的供應鏈中斷方面做得非常出色。我們還看到了他們的戰略行動的積極影響，即我們開始看到越來越多的空缺職位被填補，在我們的設施中實施了更多的自動化以及更簡化的產品組合。總的來說，這些行動使我們能夠最大限度地提高產量，以滿足客戶持續強勁的需求。

From a bottom line perspective, fourth quarter earnings were a record $0.51 per share, a 19% increase compared to 2020. An acceleration in our top line results and the addition of the Planters business led to the earnings growth. As we said in the third quarter, we expected margins to improve as pricing actions took effect. Indeed, margins improved sequentially in all 4 segments. Pricing actions, improved promotional effectiveness and a more profitable mix all contributed to the improvement.

從底線的角度來看，第四季度每股收益達到創紀錄的 0.51 美元，與 2020 年相比增長了 19%。我們的頂線業績加速以及 Planters 業務的增加導致了收益增長。正如我們在第三季度所說，隨著定價行動的生效，我們預計利潤率會提高。事實上，所有 4 個細分市場的利潤率都在依次提高。定價行動、改進的促銷效果和更有利可圖的組合都有助於改善。

We started to see relief in key raw materials in the fourth quarter compared to prior quarters. However, labor rates, freight, supplies and raw material costs remain above year ago levels and in the case of freight, increased further.

與前幾個季度相比，我們開始看到第四季度的關鍵原材料有所緩解。然而，勞動力價格、運費、供應品和原材料成本仍高於去年同期水平，而且運費進一步上漲。

Looking at the segments, Grocery Products, Refrigerated Foods and International segments each posted double-digit segment profit growth. Jennie-O Turkey Store profits declined due to higher feed costs. A few highlights from the quarter include the following: Refrigerated Foods delivered strong volume, sales and profit growth. The team was able to leverage the numerous capacity expansion projects since the start of the pandemic for categories such as pizza toppings, bacon and dry sausage.

從細分市場來看，雜貨、冷藏食品和國際細分市場均實現了兩位數的利潤增長。由於飼料成本上漲，Jennie-O Turkey Store 的利潤下降。本季度的一些亮點包括： 冷藏食品實現了強勁的銷量、銷售額和利潤增長。自大流行開始以來，該團隊能夠利用眾多產能擴張項目，用於披薩配料、培根和乾香腸等類別。

Within Grocery Products, our simple meals and Mexican portfolios generated excellent growth in addition to contributions from the Planters snack nuts business. Notably, the SPAM brand delivered its seventh consecutive year of record growth, and we recently announced plans for additional capacity to support future growth.

在 Grocery Products 中，除了來自 Planters 零食堅果業務的貢獻外，我們的簡單膳食和墨西哥產品組合也實現了出色的增長。值得注意的是，SPAM 品牌連續第七年實現創紀錄的增長，我們最近宣布了增加容量以支持未來增長的計劃。

Our International team achieved a seventh consecutive quarter of record earnings growth with strong results from all of their businesses. The momentum this business has generated over the last 2 years supports our plans to aggressively expand internationally.

我們的國際團隊連續第七個季度實現創紀錄的盈利增長，所有業務都取得了強勁的業績。該業務在過去 2 年中產生的勢頭支持了我們在國際上積極擴張的計劃。

Lastly, Planters made a positive impact, especially in the fast-growing snacking and entertaining space and within the convenience store channel. This quarter's results were outstanding, and we intend to build on this momentum going into 2022.

最後，Planters 產生了積極的影響，特別是在快速增長的零食和娛樂空間以及便利店渠道內。本季度的業績非常出色，我們打算在 2022 年繼續保持這一勢頭。

Over the past decade, Hormel Foods has deliberately evolved from a meat-centric, commodity-driven company with a heavy focus on retail, pork and turkey to a global-branded food company with leading brands across numerous channels. Our company today is more food forward than ever with a sharp focus on the needs of our customers, consumers and operators.

在過去的十年中，荷美爾食品公司有意從一家以肉類為中心、以商品為導向、重點關注零售、豬肉和火雞的公司發展成為一家在眾多渠道中擁有領先品牌的全球品牌食品公司。今天，我們公司比以往任何時候都更加註重食品，並非常關注我們的客戶、消費者和運營商的需求。

As we begin fiscal 2022, we plan to continue our evolution. First, we will complete the full integration of the Planters business across all functions. The first of 3 production facilities was successfully integrated in the fourth quarter, and the remaining 2 facilities are scheduled to be fully integrated in our first quarter.

在我們開始 2022 財年時，我們計劃繼續我們的發展。首先，我們將完成Planters業務在所有功能上的全面整合。 3 個生產設施中的第一個在第四季度成功整合，其餘 2 個設施計劃在第一季度完全整合。

Since acquiring Planters 6 months ago, our sales, marketing, innovation and R&D teams have been hard at work, developing new and innovative products and flavors, many of which will be rolled out this coming year. They've also been working on refreshing the branding and packaging, which will also be launched in 2022. Seeing the great work of our teams has me even more confident about where we are able to take this brand in the future and further strengthens our conviction of the potential for Planters. From a financial standpoint, the Planters business is performing at the top end of our expectations, and we expect that trend to continue in fiscal '22.

自 6 個月前收購 Planters 以來，我們的銷售、營銷、創新和研發團隊一直在努力工作，開發新的創新產品和口味，其中許多將在明年推出。他們還一直致力於更新品牌和包裝，這也將在 2022 年推出。看到我們團隊的出色工作讓我對我們未來能夠將這個品牌帶到哪裡更有信心，並進一步堅定了我們的信念種植者的潛力。從財務角度來看，Planters 業務的表現超出了我們的預期，我們預計這種趨勢將在 22 財年繼續。

Second, we are also taking a series of actions at Jennie-O Turkey Store. Over time, we expect these actions to result in a more demand-oriented and optimized Turkey portfolio that is better aligned to the changing needs of our customers, consumers and operators that will result in long-term growth, improved profitability and lower earnings volatility.

其次，我們還在 Jennie-O 土耳其店採取了一系列行動。隨著時間的推移，我們預計這些行動將帶來更加以需求為導向和優化的土耳其投資組合，更好地適應我們的客戶、消費者和運營商不斷變化的需求，從而實現長期增長、提高盈利能力和降低盈利波動性。

The transformation starts with accelerating our efforts to shift from commodity to branded value-added products. This is similar to the successful strategy we have executed in Refrigerated Foods over the past 15 years. As a result, we will close the Benson Avenue plant located in Willmar, Minnesota in the first half of fiscal 2022. This plant is an older, inefficient facility, which produces numerous commodity items. Value-added products will be consolidated into multiple other facilities. Team members will transition to our newer and larger facility also located in Willmar, which will supplement staffing levels.

轉型始於加速我們從商品轉向品牌增值產品的努力。這與我們過去 15 年在冷藏食品領域實施的成功戰略類似。因此，我們將在 2022 財年上半年關閉位於明尼蘇達州威爾馬市的 Benson Avenue 工廠。該工廠是一個較舊、效率低下的工廠，生產大量商品。增值產品將整合到多個其他設施中。團隊成員將過渡到我們也位於威爾馬的更新和更大的設施，這將補充人員配備水平。

Finally, we will continue to integrate business functions into the Hormel Foods parent organization. Over the past 2 years, we have successfully integrated IT services, finance and accounting and HR into the Hormel organization through Project Orion, and we will continue these efforts for other functions. By doing so, we will bring the deep turkey expertise and competitive advantages of the Jennie-O team to the broader organization. I want to be very clear that turkey will continue to play an important role in our company for many brands, including Columbus, Applegate, Hormel Natural Choice in addition to Jennie-O.

最後，我們將繼續將業務職能整合到荷美爾食品的母公司中。在過去的 2 年裡，我們通過 Project Orion 成功地將 IT 服務、財務會計和 HR 整合到了荷美爾組織中，我們將繼續在其他職能方面進行這些努力。通過這樣做，我們將為更廣泛的組織帶來 Jennie-O 團隊深厚的火雞專業知識和競爭優勢。我想非常清楚的是，除了 Jennie-O 之外，火雞將繼續在我們公司的許多品牌中發揮重要作用，包括 Columbus、Applegate、Hormel Natural Choice。

Turkey is vital to our balanced business model, serves to diversify our portfolio and it's important to consumers who are looking for high-protein, lean and versatile offerings. We will provide a further update and details on the financial components and timing on our first quarter call.

土耳其對我們平衡的商業模式至關重要，有助於使我們的產品組合多樣化，對於尋求高蛋白、精益和多功能產品的消費者來說也很重要。我們將在第一季度電話會議上提供有關財務組成部分和時間安排的進一步更新和詳細信息。

Finally, we made additional progress on optimizing our pork supply chain by signing a new 5-year raw material supply agreement with our supplier in Fremont, Nebraska. This new agreement more closely matches our pork supply with the needs of our value-added businesses while simultaneously reducing the amount of commodity pork we sell. Similar to the rationale for selling the Fremont plant in 2018, this new agreement further diversifies us away from commodity sales, increases our flexibility within our supply chain and decreases our earnings volatility.

最後，我們與內布拉斯加州弗里蒙特的供應商簽署了一份新的 5 年原材料供應協議，在優化豬肉供應鏈方面取得了額外進展。這項新協議使我們的豬肉供應更符合我們增值業務的需求，同時減少了我們銷售的商品豬肉數量。與 2018 年出售弗里蒙特工廠的理由類似，這項新協議進一步使我們擺脫了商品銷售，增加了我們在供應鏈中的靈活性並降低了我們的盈利波動性。

This agreement should result in a reduction of approximately $350 million of commodity fresh pork sales at very low margins. The impact is split between the Refrigerated Foods and International segments. The contract will be effective at the start of calendar year 2022.

