荷美爾 (HRL) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Hormel's Foods Corporation first quarter earnings conference call.

女士們、先生們，早安，歡迎參加荷美爾食品公司第一季財報電話會議。

(Operator Instructions) This call is being recorded on Thursday, February 27, 2025.

（操作員指示）此通話於 2025 年 2 月 27 日星期四錄音。

I would now like to turn the conference over to Jess Blomberg, Director of Investor Relations.

現在，我想將會議交給投資者關係總監 Jess Blomberg。

Please go ahead.

請繼續。

Good morning.

早安.

Welcome to the Hormel Foods conference call for the first quarter of fiscal 2025.

歡迎參加荷美爾食品2025財年第一季電話會議。

We released results this morning before the market opened.

我們今天上午在市場開盤前公佈了結果。

If you did not receive a copy of the release, you can find it on our website hormelfoods.com under the Investors section, along with our supplemental slide materials.

如果您沒有收到該新聞稿的副本，您可以在我們的網站 hormelfoods.com 的「投資者」部分找到它，以及我們的補充幻燈片資料。

On our call today is Jim Snee, President and Chief Executive Officer; Jacinth Smiley, Executive Vice President and Chief Financial Officer; and John Ghingo, Executive Vice President of the Retail segment.

今天我們電話會議的嘉賓是總裁兼執行長 Jim Snee； Jacinth Smiley，執行副總裁兼財務長；以及零售部門執行副總裁 John Ghingo。

Jim and Jacinth will review the company's fiscal 2025 first quarter results and provide a perspective on the remainder of the year.

Jim 和 Jacinth 將回顧該公司 2025 財年第一季的業績並對今年剩餘時間做出展望。

Then John will join Jim and Jacinth for the Q&A portion of the call.

然後，約翰將與吉姆和賈辛斯一起參與電話會議的問答部分。

The line will be open for questions following the prepared remarks.

發言結束後，我們將開放熱線來回答您的提問。

(Event Instructions) At the conclusion of this morning's call, a webcast replay will be posted to our Investors website and archived for one year.

（活動說明）今天上午電話會議結束後，網路直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'd like to reference our safe harbor statements.

在我們今天早上開始之前，我想參考我們的安全港聲明。

Some of the comments we make today will be forward-looking, and actual results may differ materially from those expressed in or implied by the statements we will be making.

我們今天所發表的一些評論將是前瞻性的，實際結果可能與我們將要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.

請參閱我們最新的 10-K 表年度報告和 10-Q 表季度報告，可在 hormelfoods.com 的「投資者」部分下找到。

Additionally, please note, we will be discussing certain non-GAAP financial measures this morning.

此外，請注意，我們將於今天上午討論某些非 GAAP 財務指標。

Management believes that doing so provides investors with a better understanding of the company's underlying operating performance.

管理階層認為，這樣做可以讓投資人更了解公司的基本經營績效。

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.

此資訊的呈現並非旨在單獨考慮或取代根據 GAAP 呈現的財務資訊。

Further information about our non-GAAP financial measures, including our comparability items and reconciliations, are detailed in our press release, which can be accessed from our corporate or investor website.

有關我們的非公認會計準則財務指標的更多信息，包括我們的可比較項目和對帳表，在我們的新聞稿中有詳細說明，您可以從我們的公司或投資者網站獲取。

I will now turn the call over to Jim Snee.

現在我將電話轉給 Jim Snee。

Thank you, Jess.

謝謝你，傑西。

Good morning, everyone.

大家早安。

We achieved solid top line results in the first quarter and made great progress against our key priorities.

我們在第一季取得了穩健的營收業績，並在關鍵重點任務方面取得了巨大進展。

We are on track to drive growth in the back half of the year and deliver on our 2025 expectations.

我們預計在今年下半年推動成長並實現我們的 2025 年目標。

Our value-added portfolio is strong and performing well, evidenced by our top line performance and our leadership positions in the marketplace.

我們的加值產品組合強大且表現良好，這從我們的營收表現和在市場上的領導地位可以看出。

We grew organic net sales 1% in the first quarter, which is encouraging given the dynamic consumer environment.

我們第一季的有機淨銷售額成長了 1%，考慮到動態的消費環境，這是令人鼓舞的。

Demand for key brands, including SPAM, Applegate, Jennie-O, Hormel Black Label, Hormel Fire Braised Meats and Cafe H globally inspired proteins was strong.

市場對 SPAM、Applegate、Jennie-O、Hormel Black Label、Hormel Fire Braised Meats 和 Cafe H 全球風味蛋白質等主要品牌的需求強勁。

Our value-added portfolio continues to be highly relevant to customers, consumers and operators.

我們的加值產品組合持續與客戶、消費者和營運商高度相關。

Our teams executed well in the first quarter to deliver these results.

我們的團隊在第一季表現出色，並取得了這些成果。

And I'd like to highlight a few of the initiatives that contributed to our organic top line growth.

我想強調一下促進我們有機營收成長的一些措施。

In retail, focusing our resources on our flagship and rising brands has proven to be highly effective.

在零售業，將我們的資源集中在我們的旗艦品牌和新興品牌上已被證明是非常有效的。

We grew overall volume and net sales for these brands, led by SPAM, Applegate Natural and Organic Meats, Hormel Black Label Bacon and Jennie-O Lean Ground Turkey.

我們成長了這些品牌的總銷售量和淨銷售額，其中以 SPAM、Applegate 天然有機肉、荷美爾黑牌培根和 Jennie-O 瘦肉火雞最為突出。

One of our most iconic brands, SPAM, has increased households and attracted younger consumers due to our focused investments.

我們最具代表性的品牌之一 SPAM 由於我們的重點投資而擴大了家庭規模並吸引了更年輕的消費者。

In the first quarter, this included the successful Sizzle marketing campaign, on-trend flavors like Korean Barbecue and new avenues of product usage, such as the launch of SPAM Musubi in a national retail chain Sushi Department.

第一季度，這包括成功的 Sizzle 行銷活動、韓國燒烤等流行口味以及新的產品使用途徑，例如在全國零售連鎖店 Sushi Department 推出 SPAM Musubi。

Our investment and focus behind this brand is spotlighting its versatility and potential for continued growth.

我們對這個品牌的投資和關注重點在於它的多功能性和持續成長的潛力。

The success of the Applegate brand in the quarter reflects our continued focus on leaning into our loyal consumers' values and needs.