該協議將導致以極低的利潤率減少約 3.5 億美元的商品新鮮豬肉銷售。影響分為冷藏食品和國際部分。該合同將於 2022 年年初生效。

The success we are having with Planters, the actions we are taking at Jennie-O Turkey Store and the continued progress we are making in our pork supply chain all provide great insights into how we are continuing to evolve Hormel Foods for next year and beyond. And not only have we evolved our portfolio, but we will continue to evolve how we operate as a company with initiatives such as One Supply Chain, Project Orion and our digital experience group.

我們在 Planters 方面取得的成功、我們在 Jennie-O 土耳其商店採取的行動以及我們在豬肉供應鏈方面取得的持續進步，都為我們如何在明年及以後繼續發展 Hormel Foods 提供了深刻的見解。我們不僅改進了我們的產品組合，而且我們將繼續改進我們作為一家公司的運營方式，包括 One Supply Chain、Project Orion 和我們的數字體驗團隊等舉措。

Looking at fiscal 2022, we expect net sales to be between $11.7 billion and $12.5 billion and for diluted earnings per share to be between $1.87 and $2.03 per share. We expect growth in excess of our long-term goals due to organic growth across each of our segments and strength in our Planters business. I have confidence in our ability to achieve our guidance with all 4 segments delivering growth.

展望 2022 財年，我們預計淨銷售額將在 117 億美元至 125 億美元之間，每股攤薄收益將在 1.87 美元至 2.03 美元之間。由於我們每個細分市場的有機增長以及我們種植者業務的實力，我們預計增長將超過我們的長期目標。我相信我們有能力在所有 4 個細分市場實現增長的情況下實現我們的指導。

Jacinth Smiley will provide more color regarding key drivers to our fiscal 2022 outlook. At this time, I will turn the call over to Jim Sheehan to discuss financial information relating to the quarter.

Jacinth Smiley 將為我們的 2022 財年展望提供更多關鍵驅動因素。此時，我將把電話轉給 Jim Sheehan，討論與本季度有關的財務信息。

Thank you, Jim. Good morning. The company achieved record fourth quarter and full year sales of $3.5 billion and $11.4 billion, respectively. Organic sales increased 32% for the quarter and 14% for the full year. Planters contributed $411 million in sales for the full year. Earnings before taxes increased 26% for the fourth quarter. Strong results in Refrigerated, International and the inclusion of Planters led to the strong finish to the year despite ongoing inflationary pressures.

謝謝你，吉姆。早上好。該公司第四季度和全年銷售額分別達到創紀錄的 35 億美元和 114 億美元。本季度有機銷售額增長 32%，全年增長 14%。 Planters 全年貢獻了 4.11 億美元的銷售額。第四季度稅前利潤增長了 26%。儘管通貨膨脹壓力持續存在，但冷藏、國際和種植園的強勁業績導致了今年的強勁收官。

Earnings before taxes increased 1% for the full year compared to fiscal 2020. Diluted earnings per share of $0.51 was a record. This was a 19% increase over last year. Adjusted diluted earnings per share for the full year was $1.73, a 4% increase from last year. Diluted earnings per share was $1.66.

與 2020 財年相比，全年稅前收益增長了 1%。稀釋後每股收益為 0.51 美元，創歷史新高。這比去年增加了 19%。全年調整後的稀釋後每股收益為 1.73 美元，比去年增長 4%。每股攤薄收益為 1.66 美元。

SG&A as a percentage of sales was 7.5% compared to 7.9% last year. Strong sales growth and disciplined cost management contributed to the improvement. Advertising investments increased 12% compared to last year. As anticipated, operating margins in the fourth quarter increased compared to the third quarter as a result of effective pricing action. Segment margins expanded from last quarter by 136 basis points to 10.7%, with increases in each segment.

SG&A 佔銷售額的百分比為 7.5%，而去年為 7.9%。強勁的銷售增長和嚴格的成本管理有助於改善。與去年相比，廣告投資增長了 12%。正如預期的那樣，由於有效的定價行動，第四季度的營業利潤率與第三季度相比有所增加。分部利潤率較上一季度增長 136 個基點至 10.7%，每個分部都有所增長。

In 2021, inflation, labor shortages and the Planters deal cost all negatively impacted margins. The fourth quarter results, including the continued strong demand of our products, are an indication of improved market conditions as we exit the year. Net unallocated expenses in 2021 increased primarily as a result of onetime acquisition cost for Planters and higher interest expense.

2021 年，通貨膨脹、勞動力短缺和種植園主的交易成本都對利潤率產生了負面影響。第四季度的業績，包括我們產品的持續強勁需求，表明隨著我們今年退出市場狀況有所改善。 2021 年未分配淨費用增加的主要原因是 Planters 的一次性購置成本和較高的利息費用。

The effective tax rate for the year was 19.3% compared to 18.5% last year. Operating cash flow for the fourth quarter was a record, resulting from strong earnings and disciplined working capital management. Our balanced business model and consistent cash flow provided protection against the complex and challenging business dynamics we navigated during the year, allowing us to invest in numerous capital projects, acquire Planters and grow the dividend. We paid our 373rd consecutive quarterly dividend effective November 15 at an annual rate of $0.98 per share. We also announced a 6% increase for 2022, marking the 56th consecutive year of dividend increases.

與去年的 18.5% 相比，本年度的有效稅率為 19.3%。由於強勁的收益和嚴格的營運資金管理，第四季度的經營現金流量創歷史新高。我們平衡的商業模式和一致的現金流為我們在這一年中應對的複雜和具有挑戰性的業務動態提供了保護，使我們能夠投資眾多資本項目、收購 Planters 並增加股息。自 11 月 15 日起，我們以每股 0.98 美元的年利率連續支付了第 373 個季度股息。我們還宣布 2022 年股息增長 6%，這是股息連續第 56 年增長。

During 2021, the company repurchased 500,000 shares for $20 million. Capital expenditures were $232 million. The company ended 2021 with $3.3 billion in debt or approximately 2.5x EBITDA. Although no mandatory debt repayments are required until 2024, based on our strong cash flow, we expect to make incremental payments as soon as the second half of 2022. We remain committed to maintaining our investment-grade rating and deleveraging to 1.5 to 2x EBITDA by 2023.

2021年，公司以2000萬美元回購了50萬股股票。資本支出為 2.32 億美元。該公司截至 2021 年的債務為 33 億美元，約為 EBITDA 的 2.5 倍。儘管在 2024 年之前不需要強制償還債務，但基於我們強勁的現金流，我們預計最早將在 2022 年下半年進行增量支付。我們將繼續致力於維持我們的投資級評級，並在 2019 年將 EBITDA 降低至 1.5 至 2 倍2023 年。

Market conditions for pork input costs remained elevated during the fourth quarter. The USDA composite cutout averaged 33% higher compared to last year, supported by strong demand for pork and historically low cold storage levels. Hog prices averaged 62% higher than last year but were down 27% compared to the third quarter. Belly, pork trim and beef trim markets were also significantly higher for the quarter compared to last year.

豬肉投入成本的市場狀況在第四季度仍然處於高位。受豬肉需求旺盛和冷藏庫水平處於歷史低位的支撐，美國農業部的綜合產量平均比去年高出 33%。生豬價格平均比去年高 62%，但與第三季度相比下降 27%。與去年相比，本季度的腹部、豬肉和牛肉修剪市場也顯著增加。

The latest estimates from the USDA indicate pork production for the year to decrease 2% compared to 2020 and remain relatively flat in 2022. Labor shortages may continue to be a significant factor affecting industry production.

美國農業部的最新估計表明，與 2020 年相比，今年豬肉產量將下降 2%，並在 2022 年保持相對平穩。勞動力短缺可能繼續是影響工業生產的重要因素。

Turkey industry fundamentals were strong. The whole turkey and thigh meat markets reached all-time highs during the fourth quarter, with breast meat prices above a year ago. Supporting these prices were historically low cold storage levels, lower pulp placements and decline in egg sets.

土耳其工業基本面強勁。整個火雞和大腿肉市場在第四季度創下歷史新高，胸肉價格高於一年前。支撐這些價格的是歷史上較低的冷藏水平、較低的紙漿放置和蛋組數量的下降。

Higher feed costs and labor shortages continue to negatively impact Jennie-O. Feed costs increased over 60% from last year in the fourth quarter. In 2022, we anticipate pork, beef, turkey and feed prices to remain above historical levels. We delivered strong results in the fourth quarter as the team overcame challenging operating conditions and volatile markets. The performance is a testament to the strength of our brands, pricing power, balanced model and the team's ability to execute in a dynamic market environment.

較高的飼料成本和勞動力短缺繼續對 Jennie-O 產生負面影響。第四季度飼料成本比去年同期增長了 60% 以上。到 2022 年，我們預計豬肉、牛肉、火雞和飼料價格將保持在歷史水平之上。隨著團隊克服了具有挑戰性的運營條件和動蕩的市場，我們在第四季度取得了強勁的業績。業績證明了我們的品牌實力、定價能力、平衡模式以及團隊在動態市場環境中的執行能力。

On a personal note, as I reach the end of my career at Hormel, I am thankful for the privilege of working for this great company for the past 43 years. I appreciate the support of Jim Snee, the Board of Directors and my team over my tenure as CFO. I take great pride in the evolution and accomplishments of the company during my career and leave with the greatest confidence in the future. I have enjoyed my interactions with the shareholders and analyst community, and I wish you well.