Applegate 品牌在本季的成功反映了我們持續致力於滿足忠實消費者的價值觀和需求。

We understand that the Applegate consumer expects high-quality, great-tasting products with simple ingredient statements.

我們了解，Applegate 的消費者期望獲得成分說明簡單的高品質、美味可口的產品。

This is just one reason the brand is leading the way in their respective categories in the natural channel.

這只是該品牌在自然通路各自類別中處於領先地位的原因之一。

We are also using innovation to generate additional growth.

我們也正在利用創新來創造額外的成長。

Most recently, we launched two new Applegate frozen convenient breakfast platforms with breakfast sandwiches and pancake and sausage sticks.

最近，我們推出了兩個新的 Applegate 冷凍方便早餐平台，包括早餐三明治、煎餅和香腸棒。

This innovative and consumer-focused approach has fueled growth for the Applegate brand, driving volume and dollar growth across categories.

這種創新且以消費者為中心的方法推動了 Applegate 品牌的成長，帶動了各個類別的銷售和銷售成長。

Another flagship brand, Hormel Black Label Bacon, continued to showcase the power of protein meaning indulgence.

另一個旗艦品牌荷美爾黑牌培根繼續展示蛋白質的力量，意味著放縱。

After a remarkable fiscal 2024 for Hormel Black Label, we are proving that the momentum we are building for the brand is lasting.

在荷美爾黑牌 (Hormel Black Label) 取得了輝煌的 2024 財年業績之後，我們證明了我們為該品牌打造的勢頭是持久的。

The team continues to lean into powerful marketing and innovation.

該團隊繼續依靠強大的營銷和創新。

And our latest innovation, Hormel Black Label Oven-Ready, delivers an easy, convenient mess-free way to cook bacon.

我們的最新創新產品 Hormel Black Label Oven-Ready 提供了一種簡單、方便且乾淨的烹飪培根的方法。

Despite a challenging macro environment, I'm encouraged by the volume-led growth from our flagship and rising brands in the first quarter, and we expect our focused efforts to continue delivering results.

儘管宏觀環境充滿挑戰，但我對第一季我們的旗艦品牌和新興品牌的銷售成長感到鼓舞，我們預計我們的專注努力將繼續取得成果。

A key driver of retail's momentum is the recovery of our Planters business, our largest flagship brand.

零售業發展動能的關鍵驅動因素是我們最大的旗艦品牌 Planters 業務的復甦。

The first quarter met our expectations with significant sequential recovery in the marketplace.

第一季符合我們的預期，市場出現了明顯的連續復甦。

The team has been taking the right actions to return the brand to top line growth with improved fill rates, distribution gains and accelerated innovation.

該團隊一直在採取正確的行動，透過提高填充率、增加分銷量和加快創新，使品牌恢復營收成長。

During the holiday season, our team introduced five limited-time flavors to generate excitement.

在節日期間，我們的團隊推出了五種限時口味來激發人們的興趣。

And these flavors brought a younger and incremental consumer to the snack nuts category.

這些口味吸引了更多更年輕的消費者註意堅果類零食。

The Planters brand also played a starring role in our Here For The Snacks campaign.

Planters 品牌在我們的「Here For The Snacks」活動中也扮演了主角。

Seasonality for many of our retail brands peaks around the big game.

我們許多零售品牌的銷售旺季都在大型比賽前後達到高峰。

Benefiting from the alignment that our go-forward structure has created, we were organized to implement a scaled multi-brand event, integrating Planters, Hormel Pepperoni, Hormel Gatherings, Air Dev, (inaudible) and Hormel Chili into a single campaign.

由於我們前瞻性結構所創造的協調，我們組織實施了一場規模化的多品牌活動，將 Planters、Hormel Pepperoni、Hormel Gatherings、Air Dev、（聽不清楚）和 Hormel Chili 整合到一個活動中。

This initiative represents a significant shift in how we show up in the retail space.

這項舉措代表著我們在零售領域展示方式的重大轉變。

We transitioned from individual brand investments to a comprehensive multibrand media plan while capitalizing on a strategic partnership with ESPN.

我們從單一品牌投資轉向全面的多品牌媒體計劃，同時利用與 ESPN 的策略合作夥伴關係。

The scale of our relevant portfolio changed our interactions with customer partners.

我們相關產品組合的規模改變了我們與客戶合作夥伴的互動。

For example, we doubled our in-store display counts compared to last year and received numerous accolades from our trusted retailers.

例如，與去年相比，我們的店內展示數量增加了一倍，並獲得了值得信賴的零售商的眾多讚譽。

Looking ahead for the retail segment, I am confident in our team's ability to build on the momentum we experienced in the first quarter with our flagship and rising brands.

展望零售領域，我相信我們的團隊有能力延續第一季的強勁勢頭，協助我們的旗艦品牌和新興品牌的發展。

The breadth of our portfolio will continue to allow us to navigate the consumer environment.

我們廣泛的產品組合將繼續幫助我們駕馭消費環境。

Expect to see innovative solutions addressing convenience and flavor needs launching in the coming months, along with continued advertising support for our key brands to drive profitable top line growth.

預計在未來幾個月內推出滿足便利性和口味需求的創新解決方案，同時繼續為我們的主要品牌提供廣告支持，以推動獲利性營收成長。

Shifting now to our foodservice segment, I would be remiss if I didn't start by acknowledging the upcoming retirement of Mark Ourada, our Group Vice President of Food Service, after an incredible 37-year career with Hormel Foods.

現在轉到我們的食品服務領域，如果我不先承認馬克·奧拉達 (Mark Ourada) 即將退休，那我就太失職了，馬克·奧拉達是我們的食品服務集團副總裁，他在荷美爾食品公司工作了 37 年，貢獻非凡。

Mark has been pivotal in the successful development and evolution of our $3.8 billion foodservice segment.

馬克在我們價值 38 億美元的餐飲服務部門的成功發展和演變中發揮了關鍵作用。

And I know many of you have enjoyed meeting with Mark over the years.

我知道你們中的許多人多年來都很高興與馬克見面。

His passion for great food, his care for the team and his accountability to our customers and company will be greatly missed.

我們對美食的熱情、對團隊的關心以及對客戶和公司的責任感將會被深深懷念。

We also announced David Weber, a 33-year Hormel Foods team member and current Vice President of Foodservice sales will succeed Mark to lead the foodservice segment.

我們也宣布，擁有 33 年經驗的荷美爾食品團隊成員、現任食品服務銷售副總裁 David Weber 將接替馬克領導食品服務部門。

I look forward to many of you meeting David out on the road later this year, and I'm confident you will be energized by his passion for the industry and for our company.

我期待著你們中的許多人在今年晚些時候的路上與大衛見面，我相信你們會被他對這個行業和我們公司的熱情所激勵。

The foodservice segment's results have been driven by strong performance across the premium prepared proteins, turkey, premium bacon and breakfast sausage categories.

餐飲服務部門的表現主要得益於優質熟食蛋白質、火雞、優質培根和早餐香腸等類別的強勁表現。

Products such as branded Jennie-O Turkey items, Hormel Fire Braised Meats and Cafe H Globally Inspired Proteins delivered strong volume and net sales growth in the quarter.

品牌 Jennie-O 火雞產品、荷美爾紅燒肉和 Cafe H Globally Inspired Proteins 等產品在本季度實現了強勁的銷售和淨銷售額成長。

Impressively, premium prepared proteins achieved a fifth consecutive quarter of double-digit net sales growth.

令人印象深刻的是，優質預製蛋白質連續第五個季度實現了兩位數的淨銷售額成長。

Looking ahead for foodservice, we expect the team to continue driving growth through our solutions-based portfolio, the knowledge and expertise of our direct selling organization and our diverse channel and market presence.

展望餐飲服務的未來，我們希望團隊繼續透過基於解決方案的產品組合、直銷組織的知識和專業技能以及多樣化的通路和市場影響力推動成長。

Turning now to our International segment.

現在轉向我們的國際部分。

The first quarter was marked by several highlights demonstrating how we continue to develop our global presence.

第一季有幾個亮點，展示了我們如何繼續發展我們的全球影響力。

Two of our biggest global brands, SPAM and SKIPPY, excelled in the first quarter through branded exports.

我們最大的兩個全球品牌 SPAM 和 SKIPPY 在第一季透過品牌出口表現出色。

In China, the team advanced our snacking strategy with the introduction of Barbecue Bites, further solidifying our presence in the meat snacking category.

在中國，團隊透過推出燒烤小吃推進了我們的零食策略，進一步鞏固了我們在肉類零食類別中的地位。

The Barbecue Bites delivers an everyday offering with on-trend flavors and are a welcome alternative to carb-based snacks.

燒烤小吃為日常顧客提供時尚口味，是碳水化合物零食的好替代品。

We also continue to benefit from our partnership with Garuda Food in the quarter, driving our stacking efforts into new channels with plans for further expansion into new markets in the future.

本季度，我們也持續受惠於與 Garuda Food 的合作，推動我們將業務拓展到新通路，並計劃在未來進一步拓展新市場。

After a strong recovery by our International segment last year, we continue to expect another year of growth in fiscal 2025.

繼去年國際部門強勁復甦之後，我們預計 2025 財年將再次成長。

We also made solid progress on our transformation initiative in the first quarter.

我們在第一季的轉型計畫中也取得了紮實的進展。

Our commitment remains to transform and modernize our processes, our portfolio and the way we create value in order to return the company to its historical earnings trajectory.

我們的承諾仍然是改變和現代化我們的流程、我們的產品組合以及我們創造價值的方式，以使公司重回其歷史獲利軌跡。

Let me remind you that this is not a cost savings initiative, but a program designed to generate growth through investments in our people, processes, data and technology and our brands.

我要提醒大家，這不是一項成本節約計劃，而是一項旨在透過對我們的人員、流程、數據、技術以及品牌的投資來實現成長的計劃。

In return, we will generate a continuous growth flywheel that allows top line momentum and bottom line returns.

作為回報，我們將產生一個持續成長的飛輪，實現營收成長動力和利潤回報。

We continue to optimize our portfolio in the quarter, divesting a noncore South Farm operation.

本季我們繼續優化投資組合，剝離非核心的 South Farm 業務。

This was our last connection to vertically integrated pork, further demonstrating our commitment to reducing commodity exposure and simplifying our portfolio.

這是我們與垂直整合豬肉的最後一次聯繫，進一步表明了我們致力於減少商品風險和簡化投資組合的決心。

As we shared in our last call, we expect fiscal 2025 to be a milestone year in our T&M initiative as we expect to deliver $100 million to $150 million in additional benefits.

正如我們在上次電話會議中分享的那樣，我們預計 2025 財年將成為我們 T&M 計劃的里程碑之年，因為我們預計將帶來 1 億至 1.5 億美元的額外收益。

We are off to a great start in 2025, and remain focused on achieving our three year goal.

我們在 2025 年已經有了一個良好的開端，並將繼續專注於實現我們的三年目標。

Before I turn it over to Jacinth for further details on our results, I want to take a moment to reference my recent retirement announcement.

在我將我們的業績轉交給 Jacinth 之前，我想花點時間參考我最近的退休公告。

As you saw in the news release, a search is underway for the next leader of our company.

正如您在新聞稿中看到的，我們公司正在尋找下一任領導人。

I want to emphasize my personal commitment and confidence in our ability to achieve our fiscal 2025 goals.

我想強調我個人對我們實現 2025 財政年度目標的能力的承諾和信心。

We have started the year on track, and it is my firm belief that we have the right strategy in place, the right focused resources and the best brands, products and team members to continue to drive long-term sustainable earnings growth.

我們的新年伊始就已步入正軌，我堅信我們已製定了正確的策略、正確的重點資源以及最好的品牌、產品和團隊成員，將繼續推動長期可持續的盈利增長。

With that, I will turn the call over to Jacinth to discuss our financial commentary related to the first quarter and details on our outlook.

接下來，我將把電話轉給 Jacinth，討論我們與第一季相關的財務評論以及我們前景的細節。

Thank you, Jim, and good morning, everyone.

謝謝你，吉姆，大家早安。

As Jim noted, we achieved solid top line results in the first quarter and made great progress on our strategic priorities.

正如吉姆所說，我們在第一季取得了穩健的營收業績，並在策略重點上取得了巨大進展。

Net sales for the quarter were $3 billion, a 1% organic increase over last year.

本季淨銷售額為 30 億美元，較去年同期有機成長 1%。

Foodservice led our top line growth, primarily driven by strong performance across many of our premium categories.