就個人而言，當我在荷美爾的職業生涯即將結束時，我很感謝在過去的 43 年裡有幸為這家偉大的公司工作。我感謝 Jim Snee、董事會和我的團隊在我擔任首席財務官期間的支持。我為公司在職業生涯中的發展和成就感到非常自豪，並對未來充滿信心。我很享受與股東和分析師社區的互動，祝你一切順利。

At this time, I'll turn the call over to Jacinth Smiley. I know the company is in excellent hands with Jacinth, and you will have an opportunity to get to know her better in the coming months. Jacinth will provide an overview of the fiscal 2022 guidance and further context on our expectations for next year.

這個時候，我會把電話轉給 Jacinth Smiley。我知道公司與 Jacinth 的關係非常好，在接下來的幾個月裡，您將有機會更好地了解她。 Jacinth 將概述 2022 財年的指導方針，並進一步說明我們對明年的預期。

Thank you, Jim, for your kind words. Good morning, everyone. For analysts and the investment community on the call, I look forward to meeting you in the coming weeks and months. I'm excited to be stepping into the Chief Financial Officer role at Hormel Foods, a company known for its financial strength, its powerhouse brands and its commitment to employees and communities. In the time I have been at the company, I have found that the Hormel Foods is innovative and has a results-driven focus for all stakeholders.

吉姆，謝謝你的客氣話。大家，早安。對於電話會議上的分析師和投資界，我期待在未來幾周和幾個月內與您會面。我很高興能在荷美爾食品公司擔任首席財務官，這家公司以其財務實力、強大的品牌以及對員工和社區的承諾而聞名。在我任職公司期間，我發現荷美爾食品具有創新性，並以結果為導向，關注所有利益相關者。

As Jim mentioned, allow me to share a bit more commentary regarding key drivers to our fiscal 2022 outlook. Building on the momentum we established during the second half of the year and the strategic investments we have made throughout the pandemic, we expect to generate sales and earnings growth in fiscal 2022 above the long-term goals we announced at our investor update in October. We anticipate growth from all 4 segments driven by continued elevated demand for our products, the impact from our pricing actions, improved production throughput, new capacity for key categories such as pizza toppings and dry sausage and the full year contribution of the Planters business.

正如吉姆所提到的，請允許我就我們 2022 財年展望的關鍵驅動因素分享更多評論。基於我們在下半年建立的勢頭以及我們在整個大流行期間所做的戰略投資，我們預計 2022 財年的銷售額和盈利增長將超過我們在 10 月投資者更新中宣布的長期目標。我們預計，由於對我們產品的持續增長需求、我們定價行動的影響、生產量的提高、比薩配料和乾香腸等關鍵類別的新產能以及種植園業務的全年貢獻，我們預計所有 4 個細分市場的增長。

We also expect operating margins to show improvement throughout the year, similar to the dynamic we experienced in the fourth quarter. It is important to note that rapid changes in raw material input costs can shift profitability between quarters.

我們還預計全年營業利潤率將有所改善，類似於我們在第四季度所經歷的動態。需要注意的是，原材料投入成本的快速變化可能會在季度之間改變盈利能力。

In addition to generating strong sales and earnings growth, we will continue to invest in our leading brands through increases in strategic marketing and advertising, capacity expansions for high-growth platforms and capabilities to drive industry-leading innovation. The company's target for capital expenditures in 2022 is $310 million. We are scheduled to open a pepperoni expansion to our newest facility in Omaha during the second quarter, which will provide the needed capacity to meet growing demand in our retail and foodservice businesses.

除了實現強勁的銷售和盈利增長外，我們將繼續通過增加戰略營銷和廣告、擴大高增長平台的產能以及推動行業領先創新的能力來投資我們的領先品牌。該公司 2022 年的資本支出目標為 3.1 億美元。我們計劃在第二季度對我們位於奧馬哈的最新工廠進行意大利辣香腸擴建，這將提供所需的產能，以滿足我們零售和餐飲服務業務不斷增長的需求。

We are also beginning work on another expansion for the SPAM family of products scheduled to be operational in 2023. In addition to these larger projects, we are continuing to invest in cost savings, technology and automation projects to drive long-term savings and efficiencies.

我們還開始著手對計劃於 2023 年投入運營的 SPAM 系列產品進行另一次擴展。除了這些更大的項目之外，我們還將繼續投資於成本節約、技術和自動化項目，以推動長期節約和提高效率。

Pivoting to innovation, we achieved our 15% goal in 2021. We have strong innovation platforms for brands such as Planters, SKIPPY, Justin's, Herdez and Hormel Black Label at retail as well as the Jennie-O and Happy Little Plants brands in the foodservice channel. These platforms, in addition to our continuous process and product improvement initiatives, give us the confidence going forward to consistently achieve our stated innovation goals.

轉向創新，我們在 2021 年實現了 15% 的目標。我們為零售業的 Planters、SKIPPY、Justin's、Herdez 和 Hormel Black Label 等品牌以及餐飲服務業的 Jennie-O 和 Happy Little Plants 品牌擁有強大的創新平台渠道。除了我們持續的流程和產品改進計劃之外，這些平台使我們有信心繼續實現我們既定的創新目標。

I want to speak for a moment about the complexities of our operating environment. The operating environment is expected to remain complex in fiscal 2022, and our guidance accounts for the near-term impacts from labor shortages, higher costs and supply chain disruption. Our entire team has done an excellent job executing our business strategies in this dynamic environment.

我想談談我們運營環境的複雜性。預計 2022 財年的經營環境仍將復雜，我們的指導考慮了勞動力短缺、成本上升和供應鏈中斷的近期影響。我們的整個團隊在這種動態環境中執行我們的業務戰略方面做得非常出色。

In many ways, we have enhanced our competency for solving the day-to-day challenges inherent to our industry. We have increased our efforts to hire and maintain team members and have developed many strategies to mitigate the effect of labor shortages to meet elevated demand. This includes maximizing our flexibility to produce the items that are most in demand and leveraging our manufacturing partnerships to increase throughput wherever possible.

在許多方面，我們提高了解決行業固有的日常挑戰的能力。我們加大了招聘和維護團隊成員的力度，並製定了許多策略來減輕勞動力短缺的影響，以滿足不斷增長的需求。這包括最大限度地提高我們生產需求量最大的產品的靈活性，並利用我們的製造合作夥伴關係盡可能提高產量。

Our One Supply Chain team allows us to continue to actively manage our raw material procurement, logistics network and supply partnerships to minimize the impact of further inflation and supply chain disruption. We will also benefit from our expanded logistics network, which has added capacity for both the Refrigerated and Grocery Products business. As a result of these actions, we expect improved fill rates and load factors in fiscal 2022.

我們的單一供應鏈團隊使我們能夠繼續積極管理我們的原材料採購、物流網絡和供應合作夥伴關係，以最大限度地減少進一步通貨膨脹和供應鏈中斷的影響。我們還將受益於我們擴展的物流網絡，該網絡增加了冷藏和雜貨業務的容量。由於這些行動，我們預計 2022 財年的填充率和載客率會有所提高。

The announcement of the Jennie-O Turkey Store transformation is another step in our evolution to become a stronger global branded food company. Consistent with our long-term strategy, we are continuing our efforts to actively shift away from commodity businesses towards branded, value-added businesses. We expect a strategic and intentional actions to create a better, more profitable and sustainable business model.

Jennie-O 土耳其店轉型的宣布是我們向更強大的全球品牌食品公司發展的又一步。根據我們的長期戰略，我們將繼續努力積極地從商品業務轉向品牌化、增值業務。我們期望採取戰略性和有意的行動來創造更好、更有利可圖和可持續的商業模式。

Taking all of these factors into account, as Jim has mentioned, we're setting our full year sales guidance at $11.7 billion to $12.5 billion and our diluted earnings per share guidance at $1.87 to $2.03. Additionally, this guidance reflects the Benson Avenue facility closure, our new pork raw material supply agreement and an effective tax rate between 20.5% and 22.5%. Fiscal 2022 will be 52 weeks.

正如吉姆所提到的，考慮到所有這些因素，我們將全年銷售指導設定為 117 億美元至 125 億美元，稀釋後每股收益指導為 1.87 美元至 2.03 美元。此外，該指引反映了 Benson Avenue 工廠關閉、我們新的豬肉原材料供應協議以及 20.5% 至 22.5% 之間的有效稅率。 2022 財年將是 52 週。

As we move forward to execute against our strategic imperatives in 2022 and beyond, I'm pleased to be with a company that continues to evolve as a global-branded food company. Jim often says, we are uncommon. I have seen that first hand in my time with the company thus far. This starts with our unwavering commitment to employee safety and remaining an employer of choice in the communities we live and work. We're taking purposeful actions to transform our company as we embark on our most ambitious corporate responsibility journey yet, our 20 By 30 challenge, which is certainly important from an ESG standpoint.

隨著我們在 2022 年及以後執行我們的戰略要務，我很高興與一家繼續發展為全球品牌食品公司的公司合作。吉姆經常說，我們不尋常。到目前為止，我在公司工作期間親眼目睹了這一點。這始於我們對員工安全的堅定承諾，並在我們生活和工作的社區中繼續成為首選雇主。我們正在採取有目的的行動來改變我們的公司，因為我們開始了我們迄今為止最雄心勃勃的企業責任之旅，我們的 20 By 30 挑戰，從 ESG 的角度來看，這當然很重要。

Our experienced management team, the tireless work of our team members around the world and the progress made to implement the Project Orion and One Supply chain initiatives gives us added confidence in our ability to deliver growth in fiscal 2022 and beyond. I am excited to be with Hormel Foods and be part of this -- its continued success.