餐飲服務引領了我們的營收成長，這主要得益於我們許多高端產品類別的強勁表現。

The Retail segment benefited from growth in our value-added portfolio and the International segment saw growth from their China business and exports.

零售部門受惠於我們增值投資組合的成長，國際部門則受惠於其中國業務和出口的成長。

Our gross profit margin was 15.9%.

我們的毛利率為15.9%。

Value-added growth was more than offset by year-over-year margin pressures related to the Planters recovery, higher commodity input costs, namely pork, beef and nuts, and the supply chain impacts of bird illnesses.

加值成長被種植園主復甦、豬肉、牛肉和堅果等商品投入成本上漲以及禽鳥疾病對供應鏈的影響等導致的同比利潤壓力所抵消。

For the first quarter, adjusted SG&A expenses increased 2.5%, mainly due to employee-related expenses.

第一季度，調整後的銷售、一般及行政開支增加 2.5%，主要由於員工相關開支。

We continue to invest in our leading brands.

我們將繼續投資我們的領先品牌。

We spent $43 million in advertising expenses during the first quarter, and as Jim noted, we plan to increase brand support to drive growth for fiscal 2025.

我們在第一季花費了 4,300 萬美元的廣告費用，正如 Jim 所說，我們計劃增加品牌支援以推動 2025 財年的成長。

Interest and investment income for the first quarter decreased primarily due to lower performance from the Rabbi Trust.

第一季的利息和投資收入減少主要是由於拉比信託基金表現不佳。

The effective tax rate was 21.8%, which is favorable compared to the prior year due to the purchase of Federal transferable energy credits.

有效稅率為 21.8%，由於購買了聯邦可轉讓能源信用額，與上一年相比具有優惠。

We reported diluted earnings per share of $0.31 for the first quarter of fiscal 2025, and adjusted diluted earnings per share of $0.35.

我們報告 2025 財年第一季每股攤薄收益為 0.31 美元，調整後每股攤薄收益為 0.35 美元。

Turning now to cash flow.

現在來談談現金流。

Operating cash flow was $309 million for the first quarter.

第一季經營現金流為3.09億美元。

We invested $72 million of capital expenditures, and our largest spend was for value-added capacity unlocks.

我們投資了 7,200 萬美元的資本支出，其中最大的支出用於增值產能釋放。

We continue to estimate capital expenditures for fiscal 2025 to be $275 million to $300 million with a focus on capacity, infrastructure investment and new technology.

我們繼續預期 2025 財年的資本支出為 2.75 億至 3 億美元，重點用於產能、基礎設施投資和新技術。

We are committed to dividend growth and remain a proud dividend aristocrat.

我們致力於股息成長，並將繼續成為自豪的股息貴族。

We paid our 386th consecutive quarterly dividend during the quarter at an annual rate of $1.16 per share, a 3% increase over last year.

我們本季連續支付了第 386 次季度股息，年率為每股 1.16 美元，比去年同期成長 3%。

We ended the first quarter with $2.9 billion in debt, and remain at the low end of our stated net debt-to-EBITDA target.

我們第一季的債務總額為 29 億美元，仍處於我們既定的淨債務與 EBITDA 比率目標的低端。

Our overall value-added portfolio performed well in the marketplace and exceeded our expectations.

我們的整體增值產品組合在市場上表現良好，超出了我們的預期。

The Planters recovery is on track and the brand delivered as expected in the quarter.

Planters 的復甦進展順利，品牌在本季的表現符合預期。

As anticipated, we experienced negative impacts from lower year-over-year over whole-bird turkey markets and lower investment income.

正如預期的那樣，我們受到了整隻火雞市場年減和投資收益下降的負面影響。

Additionally, we faced incremental headwinds as we navigated the supply chain impact of bird diseases and commodity market input costs, which were significantly higher year-over-year and above our expectations.

此外，我們在應對禽鳥疾病和商品市場投入成本對供應鏈的影響時面臨越來越大的阻力，這些阻力比去年同期大幅上升，並且超出了我們的預期。

Taken together, our first quarter earnings were in line with our expectations.

總的來說，我們的第一季收益符合我們的預期。

Looking ahead to the second quarter, for Retail, we expect net sales to be comparable to the prior year.

展望第二季度，對於零售業，我們預期淨銷售額將與去年同期相當。

In foodservice, we expect mid-single-digit growth in organic net sales.

在餐飲服務領域，我們預期有機淨銷售額將實現中等個位數成長。

We expect strong top line performance for the International segment, resulting in high single-digit growth.

我們預期國際業務的營收將表現強勁，實現高個位數成長。

We expect growth in our value-added portfolio and benefits from our T&M initiative to be partially offset by lower investment income and higher investments in people, data, technology and brand support.

我們預計，增值產品組合的成長和測試與管理計劃帶來的收益將因投資收益下降以及人員、數據、技術和品牌支援方面投資增加而部分抵消。

Additionally, we are pleased with our significant market recovery in the Planters business.

此外，我們對種植園業務的市場顯著復甦感到非常高興。

However, we will have a difficult year-over-year comparison in the second quarter given the strong brand performance in the prior year.

然而，鑑於去年同期品牌表現強勁，第二季我們將很難進行同比對比。

We are also monitoring pressures in the turkey supply chain as we navigate bird diseases impacting poultry and will take appropriate actions to preserve profitability.

在應對影響家禽的鳥類疾病時，我們也正在監測火雞供應鏈中的壓力，並將採取適當的措施來保持獲利能力。

Overall, for the second quarter, we expect our bottom line to be comparable to the first quarter and below prior year.

總體而言，我們預計第二季的利潤將與第一季相當，但低於去年同期。

Shifting now to our second half guidance we expect to significantly benefit from the recovery of our Planters brand.

現在轉向我們的下半年指導，我們預計將從我們的 Planters 品牌的復甦中受益匪淺。

Value-added turkey is assumed to be a tailwind in the second half, and we are confident in our supply position.

預計增值火雞將成為下半年的順風，我們對我們的供應狀況充滿信心。

We anticipate broad-based growth in the foodservice segment and continued growth in China in the International segment.

我們預計餐飲服務領域將廣泛成長，中國國際市場也將持續成長。

Continued investments in our brands and the transform and modernize initiative will drive value.

對我們的品牌以及轉型和現代化計劃的持續投資將帶來價值。

For the full year, we are reaffirming our organic net sales growth outlook of 1% to 3%, and adjusted diluted net earnings per share expectations of $1.58 to $1.72. We remain confident in our outlook for bottom line growth from each segment in the second half of the year and remain committed to delivering long-term value through strategic execution, including continued success from our transform and modernize initiatives.

對於全年，我們重申有機淨銷售額成長預期為 1% 至 3%，調整後每股攤薄淨收益預期為 1.58 美元至 1.72 美元。我們對下半年各部門的獲利成長前景充滿信心，並將繼續致力於透過策略執行實現長期價值，包括我們的轉型和現代化計劃的持續成功。

To conclude our remarks, we are pleased with our strong top line results this quarter, reflecting the strength in our value-added portfolio and leadership positions in the marketplace.

總而言之，我們對本季強勁的營收業績感到滿意，這反映了我們的增值產品組合的實力和市場領導地位。

As we look ahead, we are confident in our execution of our strategic priorities, including our transform and modernize initiative.

展望未來，我們對執行我們的策略重點充滿信心，包括我們的轉型和現代化計劃。

Our solid financial foundation and strategic focus position us well to achieve our targets and continue delivering sustainable growth.

我們堅實的財務基礎和策略重點使我們能夠實現目標並繼續實現永續成長。

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

現在，我將把電話轉給接線員，以便進行本次通話的問答部分。

(Operator Instructions)

（操作員指令）

Peter Galbo, Bank of America.

美國銀行的彼得‧加爾博 (Peter Galbo)。

Jim, Jacinth, just wanted to unpack the EPS cadence a bit more.

吉姆，賈辛斯，只是想更詳細地解釋一下 EPS 節奏。

Obviously, the first quarter, I think you said was in line, but maybe came in a couple of pennies below where we had been talking about last quarter.

顯然，我認為您說的第一季業績符合預期，但可能比我們上個季度談論的業績低了幾美分。

I think you were looking for a $0.04 to $0.05 headwind from Planters and Turkey in the first quarter.

我認為您預計第一季種植園主和土耳其將帶來 0.04 至 0.05 美元的逆風。

Maybe it seems like that came in a bit more.

或許看起來這還算有點意思。

And then the flattening out kind of the 2Q EPS at a similar rate to 1Q would imply that you're pushing, I don't know, $0.05-ish of EPS into the back half of the year and it's a pretty steep ramp as you get there.

然後，第二季每股收益以與第一季相似的速度趨於平穩，這意味著你將把每股收益推到今年下半年，我不知道，0.05 美元左右，而且當你到達那裡時，這是一個相當陡峭的上升趨勢。

So just curious kind of what gives you confidence that you can actually effectively ramp the EPS to the level it needs to be in the back half of the year and some of the building blocks to help us get there?

所以我很好奇，是什麼讓您有信心可以有效地將每股收益提升到今年下半年所需的水平，以及幫助我們實現這一目標的一些基礎？

Sure.

當然。

Peter, thanks for the question.

彼得，謝謝你的提問。

As we deconstruct really what we've been saying over the last year, I think it's important for us to have that conversation again and really demonstrate why we're well positioned for a strong second half.

當我們真正分析過去一年來我們所說的話時，我認為我們有必要再次進行這樣的對話，並真正證明為什麼我們有能力在下半年取得強勁進展。

And probably the best way to think about it is to what hasn't changed from what we've been talking about and then what has changed.

也許最好的思考方式就是先看看我們討論的內容中什麼沒有改變，然後再看看什麼發生了改變。

And so what hasn't changed is the fact that our value-added business in retail continues to perform well.

因此，不變的是，我們的零售加值業務持續表現良好。

The Planters recovery, the Planters performance is on track.

種植園主正在復甦，種植園主的表現正步入正軌。

And again, just as a reminder, we'll have a strong second half with favorable year-over-year comps, broad-based growth in Foodservice, and again, we expect favorable year-over-year comps in the second half after a strong recovery in '24, steady, strong growth in International, right?

再次提醒一下，我們將迎來強勁的下半年，同比業績將呈現良好的增長勢頭，餐飲服務將全面增長。 而且，我們預計，在24年強勁復甦之後，下半年同比業績將呈現良好的增長勢頭，國際業務將實現穩定強勁的增長，對吧？

Those are the things that haven't changed and have remained consistent.

這些都是沒有改變、始終如一的事情。

The part that has changed from what we talked about in Q4 is the fact that we've experienced some pressures, especially in the near term on our turkey supply chain.

與我們在第四季度討論的內容相比，變化的部分是，我們確實遇到了一些壓力，尤其是短期內我們的火雞供應鏈面臨的壓力。

And so as we're thinking about that for the balance of the year, we've had to take some strategic pricing actions that are in place.

因此，當我們考慮今年的餘額時，我們必須採取一些現有的策略定價行動。

And although we won't recognize the benefit of that in Q2, so we'll have the pressure, but not the benefit in Q2, which is why we've guided you so prescriptively in that quarter, but we will get the benefit in Q3 and Q4.

雖然我們不會在第二季度認識到這一點的好處，所以我們會面臨壓力，但不會在第二季度獲得好處，這就是為什麼我們在該季度如此嚴格地指導你，但我們會在第二季度獲得好處。

And so when we think about the back half of the year, it's a very achievable second half.

因此，當我們考慮今年下半年時，我們會發現這是一個非常有可能實現的下半年。

We understand that it's strong, but there's not a lot that's changed from what we told you, and we've taken the right actions on the Turkey complex.

我們知道它很強大，但與我們告訴您的相比，並沒有太大的變化，而且我們對土耳其綜合體採取了正確的行動。

And Peter, to provide just a little bit more color in terms of order of magnitude for the second half, obviously, as Jim mentioned, we expect Planters to be a big contributor to the bottom line growth, and next is T&M.

彼得，為了在下半年的數量級方面提供更多的細節，顯然，正如吉姆所提到的，我們預計種植者將成為底線增長的重要貢獻者，其次是 T&M。

That initiative continues to deliver strongly.

此項措施持續發揮強勁作用。

We're off to a strong start.

我們已經有了一個好的開始。

We expect the second half to be even stronger.

我們預計下半年將會更加強勁。

And the rest of the value-added portfolio continues to grow.

其餘加值產品組合仍在持續成長。

So that will deliver growth in the second half as well.