我們經驗豐富的管理團隊、全球團隊成員的不懈努力以及實施 Project Orion 和 One Supply Chain 計劃所取得的進展使我們對我們在 2022 財年及以後實現增長的能力更有信心。我很高興能與荷美爾食品公司合作並參與其中——它的持續成功。

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。

Jim Sheehan, congrats on your retirement as well.

Jim Sheehan，也祝賀你退休。

Thank you, Rupesh.

謝謝你，魯佩什。

So I guess to start off, maybe just on the pricing front, if you can just remind us where you guys are with the pricing front. At this point, have you guys seen anything, I guess, different versus expectations on the elasticity front? So just curious just how your pricing actions have played out so far versus your expectations.

所以我想開始，也許只是在定價方面，如果你能提醒我們你們在定價方面的位置。在這一點上，你們有沒有看到任何東西，我猜，與彈性方面的預期不同？所以只是好奇你的定價行為到目前為止與你的預期有何不同。

We've not seen the elasticity that we typically would have seen pre pandemic. The demand has held up really well across the entire portfolio. And really where we are in our pricing journey, we've got another round of pricing in our Grocery Products portfolio that is in the midst of being implemented, executed right now. On the Refrigerated side, that's a pricing model that ebbs and flows. And so we've seen some relief in commodity markets. We're watching it closely but, at this point in time, don't have any additional pricing scheduled for that part of our business. But in Grocery Products, we do have another round that's getting implemented right now.

我們還沒有看到大流行前通常會看到的彈性。在整個投資組合中，需求一直保持得很好。實際上，我們在定價過程中所處的位置是，我們的雜貨產品組合中的另一輪定價正在實施中，現在正在執行。在冷藏方面，這是一種起起落落的定價模式。因此，我們看到商品市場有所緩解。我們正在密切關注它，但目前還沒有為我們的這部分業務安排任何額外的定價。但在雜貨產品中，我們確實有另一輪正在實施。

Okay. Great. And then maybe just a follow-up question just on guidance. I was curious, I guess, the latest in terms of what you guys are incorporating for Planters accretion. Is that still in that $0.17 to $0.22 range for this year? And is there anything you can share on the cadence of operating your EPS growth maybe first half versus second half for this year?

好的。偉大的。然後也許只是一個關於指導的後續問題。我猜想，我很好奇你們正在為種植園增加的最新內容。今年還在 0.17 美元到 0.22 美元之間嗎？關於今年上半年與下半年的每股收益增長節奏，您有什麼可以分享的嗎？

Well, the first part of the question is we are still in that range, and we're expecting to be on the high end of the range, just like we were in fiscal 2021. As you think about just the business throughout the course of 2022, you're going to see sales, earnings and margins is really improving throughout the year. We -- as Jacinth mentioned in her comments, we do expect to have continual improvement in the supply chain that will help with fill rates and load factors. Our organic growth will be driven in large part by that improvement. So the thing that we have to be on the lookout for as we were in '21 is just the volatility in markets or supply chain. It really can shift profits between quarters.

好吧，問題的第一部分是我們仍處於該範圍內，並且我們預計將處於該範圍的高端，就像我們在 2021 財年一樣。當您在整個過程中考慮業務時2022 年，您將看到全年的銷售額、收益和利潤率都在提高。我們——正如 Jacinth 在她的評論中提到的那樣，我們確實希望供應鏈能夠持續改進，這將有助於提高填充率和裝載率。我們的有機增長將在很大程度上受到這種改善的推動。因此，我們必須像 21 年一樣關注市場或供應鏈的波動。它確實可以在季度之間轉移利潤。

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。

Jim, thank you for your help over the years, and congratulations on your retirement.

吉姆，感謝您多年來的幫助，並祝賀您退休。

Thank you, Tom.

謝謝你，湯姆。

From what we can see, pork costs have eased a bit in the past couple of months. At least on a spot basis, feed costs are lower than they were earlier this year. At what point do these costs begin to flow through the P&L?

從我們所見，豬肉成本在過去幾個月裡有所下降。至少在現貨基礎上，飼料成本低於今年早些時候。這些成本從什麼時候開始流經損益表？

I think you saw, Tom, some momentum, especially near the end of our fourth quarter, that helped with these declining prices. I mean you've seen today, for instance, hogs are down to mid-60s range. They averaged $86 and in the fourth quarter. You've seen trim ease off. And certainly, you've seen an easing in belly. So you're starting to see the advantage already. And you did see, as I said in the fourth quarter, you saw that momentum start to pick up near the end of the fourth quarter. So I think that we're in a good position as we go into the first quarter and into the new year.

湯姆，我想你看到了一些動力，尤其是在我們第四季度末的時候，這有助於價格下跌。我的意思是你今天已經看到，例如，生豬已經下降到 60 年代中期。他們在第四季度的平均價格為 86 美元。你已經看到修剪放鬆了。當然，你已經看到了腹部的緩解。所以你已經開始看到優勢了。你確實看到了，正如我在第四季度所說的，你看到勢頭在第四季度末開始回升。因此，我認為我們在進入第一季度和新的一年時處於有利位置。

And just on the feed side also?

也只是在飼料方面？

Well, we've locked in our feed costs. Our -- we're under market for -- we locked it about 80% of our core and it's under the current market. So our feed costs will be stabilized for next year. We have a good handle on the feed costs. You obviously always have the basis risk that exists, but basis has been fairly neutral for the last few months.

好吧，我們已經鎖定了我們的飼料成本。我們的 - 我們在市場上 - 我們鎖定了大約 80% 的核心，它處於當前市場之下。所以明年我們的飼料成本會穩定下來。我們對飼料成本有很好的處理。顯然，基差風險始終存在，但在過去幾個月中基差相當中性。

Okay. And if I could follow up just on what that translates to. So you've talked about earnings growth in all 4 segments in the coming year. Should we expect to see that starting in the first quarter? So essentially, in the first quarter, should we look for growth in all segments?

好的。如果我能跟進這意味著什麼。因此，您已經談到來年所有 4 個部門的收益增長。我們是否應該期望從第一季度開始看到這種情況？所以本質上，在第一季度，我們是否應該在所有領域尋求增長？

Yes. Tom, we would. And as Jim is describing in the markets in his prepared remarks, we're seeing some lower markets right now in the first quarter. But on average, over the full year, we do expect them to be fairly flat to 2021. So you are -- obviously, you're going to have some moves up throughout the year. But we do expect all segments to show that growth starting in Q1.

是的。湯姆，我們會的。正如吉姆在他準備好的講話中在市場上所描述的那樣，我們現在看到第一季度市場出現了一些下跌。但平均而言，在全年中，我們確實預計到 2021 年它們將相當平穩。所以你 - 顯然，你將在全年中有所上升。但我們確實預計所有細分市場都會從第一季度開始出現增長。

And Tom, as you look at 2022, remember, you have Planters. We didn't pick up Planters until the third quarter of last year. So you'll see the significant improvement in the first half of the year.

湯姆，當你看到 2022 年時，請記住，你有種植園主。直到去年第三季度，我們才開始收購 Planters。所以你會看到今年上半年的顯著改善。

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。

Let me echo everyone -- congratulations, Jim, on the retirement. So my first question is on Jennie-O. And I was hoping maybe to get a little bit more color on the decision to close the plant. And Jim Snee, if you could maybe just elaborate a little bit on how this changes the sales mix, margin structure potential of the Jennie-O business moving forward. And kind of corollary to that is just help us think about costs associated with these actions on a cash basis over the course of the next 12 months.

讓我回應每個人——祝賀吉姆，退休。所以我的第一個問題是關於 Jennie-O。我希望在關閉工廠的決定上能獲得更多的色彩。還有 Jim Snee，如果您能詳細說明一下這將如何改變 Jennie-O 業務向前發展的銷售組合和利潤率結構潛力。一種推論就是幫助我們在接下來的 12 個月內以現金為基礎考慮與這些行動相關的成本。

Sure. So the first thing, Adam, is we're going to come back to you in Q1 and give you more detailed report on some of the things that you just described. So we will be getting that information to you. I think the big thing in all of this, these strategic actions that we're thinking about is turkey is not going away in our portfolio, right? It's going to continue to be an important part of our company across many different segments, many different brands. We've seen the evolution of our company, whether it was Project Orion, our one Supply Chain effort, really this opportunity to move away from duplication of resources. That's the first thing.

當然。所以第一件事，亞當，我們將在第一季度與您聯繫，並就您剛才描述的一些事情向您提供更詳細的報告。因此，我們會將這些信息提供給您。我認為所有這一切中最重要的一點是，我們正在考慮的這些戰略行動是土耳其不會在我們的投資組合中消失，對嗎？它將繼續成為我們公司在許多不同領域、許多不同品牌中的重要組成部分。我們已經看到了我們公司的發展，無論是 Orion 項目，我們的一個供應鏈項目，都確實是擺脫資源重複的機會。這是第一件事。

The second thing is when -- we're honest with ourselves, the business has underperformed in recent years. And that's not through a lack of effort on our team's part. That's dealing with a significant oversupply situation that's created a lot of volatility for us. And so as you think about how we've managed other parts of the business, it kind of flew in the face of really what we've been trying to achieve.

第二件事是——我們對自己誠實，該業務近年來表現不佳。這並不是因為我們團隊缺乏努力。這是在應對嚴重的供過於求的情況，這給我們帶來了很大的波動。因此，當您考慮我們如何管理業務的其他部分時，它有點與我們一直在努力實現的目標背道而馳。

So really, this announcement today is a bigger step in that evolution to make sure that we're moving from a commodity-driven or a supply-driven business to a more demand, consumer-driven business. It also allows us to move towards a more fully integrated supply chain. So I mean, there's still a lot of work to be done. We'll be coming back to this group with more information in Q1, but feel like it's the right and proper first step on the journey to make Jennie-O really a more long-term, sustainable growth engine for the company.

所以說真的，今天的這一宣布是這一演變中更大的一步，以確保我們正在從商品驅動或供應驅動的業務轉變為更多需求、消費者驅動的業務。它還使我們能夠朝著更完全集成的供應鏈邁進。所以我的意思是，還有很多工作要做。我們將在第一季度回到這個小組，提供更多信息，但感覺這是讓 Jennie-O 真正成為公司更長期、可持續增長引擎的正確和正確的第一步。

All right. That's some really helpful color. And then just a follow-up on some of the labor challenges that you called out both in the press release and add in the script. And I was wondering if you could frame just the impact that labor has had on your production volume. Is it customers who aren't able to accept orders because of labor? Any way to dimensionalize kind of the costs? And any comments you've had on wage rates? Just trying to get a flavor for where we are in terms of managing labor issues in the operations and the supply chain.

好的。這是一些非常有用的顏色。然後只是對您在新聞稿和腳本中提到的一些勞工挑戰的後續行動。我想知道您是否可以僅描述勞動力對您的產量的影響。是客戶因為人工無法接單嗎？有什麼方法可以對成本進行維度化？您對工資率有何評論？只是想了解我們在管理運營和供應鏈中的勞動力問題方面所處的位置。

Sure. I mean we're not new to this story. I mean we've taken wage rates across our entire hourly plant structure. And we've had to become and maintain our very competitive wage rates. So that has added cost.

當然。我的意思是我們對這個故事並不陌生。我的意思是，我們在整個每小時工廠結構中都採用了工資率。我們必須成為並保持我們非常有競爭力的工資率。所以這增加了成本。

I think the other thing to really understand is just the labor pool in general. And the idea of we're going to rely on the traditional labor pool that you've always had, it's not going to get to where you need to be.

我認為要真正理解的另一件事就是總體上的勞動力資源。我們將依賴您一直擁有的傳統勞動力庫的想法，它不會到達您需要的地方。

So our team has done a really nice job of sourcing nontraditional labor pools, being creative in how we're staffing our facilities to make sure that we are becoming more employee-friendly. And we've seen an improvement. I mean I'm not going to spike the football here and say that we're over the hump, but we have seen some improvement in our labor rates.

因此，我們的團隊在採購非傳統勞動力方面做得非常好，在我們為設施配備人員方面具有創造性，以確保我們變得對員工更加友好。我們已經看到了進步。我的意思是我不會在這裡踢足球並說我們已經度過了難關，但我們已經看到我們的勞動力價格有所改善。

And even more importantly is we've seen some improvement in key plants for us. So key plants, meaning 2 of our larger refrigerated foods plants have seen dramatic improvement in labor rates. Two of our grocery product plants have seen improvements in labor rates. So that's been really helpful as we've progressed throughout the fourth quarter and then head into 2022. So the staffing levels that we're talking about are really helpful. We still have work to do, but it is setting us up for a better 2022.

更重要的是，我們已經看到關鍵工廠的一些改進。因此，關鍵工廠，即我們大型冷藏食品工廠中的 2 家，勞動力率有了顯著提高。我們的兩個雜貨產品工廠的勞動力成本有所提高。所以這真的很有幫助，因為我們在整個第四季度取得了進展，然後進入 2022 年。所以我們正在談論的人員配備水平真的很有幫助。我們仍有工作要做，但它正在為我們迎接更好的 2022 年做好準備。

Our next question comes from Eric Larson from Seaport Research Partners.

我們的下一個問題來自 Seaport Research Partners 的 Eric Larson。

My congratulations to Jim. Thank you for all of your help. And Jacinth, congratulations to you. It's a very coveted executive position in the food industry, and I'm sure that it's very well earned. So congrats.

我祝賀吉姆。感謝您的所有幫助。 Jacinth，祝賀你。這是食品行業非常令人垂涎的高管職位，我相信這是非常值得的。那麼恭喜。

My real -- my first -- my question really comes down to your input costs last year, bacon, trim, et cetera. I think Jacinth talked about the uncommon, and I've been doing this industry for a long time, and I can't remember the volatility that we've seen in the last year. So your pricing is going to reflect a lot of what the volatility is. But how much of a headwind or tail -- even potentially a tailwind could your input costs be for pork in '22?

我真正的——我的第一個——我的問題真的歸結為你去年的投入成本，培根，修剪等等。我認為 Jacinth 談到了不尋常的事情，而且我從事這個行業已經很長時間了，我不記得我們在去年看到的波動。因此，您的定價將反映很多波動性。但是，22 年豬肉的投入成本有多大可能是逆風或逆風——甚至可能是順風？

Well, Eric, I mean, it really is more of a timing issue. So you think about where we are right now in Q1. And so we have priced to those uncommon markets that you described. And I think we have -- we will watch the markets and see what happens. And if the commodity markets become volatile again, we'll be prepared to react if we need to.

嗯，埃里克，我的意思是，這真的更像是一個時間問題。所以你想想我們現在在第一季度的位置。因此，我們已經為您描述的那些不常見的市場定價。我認為我們已經 - 我們將觀察市場，看看會發生什麼。如果大宗商品市場再次動盪，我們將準備好在需要時做出反應。

The other thing to remember in all of this that we've talked about many times is our Grocery Products pricing is very sticky. And so the pricing that we've taken and that we're in the midst of executing, the additional price increase, that pricing will, by and large, sustain.

在我們多次討論過的所有這一切中，要記住的另一件事是我們的雜貨產品定價非常有粘性。因此，我們採取的定價以及我們正在執行的定價，額外的價格上漲，該定價將大體上維持下去。

On the refrigerated side, that underlying pricing commodity, we do track that more closely, both in retail and foodservice. So we'll react accordingly there. But I think your comment is a fair one. That is where we sit today. It's a tailwind for the organization. We just obviously will be watching the volatility over the course of the year.

在冷藏方面，即基礎定價商品，我們確實更密切地跟踪零售和餐飲服務。所以我們會在那裡做出相應的反應。但我認為你的評論是公平的。這就是我們今天坐的地方。這對組織來說是順風。顯然，我們將關註一年中的波動。

Yes. Eric, the term you used, volatility, is the key word. The volatility, as we've talked before, can move earnings between quarters depending on the timing. But if you take out the spikes and you just look at the trends of the increased costs that we've been faced with over the last year, we've done a remarkable job of pricing into that -- into those rising markets, and the demand for our products really haven't failed.

是的。埃里克，你使用的術語，波動性，是關鍵詞。正如我們之前所說，波動性可以根據時間在季度之間移動收益。但是，如果您消除峰值，並且只看一下我們在過去一年中面臨的成本增加的趨勢，我們在定價方面做得非常出色——在那些不斷上升的市場中，以及對我們產品的需求確實沒有失敗。

So I think we've done a great job with our pricing. I think it's been very effective. We will have times that volatility will help you and hurt you at times, but you really have to look at this as a long-term trend. And over the long-term trend, it really shows that the value of Hormel products are accepted by the consumer and that we are able to price effectively into the marketplace. So I think it's been a great success.

所以我認為我們在定價方面做得很好。我認為它非常有效。我們有時會認為波動會幫助你，有時也會傷害你，但你真的必須將其視為長期趨勢。從長期趨勢來看，它確實表明荷美爾產品的價值被消費者接受，並且我們能夠有效地定價進入市場。所以我認為這是一個巨大的成功。

Okay. So Jim, just on that note, you've got a new contract with Fremont. It's -- I think you disclosed that it was about $350 million worth of commodity pork sales annually. What might be the delta for that, either positive or negative, for '22? If you want to just give us a rough range on that.

好的。吉姆，就在這點上，你和弗里蒙特簽了一份新合同。這是 - 我認為你披露了每年價值約 3.5 億美元的商品豬肉銷售額。 '22 的增量可能是正的還是負的？如果你只想給我們一個粗略的範圍。

Well, I mean, Eric, you've been in this business long enough to know that it depends on what day it is.

嗯，我的意思是，埃里克，你從事這個行業的時間已經夠長了，你知道這取決於今天是什麼日子。

Right.

正確的。

Overall, it's very insignificant to the business. Some days, it would be positive, but there's a lot of days that it's very negative. And in fact, some of this product that we'll no longer take will no longer be -- was never profitable. So it gave us a little bit of lift in 2021, but it's really not that significant to the performance of the company. And we've talked for a long time about eliminating the volatility around commodity products.

總的來說，這對企業來說非常微不足道。有些日子，它會是積極的，但有很多日子是非常消極的。事實上，我們將不再使用的某些產品將不再 - 從未盈利。所以它在 2021 年給了我們一點提振，但這對公司的業績真的沒有那麼重要。我們已經討論了很長時間來消除商品產品的波動性。

So whatever the difference is, it's so small. The lack of volatility is the success here. We've talked for a long time about selling less and less commodity products. The first step was turning over the Fremont facility, which was an old facility that needed a lot of capital. Our goal was always to get to a point where the amount of product we took matched our value-added products and our value-added needs. So this is an evolution of the process.