因此這也將帶來下半年的成長。

So the bottom line is, overall, our value-added business is strong, as we have said, and we expect growth from every segment of the business in the second half, which is what gives us our confidence in our guide.

因此，總的來說，正如我們所說的那樣，我們的增值業務表現強勁，我們預計下半年每個業務部門都會實現成長，這讓我們對我們的指引充滿信心。

Got it.

知道了。

Very clear.

非常清楚。

And Jim, I just was hoping maybe you could elaborate a bit more on the CEO search process, the succession planning.

吉姆，我只是希望您能更詳細地介紹一下執行長的搜尋過程和繼任計劃。

I think historically, Hormel, we've thought of is kind of growing people internally and promoting from within has, I think, been the history.

我認為，從歷史上看，荷美爾一直認為是在內部培養人才，並從內部提拔，這就是歷史。

But just curious if there's any difference in the thinking this time around with the Board on being more aggressive in an external search.

但我只是好奇，董事會這次在更積極地進行外部搜尋方面的想法是否有什麼不同。

Yes.

是的。

Thanks for that question, Peter.

謝謝你的提問，彼得。

I think it's important.

我認為這很重要。

You hear all the time, right?

您一直都能聽到，對嗎？

The most important responsibility of the Board is to make sure they select the right CEO for the job.

董事會最重要的職責是確保他們選擇合適的執行長來擔任此職位。

And as I think about my time and tenure in the role, I've had the chance to really build the next wave of company leaders.

當我回想起我擔任該職位的時間和任期時，我有機會真正培養下一波公司領導者。

And we think about everything that we've got done and that we've had to navigate, I mean it's pretty impressive, and I'm really proud of the work that we've done.

回想一下我們所做的一切以及我們所經歷的一切，我認為這是非常令人印象深刻的，我為我們所做的工作感到非常自豪。

And then building this next wave of company leaders and having many of them in place is what really sets that sets our company up for the future.

然後，培養下一批公司領導者，並讓他們中的許多人到位，這才是真正為我們公司的未來奠定基礎的關鍵。

And I believe that the next leader can help finish some of the work that we've started thinking about the T&M initiatives and also be formative in the years that follow.

我相信下一任領導人可以幫助完成我們已經開始思考的一些測試與測量計劃的工作，並在接下來的幾年裡發揮形成作用。

And so the search committee is hard at work, just like you said, giving good consideration to both internal and external candidates, which is absolutely the right thing to do, right?

因此，正如您所說，搜尋委員會正在努力工作，充分考慮內部和外部候選人，這絕對是正確的做法，對嗎？

You want to have that rigor and make sure that you properly surveyed the landscape.

您希望具有這種嚴謹性，並確保您正確地調查了情況。

And it's more important for them to get it right than it is for them to go fast.

對他們來說，正確行事比快速行動更重要。

And so I am very confident that whether it's internal or external, we're going to find the right person to lead the company into the future.

因此我非常有信心，無論是內部還是外部，我們都會找到合適的人選來帶領公司走向未來。

And then also until that transition takes place, I'm not going anywhere.

而且直到這種轉變發生之前，我都不會去任何地方。

I'm focused on the business.

我專注於生意。

I'm engaged with the team, right?

我跟團隊有關係吧？

And we're driving to deliver our 2025 goals.

我們正在努力實現 2025 年的目標。

And even beyond that, as needed, I'm available, and will be a strategic adviser to the organization.

除此之外，如有需要，我隨時可以擔任該組織的策略顧問。

So we're in a really good place with everything that we've done and have yet to come, but really appreciate the question.

因此，對於我們已經完成以及將要完成的一切，我們現在處於一個非常好的狀態，但我們真的很感謝你提出這個問題。

Ken Goldman, JPMorgan.

摩根大通的肯‧戈德曼。

On the pressures in the near term on the turkey supply chain that you referenced, could you maybe elaborate a little bit on what those pressures are?

關於您提到的短期內火雞供應鏈面臨的壓力，您能否詳細說明一下這些壓力是什麼？

What exactly you're feeling?

你到底感覺怎樣？

And given that whole-bird turkey prices, as far as we can tell, haven't really moved.

據我們所知，整隻火雞的價格實際上並沒有變動。

How comfortable are you in taking pricing and having your customers accept this pricing willingly in light of the underlying commodity maybe not having moved so much, if that's the right way to think about it?

如果這是正確的想法的話，考慮到基礎商品可能沒有發生太大的變動，您對定價和讓您的客戶心甘情願地接受這種定價有多放心呢？

Yes, Ken, thanks for that question.

是的，肯，謝謝你提問。

And the way we've described it is strategic pricing actions across the entire turkey complex.

我們描述它的方式是針對整個火雞綜合體採取策略性定價行動。

And so we want to make sure that we make the distinction that this is a fundamentally different conversation than we had last year.

因此，我們要確保能夠認識到，這次的對話與去年的對話有著根本的不同。

Last year, we were talking about pure commodity markets, commodity items like whole birds, and we are positioned very differently.

去年，我們談論的是純商品市場，像是整隻鳥這樣的商品，而我們的定位非常不同。

And so we are thinking about the complex, but a big part of that complex is the value-added business that we have in turkey, both in retail and in foodservice.

所以，我們正在考慮這個綜合體，但這個綜合體的很大一部分是我們在土耳其的增值業務，包括零售和餐飲服務。

And so when we think about really the two factors that are driving these actions, there's some turkey illness in the supply chain that's providing some pressure to -- and having supply chain impacts.

因此，當我們真正思考推動這些行動的兩個因素時，就會發現供應鏈中的一些火雞疾病給供應鏈帶來了一些壓力，並對供應鏈產生了影響。

But then the other side is just there are a number of underlying turkey categories or commodities that are at all-time highs.

但另一方面，有許多基本的火雞類別或商品的價格都達到了歷史最高水準。

And so when we think about those markets relative to value-added pricing, that's what we know how to do, and that's how we know how to manage a business.

因此，當我們考慮這些與增值定價相關的市場時，我們就知道如何做，我們也知道如何管理企業。

And obviously, John will have a big impact in terms of that value-added complex.

顯然，約翰將對增值綜合體產生重大影響。

So maybe, John, do you want to add a little more color.

所以也許，約翰，你想添加一些顏色。

Yes.

是的。

Thank you, and thanks, Ken, for the question.