所以不管有什麼不同，它是如此之小。缺乏波動性是這裡的成功。我們已經討論了很長時間銷售越來越少的商品。第一步是改造弗里蒙特工廠，這是一個需要大量資金的老工廠。我們的目標始終是使我們的產品數量與我們的增值產品和我們的增值需求相匹配。所以這是一個過程的演變。

Okay. [Fine.] And just one little quick follow-up. The industry -- the packaged food industry, literally in the last several weeks, I think probably the new news is that we have not taken enough pricing. And we're seeing rounds coming from everybody, General Mills, others have announced that. So when you look at your fiscal year now and the pricing is going to be effective, I'm assuming it's like around January 1, full effect won't kind of probably take place until your second half. Is that the way to -- is it a more second half stabilization of gross profit margins the way to look at it? How should we kind of look at that -- at the industry's new round of pricing and the impact on margins?

好的。 [很好。] 只需一點點快速跟進。行業——包裝食品行業，從字面上看，在過去的幾周里，我認為新消息可能是我們沒有採取足夠的定價。我們看到每個人都來了，通用磨坊，其他人已經宣布了這一點。因此，當您現在查看您的財政年度並且定價將生效時，我假設它就像 1 月 1 日左右一樣，完全生效可能要到您的下半年才會發生。是這樣的方式——毛利率下半年的穩定是看待它的方式嗎？我們應該如何看待這一點——行業的新一輪定價及其對利潤率的影響？

Yes. So Eric, a couple of things there. I mean we feel really good, as Jim said, about the pricing that we've taken so far. And we're always ready to take additional pricing actions as the market conditions warrant. Through all of this, we still have to be very aware of consumer retention, right? We want to make sure that we're not losing consumers through all of this. But in terms of the pricing that I described earlier, really think about it as a second quarter on effect that it's being -- again, timing varies, but it's -- think about it from the second quarter on or the GP portfolio.

是的。所以埃里克，有幾件事。我的意思是，正如吉姆所說，我們對迄今為止的定價感覺非常好。我們隨時準備在市場條件允許的情況下採取額外的定價行動。通過所有這些，我們仍然必須非常注意消費者保留，對嗎？我們希望確保我們不會因為這一切而失去消費者。但就我之前描述的定價而言，真的把它想像成第二季度的影響——同樣，時間有所不同，但它是——從第二季度或 GP 投資組合開始考慮。

And our next question comes from Ben Bienvenu from Stephens.

我們的下一個問題來自 Stephens 的 Ben Bienvenu。

Jim Sheehan, congrats. Enjoy retirement, well-earned. Yes, I want to ask, as you think about the labor dynamics in the business that exist and the opportunity to further automate, in terms of what you can automate, how much have you? And how do you think about how the current and kind of more sustained tight labor environment has informed your thoughts around what you might think about automating and the returns that you could achieve by doing so?

吉姆·希恩，恭喜。享受退休生活，賺得盆滿缽滿。是的，我想問一下，當您考慮現有業務中的勞動力動態以及進一步自動化的機會時，就您可以自動化的內容而言，您有多少？您如何看待當前以及更加持續的緊張勞動環境如何影響您對自動化的看法以及您可以通過這樣做獲得的回報？

Yes. Ben, I mean, we've got a number of examples of the automation that we've been able to put in place. And we've got both ends of the spectrum. So when you think about our newer facility in Omaha, I mean, we started out with a blueprint that had more automation built into it than we've had in our other facilities. So that's been very, very helpful, whether it's been racking, loaders, the transfer vehicles. I mean it's an incredibly automated facility. But you're starting with a more recent blueprint.

是的。 Ben，我的意思是，我們已經有許多我們能夠實施的自動化示例。我們已經擁有了光譜的兩端。因此，當您想到我們在奧馬哈的新工廠時，我的意思是，我們從一個藍圖開始，其中內置了比其他工廠更多的自動化。所以這非常非常有幫助，無論是貨架、裝載機還是轉運車輛。我的意思是這是一個令人難以置信的自動化設施。但您是從更新的藍圖開始的。

In some of our existing facilities, we've always talked about the need for automation and have looked to find those opportunities. But I would say that it's -- the opportunity projects have accelerated over the last 12 to 18 months. And so we've got a number of projects across multiple facilities where we've talked about the package placement. We've talked about a lot of the boxing and other packaging opportunities. Mark Coffey did a really nice job in his One Supply Chain video during our investor update demonstrating that.

在我們現有的一些設施中，我們一直在談論自動化的需求，並希望找到這些機會。但我想說的是——機會項目在過去 12 到 18 個月內加速發展。因此，我們已經在多個設施中進行了許多項目，我們已經討論了包裝放置。我們已經討論了很多拳擊和其他包裝機會。在我們的投資者更新中，Mark Coffey 在他的 One Supply Chain 視頻中做得非常好，證明了這一點。

But I think the other part, and you mentioned it, is how we think about automation going forward and then how do you factor in that labor component, which maybe wasn't as important to factor in, in previous years. But I do think that's going to be part of that opportunity cost that has to be figured into the automation equation as we go forward.

但我認為另一部分，你提到的，是我們如何看待自動化的發展，然後你如何考慮勞動力部分，這在前幾年可能並不那麼重要。但我確實認為這將成為機會成本的一部分，隨著我們的前進，必須將其納入自動化方程式。

I mean we -- as we think about it from an engineering perspective, we're allocating resources in our engineering organization that we've never had before to make sure that not only are we identifying existing automation, but really helping to support and develop automation that isn't even out there yet that we believe we need in our operations. So I mean there's still a long way to go, a lot of work to be done. But there is a very, very keen focus in our organization to get us there.

我的意思是，當我們從工程角度考慮時，我們在工程組織中分配了前所未有的資源，以確保我們不僅識別現有的自動化，而且真正幫助支持和發展我們認為我們在運營中需要的甚至還沒有出現的自動化。所以我的意思是還有很長的路要走，還有很多工作要做。但是我們的組織有一個非常非常熱切的關注點來幫助我們實現目標。

Yes. Okay. My second question is related to Jennie-O. And I know you'll come back with more details in the first quarter. But should we understand this to mean that by taking these actions, we kind of reset the base of volume off of which you grow and enhance margins going forward? Or is this just a consolidation of capacity on existing volume and, as a result, you kind of get rid of unused capacity in the facility that you have today?

是的。好的。我的第二個問題與 Jennie-O 有關。我知道你會在第一季度回來提供更多細節。但是，我們是否應該將其理解為通過採取這些行動，我們可以重置您增長的數量基礎並提高未來的利潤？或者這只是現有容量的整合，因此，您可以擺脫現有設施中未使用的容量？

Yes. The answer, Ben, is both, right? I mean I think when we come back to you, we'll be talking about what the business is able to generate in terms of growth going forward. But then the second part of your question, it's really, really important, just as we think about how do we fully utilize all of our facilities in our network to make sure that we're optimizing those opportunities for capacity expansion. And so through this integration into our One Supply Chain network, you're going to see Hormel lines, perhaps a bacon line being what would traditionally have been a Jennie-O Turkey facility. So it's really leveraging the resources, leveraging the parent company to make sure that we are truly optimizing the assets that we have employed in our business.

是的。答案，本，兩者都是，對吧？我的意思是，我認為當我們再次與您聯繫時，我們將討論該業務在未來增長方面能夠產生的影響。但是你的問題的第二部分，這真的非常重要，就像我們考慮如何充分利用我們網絡中的所有設施以確保我們優化這些機會以擴大容量一樣。因此，通過與我們的 One Supply Chain 網絡的整合，您將看到 Hormel 生產線，也許培根生產線是傳統上 Jennie-O 土耳其工廠的樣子。因此，它實際上是在利用資源，利用母公司來確保我們真正優化了我們在業務中使用的資產。

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。

Jim, all the best in retirement. I hope you can enjoy. So I wanted to follow up quickly on Planters. So you said you're -- you've been seeing that you're basically coming from an accretion point closer to the high end of the range. But if we look into the profitability in the quarter in Grocery Products, I mean, it was clearly -- was down on a year-over-year basis and, I guess, there was still some of the integration costs. But can you give us a feeling of how you think Planters over time is going to be accretive into 2022 from a margin perspective in Grocery Products?

吉姆，退休後一切順利。我希望你能享受。所以我想快速跟進Planters。所以你說你 - 你已經看到你基本上來自一個更接近範圍高端的吸積點。但是，如果我們查看雜貨產品本季度的盈利能力，我的意思是，很明顯 - 同比下降，而且我猜仍然存在一些整合成本。但是，您能否從雜貨產品的利潤率角度告訴我們，您認為隨著時間的推移，Planters 將如何增長到 2022 年？

I think the best answer there, Ben, is the accretion model that we gave you at time of acquisition was at $0.17 to $0.20 range. And through our comments, we've indicated that we expect to perform at the high end of that range. And of course, that is a mix in Grocery Products and in our foodservice or convenience store channel, which is part of Refrigerated Foods. So the business itself has been operating really, really well, meeting our expectations.

Ben，我認為最好的答案是我們在收購時給你的增值模型在 0.17 美元到 0.20 美元之間。通過我們的評論，我們已經表明我們希望在該範圍的高端表現。當然，這是雜貨產品和我們的餐飲服務或便利店渠道的混合，這是冷藏食品的一部分。因此，業務本身的運營非常非常好，符合我們的期望。

The integrations have gone smoothly. We talked about already integrating one facility. The other 2 are right behind it. So I mean, the business is doing everything that we thought it would do so far. But then the opportunities going forward in terms of what we're going to be able to do from branding, flavors, innovation, I mean, there's still a lot to come, and that's why we're so excited about what it has contributed and will contribute in the future.

整合進展順利。我們談到已經整合了一個設施。其他 2 人緊隨其後。所以我的意思是，企業正在做我們迄今為止認為它會做的一切。但是，就我們將能夠從品牌、口味、創新方面做些什麼而言，未來的機會，我的意思是，還有很多事情要做，這就是為什麼我們對它所做出的貢獻感到如此興奮和將來會有所貢獻。

Okay. Perfect. And then my follow-up question is really more around the products. And I remember you've talked a lot about the big potential you're seeing within like creating new products, innovation, Planters as an opportunity to leverage some of the other categories within snacking. If you would have to take a look at like the first couple of months of operations, is that something you continue to be very positive on? Do you -- have you seen any incremental opportunities to grow that business and to kind of combine it with existing snacking opportunities? And where do you think this is going to turn out in a more of a medium-term time frame?

好的。完美的。然後我的後續問題實際上更多的是圍繞產品。我記得你已經談了很多關於你所看到的巨大潛力，比如創造新產品、創新、種植者作為利用零食中其他一些類別的機會。如果您必須看看前幾個月的運營情況，您是否會繼續對此持積極態度？您是否 - 您是否看到任何增量機會來發展該業務並將其與現有的零食機會相結合？您認為在更中期的時間範圍內這會變成什麼？

Sure. So there's 2 parts to that. I mean on the retail front, we are having different, more fruitful conversations with retailers in regards to snacking as a category and how we approach that as an organization. And that's exactly what we expected on the retail side.

當然。所以有兩個部分。我的意思是在零售方面，我們正在與零售商就零食作為一個類別以及我們作為一個組織如何處理這一問題進行不同的、更有成效的對話。這正是我們在零售方面的預期。

On the foodservice or convenience store channel, the same thing is happening. We're having much different conversations with convenience store operators. In the past, everything we did was the back of the house when you went in to get food for sandwiches or pizza. Now that retail section of the convenience stores has been opened up because now we have something to talk about with Planters, and we're able to follow on with other parts of our portfolio.

在餐飲服務或便利店渠道上，同樣的事情正在發生。我們正在與便利店經營者進行很多不同的對話。過去，當你進去買三明治或披薩的食物時，我們所做的一切都是在房子的後面。現在便利店的零售部分已經開放，因為現在我們有話要和 Planters 討論，我們可以繼續處理我們投資組合的其他部分。

And so I think those are the new things for us. There were some basics, blocking and tackling that we knew we'd be able to get done as well in terms of filling distribution gaps just like we did when we acquired the SKIPPY business. So again, you start piecing this all together, and that's why we remain so optimistic about the acquisition and what it holds for us going forward.

所以我認為這些對我們來說是新事物。就像我們收購 SKIPPY 業務時所做的那樣，我們知道在填補分銷空白方面我們也可以完成一些基本的、阻止和解決的問題。所以再一次，你開始把這一切拼湊起來，這就是為什麼我們對收購以及它對我們未來的影響保持如此樂觀的原因。

And 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。

Jim, best wishes in your retirement. I hope you never have to talk about trim or belly prices ever again.

吉姆，祝你退休。我希望你再也不必談論修剪或腹部價格。

It's my favorite thing to do, Rob. I get up in the morning hoping to talk about trim and belly prices.

這是我最喜歡做的事，羅布。我早上起床希望談論修剪和腹部價格。

Why are you retiring then? Stick around. But I would like to know about the guidance, the earnings guidance. So if I just assume $0.20 of accretion from Planters, then I don't get much growth from the core business, and you are forecasting growth across your core business. So is the trick here to take the earnings base for '21 and reduce it for the extra week? And if so, how much should I reduce it? And then I suppose I should also strip out the acquisition integration costs that you had, which I think are maybe $0.04 in 2021. Maybe you can help me with the math on that and then a quick follow-up.

那你為什麼要退休？停在附近。但我想知道指導，收益指導。因此，如果我只是假設 Planters 增加了 0.20 美元，那麼我不會從核心業務中獲得太多增長，而您正在預測整個核心業務的增長。那麼這裡的訣竅是採用 21 年的收入基礎並在額外的一周內減少它嗎？如果是這樣，我應該減少多少？然後我想我還應該剔除你的收購整合成本，我認為到 2021 年可能是 0.04 美元。也許你可以幫我計算一下，然後快速跟進。

So as we explained before, in my prepared comments and then Jim and Jim, we do expect to have both sales and earnings growth through all segments for next year. We definitely do have some puts and takes. So the 53rd week is about $0.03. So we would pull that piece out. And again, Planters is at the top end of our range that we gave with $0.17 to $0.20. So that's a piece of it. And so I think with that, it should really get us -- get you to showing sales and earnings growth and margin growth throughout the year.

因此，正如我們之前解釋的，在我準備好的評論中，然後是吉姆和吉姆，我們確實預計明年所有部門的銷售額和收益都會增長。我們確實有一些看跌期權。所以第 53 周大約是 0.03 美元。所以我們會把那塊拿出來。再一次，Planters 處於我們以 0.17 美元到 0.20 美元給出的範圍的頂端。所以這是其中的一部分。所以我認為，它真的應該讓我們 - 讓你展示全年的銷售和收益增長以及利潤率增長。

Certainly, I mean, it will vary as we talked about for the -- from quarter-to-quarter, but we do expect to see organic growth, especially with new capacity coming on, and really sits in the range of our long-term goals that we have established and talked about at Investor Day.

當然，我的意思是，正如我們所討論的那樣，它會有所不同——從一個季度到另一個季度，但我們確實希望看到有機增長，特別是隨著新產能的出現，並且確實在我們的長期範圍內我們在投資者日制定和討論的目標。

Rob, the only other thing I would add, just as a point of clarification, is you had mentioned $0.04 as deal costs. We've talked about that as $0.06. So there's another $0.02 there that you want to put into your model.

Rob，我唯一要補充的是，作為澄清的一點，你提到了 0.04 美元作為交易成本。我們已經談到了 0.06 美元。所以還有 0.02 美元要放入模型中。

Okay. Regarding the deal costs, did you have $30 million year-to-date pretax? Or how much in 2021 so far?

好的。關於交易成本，您年初至今的稅前是否有 3000 萬美元？或者到目前為止 2021 年有多少？

It's closer to $40 million when you take in all of the issues.

當你考慮所有問題時，它接近 4000 萬美元。

Okay. Okay. Okay. And I guess, with your sales up so dramatically in the last couple of quarters, I would think you'd also have your biggest sales gains in first quarter and second quarter just because of the commodity pricing. So is it fair to say that first and second quarter, strongest sales growth will be there, but maybe margins will be kind of compromised because of just the mathematics of the profit flow-through?

好的。好的。好的。而且我想，由於您的銷售額在過去幾個季度中大幅增長，我認為您在第一季度和第二季度也會因為商品定價而獲得最大的銷售額增長。那麼公平地說，第一季度和第二季度將出現最強勁的銷售增長，但可能只是因為利潤流動的數學計算，利潤率會受到影響？

I guess I would say, again, it depends, right? I mean it -- there is volatility in being so commodity-driven. That can really flip at any point in time. And so that's why we continue to stress just that shift from quarter-to-quarter is something that we need to watch out for. I mean we -- but we do feel good about the full year and the growth that we're expecting both from the organic piece of it and then what Planters is adding.

我想我會再說一次，這取決於，對吧？我的意思是——如此受商品驅動存在波動。這真的可以隨時翻轉。這就是為什麼我們繼續強調從季度到季度的轉變是我們需要注意的事情。我的意思是我們 - 但我們確實對全年以及我們對有機部分的增長以及Planters添加的增長感到滿意。

Yes. And Rob, I mean, your assessment on the first 2 quarters is correct because you're going to have a -- a big part of that will be Planters, which will be $600 million to $700 million for the full year, but basically against 0 last year in the first 2 quarters.

是的。 Rob，我的意思是，你對前兩個季度的評估是正確的，因為你將擁有一個 - 其中很大一部分將是 Planters，全年將在 6 億至 7 億美元之間，但基本上反對去年前2個季度為0。

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。

Rob took my joke as well. So -- but Jim, best of luck and good luck in your retirement, and it is well deserved.

羅布也聽了我的笑話。所以——但是吉姆，祝你退休後好運和好運，這是當之無愧的。

Thank you, Ken.

謝謝你，肯。

Let me just ask how much have your margin structure been inhibited by labor and low utilization rates over the last year? And do you think you'll regain the majority of that in 2022?

讓我問一下，在過去的一年裡，您的利潤結構受到勞動力和低利用率的抑制有多少？你認為你會在 2022 年恢復其中的大部分嗎？

Yes. I mean, Ken, there's been an impact that is probably easily quantifiable when we think about commodity costs, packaging costs, freight costs, all those things that you see. But there are other costs that have been built into this crazy volatile year. And the idea of all of a sudden, 1 week, you might have film or ingredients or things that aren't showing up as planned and having to react as a supply chain to make sure that you're sourcing those. And when you're looking to source those, it's about supply, it's not cost. And so there are a lot of those examples on a week-to-week basis in the environment we're in right now.

是的。我的意思是，肯，當我們考慮商品成本、包裝成本、貨運成本以及您所看到的所有這些東西時，可能很容易量化影響。但是，在這個瘋狂動蕩的一年中，還有其他成本。突然之間，1 週內，您可能會遇到未按計劃顯示的電影或成分或其他東西，並且必須作為供應鏈做出反應以確保您正在採購這些東西。當你想採購這些時，它是關於供應，而不是成本。因此，在我們現在所處的環境中，每週都有很多這樣的例子。

I think as the entire supply chain, backwards and forward, starts to moderate throughout the year, we'll be able to capture more of those or have those go away. So it will be less of an impact. And I think it will just happen throughout '22 and probably -- I mean, we're hoping that there's just more normalcy as we head into 2023.