謝謝你，也謝謝肯提出這個問題。

So just to expand on that comment a little bit that this is -- this year is different from a turkey perspective.

所以，稍微擴展一下這個評論，從火雞的角度來看，今年的情況有所不同。

I mean, last year, we were talking about commodity whole birds, now we are talking about value-added turkey and a significant consumer opportunity with that value-added turkey complex.

我的意思是，去年我們談論的是商品整隻火雞，現在我們談論的是增值火雞以及增值火雞綜合體帶來的重要消費者機會。

And if you look at poultry, and in particular, ground turkey, it's very aligned with consumer needs.

如果你看一下家禽，特別是火雞肉末，它非常符合消費者的需求。

So consumers continue to seek lean sources of protein.

因此消費者繼續尋求精益的蛋白質來源。

Poultry is a great choice.

家禽是很好的選擇。

As just one example of where we see the appeal of poultry is among the GLP-1 community.

我們看到家禽在 GLP-1 群體中具有很大的吸引力，這只是其中一個例子。

So it's very early days on GLP-1, still a lot to learn about the impacts of GLP-1, but some of the early research we earn shows that, in addition to fresh fruit or weight management products, poultry and fish are among the highest growth categories experiencing increased consumption for those on GLP-1.

因此，GLP-1 研究還處於早期階段，關於 GLP-1 的影響仍有許多需要了解，但我們進行的一些早期研究表明，除了新鮮水果或體重管理產品外，家禽和魚類是 GLP-1 使用者消費量增長最快的類別之一。

So -- and then you look at it from a lifestyle and usage perspective, ground turkey is a very versatile option for consumers.

所以——從生活方式和用途的角度來看，火雞肉對消費者來說是一個非常多功能的選擇。

It plugs in very well for everyday life, different food experiences.

它非常適合日常生活和不同的食物體驗。

So with the number 1 brand nationally in Jennie-O and Ground Turkey, we're in a great position to capitalize on that growing consumer market.

因此，憑藉 Jennie-O 和 Ground Turkey 等全國第一品牌，我們處於有利地位，可以利用不斷增長的消費市場。

And in fact, if you look at the first quarter of the year, Jennie-O is up 6% in volume and that was -- that standard data, consumption data, but that's within a growing category.

事實上，如果你看今年第一季度，Jennie-O 的銷量成長了 6%，這是標準數據、消費數據，但這屬於一個成長類別。

So demand has been very strong for some time, and the trends underneath that rising demand, we believe, are longer term in nature.

因此，需求在一段時間內一直非常強勁，我們認為，這種需求上升的趨勢是長期的。

So we really like that plot from a consumer perspective as well.

因此，從消費者的角度來看，我們也非常喜歡這個情節。

Great.

偉大的。

That's helpful.

這很有幫助。

And as a follow-up, and to build on Peter's question.

作為後續問題，並針對彼得的問題進行補充。

Jim, I think -- first of all, congrats on your coming retirement.

吉姆，我想──首先，恭喜你即將退休。

I would be curious for a little more color and some of the questions we're getting from investors I'd like to pass on.

我很想了解更多詳情，並且想轉達投資者提出的一些問題。

First of all, was there any consideration to waiting on the announcement until a successor was found, just given that I think some interpreted the move as a little more sudden and unexpected to the Board.

首先，有沒有考慮過等到找到繼任者之後再宣布這一消息，因為我認為有些人認為這一舉措對董事會來說有點突然和出乎意料。

Maybe that's wrong, I'd love to hear your thoughts on that.

也許這是錯的，我很想聽聽你的想法。

And then is now really the ideal time, is the other question I get, just given the transformation and modernization program, especially how much of that growth really needs to come next year to have someone new in the seat?

那麼現在真的是理想時機嗎？ 這是我想到的另一個問題，考慮到轉型和現代化計劃，特別是明年需要多少成長才能讓新人上任？

Is that the ideal situation for the company?

這對公司來說是理想的情況嗎？

So I know there's never a perfect time, but just wanted to get some of your added thoughts on that, if I could.

所以我知道永遠沒有完美的時機，但如果可以的話，我只是想聽聽你們對此的一些補充想法。

Yes.

是的。

Thanks, Ken.

謝謝，肯。

And first, thanks for the congratulations.

首先，感謝你們的祝賀。

I appreciate that.

我很感激。

And absolutely, the questions you're asking or the questions I've been getting for, what, six weeks now.

當然，您問的問題或我已經被問了六週的問題了。

And I think there's a couple of things at play here.

我認為這裡面有幾件事在起作用。

And I'll go back to what I said, right?

我會重複我說過的話，對吧？

The most important job of the Board is to make sure that they pick the right CEO.

董事會最重要的職責是確保他們選出正確的執行長。

And so the way we're going at it this time, which I think is very responsible in terms of serving the internal and external landscape.

所以，我認為，我們這次的做法，從服務內部和外部環境的角度來說，都是非常負責任的。

If you're going to go and look at the external landscape, it's hard to tell somebody you're going to recruit them to be a CEO when there's a CEO in the chair who hasn't announced a retirement.

如果你要去觀察外部情勢，當現任執行長尚未宣布退休時，你很難告訴某人你要招募他們擔任執行長。

So I think that in and of itself is a really important consideration in the process.

因此我認為這本身就是這個過程中一個非常重要的考慮因素。

And so could you have weighted, I suppose, but it want to put more pressure on the process.

所以我想，你可以施加權重，但這會給這個過程帶來更多壓力。

And I just don't think that's fair to the organization.

我只是覺得這對組織不公平。

I think the way that we announced it and said, hey, Jim's going to be here through the end of the year.

我認為我們宣布這件事的方式是，『嘿，吉姆會在這裡待到今年年底。

Jim is going to be a strategic adviser as needed, and I think that's really important to the second part of your question to say these are big initiatives that are started under my watch with -- I mean the entire team committed to these transform and modernize initiatives.

吉姆將在需要時擔任策略顧問，我認為這對你問題的第二部分非常重要，這些都是在我的監督下啟動的重大舉措——我的意思是整個團隊致力於這些轉型和現代化舉措。

So it's not Jim Snee, who is executing against the transform and modernize initiative every single day.

因此，每天都在執行轉型和現代化計劃的人並不是吉姆·斯尼 (Jim Snee)。

It's the incredible team that we have that has bought in, they see the need and they believe in the opportunity.