我認為，隨著整個供應鏈（前後）全年開始放緩，我們將能夠捕獲更多的供應鍊或讓這些供應鏈消失。所以影響會小一些。而且我認為它會在整個 22 年發生，並且可能 - 我的意思是，我們希望在進入 2023 年時會有更多的常態。

Okay. Then with your turkey actions, how much do you think that will structurally enhance your turkey margins? Not talking about the industry, but your actions, is that worth about 100 basis points, 150? Like how do you kind of contextualize the margin enhancement based on your actions in turkey? And then that will be my last question. I'll leave it to 2 questions.

好的。那麼通過你的火雞行動，你認為這會在結構上提高你的火雞利潤多少？不是在談論行業，而是在談論您的行動，這是否值得大約 100 個基點，150？就像您如何根據您在土耳其的行為將利潤率提升置於情境中一樣？然後這將是我的最後一個問題。我會把它留給2個問題。

Yes. Thanks, Ken. I mean 2 things there. I mean the first driver through all of this for the JOTS piece is really moving away from the commodity nature of the business, creating less volatility that we've seen over the last 5 years. And we'll be -- like I said, we'll come back to you in Q1 and give you a lot more color in terms of what you can expect from that business going forward.

是的。謝謝，肯。我的意思是那裡有兩件事。我的意思是，JOTS 的第一個驅動因素是真正擺脫業務的商品性質，從而減少我們在過去 5 年中看到的波動性。而且我們將 - 就像我說的那樣，我們將在第一季度與您聯繫，並就您對該業務未來的期望為您提供更多色彩。

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 to one because I know we're a bit overtime. I guess just on the new pork supply contract, I think historically, you disclosed that you buy about 10,000 hog carcasses a day from WholeStone kind of at the cutout price. And I just wanted to understand if -- in the new contract, because you're not buying all of the cuts now, just how we should think about if that's priced differently. Are you buying only at belly prices or trim prices? Is it still that same 10,000 equivalent a day? Just any more detail there to help us understand kind of some of the pork costs.

我會保留一個，因為我知道我們有點加班。我想只是在新的豬肉供應合同上，我認為從歷史上看，你透露你每天從 WholeStone 以最低價格購買大約 10,000 頭生豬屍體。我只是想了解 - 在新合同中，因為你現在沒有購買所有的削減，如果定價不同，我們應該如何考慮。您是只以肚皮價還是修剪價購買？每天還是一樣的10,000個當量嗎？那裡有更多細節可以幫助我們了解一些豬肉成本。

Sure, Peter. If you think about it, bellies, trim, obviously, are in high demand, but hams, for example. We sell hams out onto the market, and so we just pass through ham. So that would be an item that we wouldn't take. There's multiple items that we take during certain parts of the season, for instance, ribs. So it basically allows us to agree to take the products that we need for our value-added production.

當然，彼得。如果您考慮一下，顯然，對腹部的需求量很大，但是例如火腿。我們將火腿賣到市場上，所以我們只是通過火腿。所以這將是我們不會接受的項目。在本賽季的某些部分，我們會攜帶多種物品，例如肋骨。因此，它基本上允許我們同意採用我們增值生產所需的產品。

And is that 10,000 equivalent hogs or whatever the number was, like is that still a good baseline to use as the contract expanded? Because...

那是 10,000 頭等量的生豬還是其他數字，就像隨著合同的擴大，這仍然是一個很好的基準？因為...

Sure. Yes, so that's a good baseline. So for instance, off of their lines, we would take all of their hogs. We would take the trim. We would take various other cuts of meat that we need in our production. And that there are certain types of things that we would not -- we may not take any of them because we just -- as I said, it's just a commodity product that's being passed through and it's commodity margins, whether they're positive or negative. So when you look at the critical inputs, think about 10,000 hogs.

當然。是的，所以這是一個很好的基線。因此，例如，在他們的線路之外，我們會帶走他們所有的豬。我們會修剪。我們會採取我們生產中需要的各種其他肉塊。並且有些類型的東西我們不會——我們可能不會接受它們中的任何一種，因為我們只是——正如我所說，它只是一種被傳遞的商品，它是商品利潤，無論它們是正面的還是正面的消極的。因此，當您查看關鍵輸入時，請考慮 10,000 頭豬。

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'll echo all the congrats, Jim, and welcome to Jacinth. But I wanted to just touch on the capacity piece. And maybe 2 things. One is for the pepperoni expansion in 2Q. Any sense of when within 2Q that might come? Should we really discount on any bump-up there in the second half? But I guess maybe a bigger question is how does the guidance -- how does the capacity expansion fit in guidance and maybe getting it? If there's any delays, would that potentially impact what the outlook might be?

我會回應所有的祝賀，吉姆，歡迎來到 Jacinth。但我只想談談容量。也許有兩件事。一是第二季度的意大利辣香腸擴張。有什麼感覺可能會在 2Q 內到來嗎？我們真的應該對下半年的任何上漲打折嗎？但我想也許更大的問題是指導如何 - 產能擴張如何適應指導並可能得到它？如果有任何延誤，這可能會影響前景嗎？

Yes. I mean we're still thinking about it being operational in the second quarter. So you're really going to see the ramp-up in Q3, back half of 2022. We've got it modeled and right now, Michael, I mean, there's no indication that we're going to have any delays getting the plant up and running. So I mean we're very, very confident in our ability to meet the numbers that we put into our plan for 2022.

是的。我的意思是我們仍在考慮它在第二季度投入使用。所以你真的會在 2022 年下半年看到第三季度的增長。我們已經對其進行了建模，現在，邁克爾，我的意思是，沒有跡象表明我們會延遲獲得工廠啟動並運行。所以我的意思是，我們對實現 2022 年計劃中的數字的能力非常非常有信心。

Okay. Great. And just on the margin side, you've got some mix lift from the new Fremont contract. You've touched on pricing and productivity and certainly looks like some of the costs are turning more favorably. As you build out your plant, can you just point to maybe what's the most critical? Is it the cost moderation? Is it the pricing piece? Are they similar in weight? How do we just think about the mix -- the build to the margin piece that you're seeing?

好的。偉大的。就利潤而言，你已經從新的弗里蒙特合同中獲得了一些混合提升。您已經談到了定價和生產力，並且看起來某些成本正在變得更有利。當你建造你的工廠時，你能指出最關鍵的是什麼嗎？是成本節制嗎？是定價部分嗎？它們的重量相似嗎？我們如何考慮混合 - 您所看到的邊緣部分的構建？

Yes. I mean what you're describing, Michael, is exactly right. I mean we'll get the benefit of some of the raw material declines that we've seen. The pricing here is key. So our ability to get the pricing through when we did was very, very important. I think we've demonstrated a track record of being able to expand margins on the other side of this -- these market declines, which we expect to be able to do again. So it's a combination of both of those things.

是的。我的意思是你所描述的，邁克爾，是完全正確的。我的意思是，我們將受益於我們已經看到的一些原材料下降。這裡的定價是關鍵。因此，當我們這樣做時，我們獲得定價的能力非常非常重要。我認為我們已經證明了能夠在另一方面擴大利潤率的記錄——這些市場下滑，我們希望能夠再次做到這一點。所以這是兩者的結合。

And our next question comes from Carson Barnes from Consumer Edge Research.

我們的下一個問題來自 Consumer Edge Research 的 Carson Barnes。

In terms of costs, what do you see as the biggest risk in 2022? It sounds like feed costs are hedged for the most part. Do you see this as transportation or packaging or wages? Just curious how you think about -- how you're thinking about that and where you're the most exposed.

在成本方面，您認為 2022 年最大的風險是什麼？聽起來飼料成本在很大程度上是對沖的。您認為這是運輸、包裝還是工資？只是好奇你是怎麼想的——你是怎麼想的，你在哪裡暴露得最多。

The biggest risk, Carson is our -- is the volatility. We expect freight to continue to show increases. We know that packaging is going to have some increases in 2022. And we've built that into our plan already. Really where you get caught, and it is more of that quarter-to-quarter thing, is the volatility like we saw in 2021. So from our perspective, as we sit here today on December 9, it's the volatility throughout the year that really poses the biggest risk again this year.

最大的風險，卡森是我們的 - 是波動性。我們預計運費將繼續增長。我們知道包裝將在 2022 年有所增加。我們已經將其納入我們的計劃中。真正讓你陷入困境的地方，更多的是季度間的波動，就像我們在 2021 年看到的那樣。所以從我們的角度來看，當我們今天 12 月 9 日坐在這裡時，全年的波動才是真正的今年再次構成最大風險。

And ladies and gentlemen, with that, we'll conclude today's question-and-answer session. I'd like to turn the floor back over to the management team for any closing remarks.

女士們，先生們，至此，我們將結束今天的問答環節。我想把發言權轉回給管理團隊，以聽取任何結束語。

Well, thank you for joining us this morning. It's clear that we have a lot of momentum in our business as we head into 2022. And this momentum didn't happen by accident. It's a result of a lot of hard work by our team members around the globe, and I'm incredibly thankful for all this great work that has put our company in this enviable position. I wish all of you a very safe and happy holiday season. Have a great day.

嗯，謝謝你今天早上加入我們。很明顯，隨著我們進入 2022 年，我們的業務發展勢頭強勁。這種勢頭並非偶然發生的。這是我們全球團隊成員辛勤工作的結果，我非常感謝所有這些讓我們公司處於令人羨慕的位置的偉大工作。祝大家度過一個安全快樂的假期。祝你有美好的一天。

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

女士們，先生們，至此，我們將結束今天的電話會議。我們非常感謝您的加入。您現在可以斷開線路。