我們擁有一支出色的團隊，他們看到了需求，也相信機會。

So that work is underway and that work continues.

因此這項工作正在進行中，並將繼續進行。

And as we've said, it really turns into this powerful growth flywheel over time becoming even more powerful.

正如我們所說的，隨著時間的推移，它確實會變成強大的成長飛輪，變得更強大。

The last part I would say, Ken, and this is another thing that deserves strong consideration.

最後我想說的是，肯，這是另一個值得認真考慮的事情。

If I wait till the end of Transform and Modernize and somebody -- and I say I'm done, I'm retiring and now the next person has to come in and then say, oh, what's next?

如果我等到轉型和現代化結束，然後有人說我完成了，我要退休了，現在下一個人必須進來，然後說，哦，下一步是什麼？

That's not fair to that person.

這對那個人來說不公平。

So I think this allows us to continue the execution of T&M that's already underway.

因此我認為這使我們能夠繼續執行已經在進行的 T&M。

It gives the next person appropriate time to really think about and formalize or put together their plan for the future, right, rather than having to have that on them in day one.

這給了下一個人適當的時間來真正思考和正式化或製定他們的未來計劃，而不是必須在第一天就制定計劃。

And so I think the timing actually makes a lot of sense.

所以我認為時機確實非常合理。

Yes, it's maybe a little bit different than we've done in the past.

是的，這可能與我們過去所做的有一點不同。

But I also think we're a different organization than we've been in the past.

但我也認為，我們與過去的組織有所不同。

And some of the things that we've undertaken are different than we've undertaken in the past really set us up for the future.

我們所採取的一些措施與過去有所不同，這確實為我們的未來做好了準備。

So long-winded answer, but hopefully, as you start to put all those puzzle pieces together, you see how it really does make sense for the organization.

這是一個很冗長的答案，但是希望當你開始把所有這些拼圖碎片拼湊在一起時，你能夠明白它對組織來說確實有意義。

Heather Jones, Heather Jones Research.

希瑟瓊斯，希瑟瓊斯研究。

I need to just follow up on

我只需要跟進

(inaudible).

（聽不清楚）。

So I estimate that you guys have lost something north of 5% of your supply and all, but the dirt meat complex has moved considerably.

所以我估計你們已經損失了超過 5% 的供應量，但土肉綜合體已經發生了相當大的變化。

But the lighter meat pricing has started to move and the pricing commentary on whole birds has definitely gotten more constructive as shortages start to take effect in the marketplace.

但隨著市場短缺，輕肉價格已開始變動，整隻禽肉的定價評論也肯定變得更具建設性。

So just wondering when you're framing your full year outlook, are you assuming any benefit from the more positive commentary that we're hearing on whole bird pricing?

所以，我只是想知道，當您制定全年展望時，您是否認為我們聽到的有關整隻鳥定價的更積極的評論會帶來任何好處？

Or are you only assuming a benefit from passing through higher pricing on the value-added portion?

或者您只是認為透過提高增值部分的定價可以帶來好處？

Heather, thanks for the question.

希瑟，謝謝你的提問。

So our assumptions on whole birds have not changed in our plan.

因此，我們的計劃中對整隻鳥的假設沒有改變。

So that's consistent.

因此這是一致的。

And so the change that we're referencing here relates to the rest of the turkey complex and the pressure that we're seeing on the rest of that turkey supply chain.

因此，我們在這裡提到的變化與火雞綜合體的其餘部分以及我們看到的火雞供應鏈其餘部分的壓力有關。

And when we talk about pricing action, it's specific to that.

當我們談論定價行動時，它是具體的。

And so that's what's changed in our assumptions as we look at what we guided before and where we are coming off Q1 and when we think about the back half tailwind is really specific to the rest of the turkey complex.

因此，當我們回顧先前的指導以及第一季的情況時，我們的假設發生了變化，並且我們認為後半段的順風實際上是特定於火雞綜合體的其他部分。

Okay.

好的。

And then my follow-up is, when you take your guide and just back into a rough math on the EBIT side, to get to the '26 number implied at your '23 Analyst Day, I mean, it implies somewhere between 15% to almost 25% EBIT growth in '26.

然後我的後續問題是，當您按照指南對息稅前利潤進行粗略計算時，得到 23 年分析師日暗示的 26 年數字時，我的意思是，它意味著 26 年息稅前利潤增長率在 15% 到 25% 之間。

And just wondering if one talk to your comfort level on that?

我只是想知道是否有人可以談談您的舒適程度？

And two, what would drive that kind of growth?

第二，推動這種成長的因素是什麼？

Because I mean, that's a pretty substantial growth number for any packaged food company.

因為我的意思是，對於任何包裝食品公司來說，這都是一個相當可觀的成長數字。

So just would be curious to hear your thoughts on that.

所以我很好奇想聽聽你對此的想法。

Yes.

是的。

Thanks, Heather.

謝謝，希瑟。

And I think, again, consistent with the commentary and discussion that we had on our Q4 call, which was really our T&M update.

而且我認為這與我們在第四季度電話會議上的評論和討論一致，這實際上是我們的 T&M 更新。

As we laid out, we do believe that we're still on track to deliver that 2026 number.

正如我們所闡述的，我們確實相信我們仍然有望實現 2026 年的目標。

And as I just mentioned to Ken, right, this T&M work is creating this powerful growth flywheel that's only going to accelerate as we continue to move along.

正如我剛才向肯提到的，這項測試與測量工作正在創造一個強大的成長飛輪，隨著我們繼續前進，它只會加速。

And so it is a combination of underlying growth in our business.

因此，這是我們業務潛在成長的結合。

And I think we've kind of laid that out in terms of value-added business, retail, foodservice international, reasons to believe there.

我認為我們已經從增值業務、零售、國際餐飲服務等方面對此進行了闡述，我們有理由相信這一點。

And then when you supplement that with the power of T&M and how that's going to escalate over time, that's what gives us confidence.

然後，當您用 T&M 的力量來補充這一點，以及它如何隨著時間的推移而升級時，這就給了我們信心。

And we're not going to get into the specifics.

我們不會深入討論細節。

Obviously, we'll continue to give you updates as we progress.

顯然，我們會繼續向您提供進度更新。

But it's those two things, and that has not changed from our perspective in Q4 of last year.

但就是這兩件事，從我們去年第四季的角度來看，這一點並沒有改變。

Rupesh Parikh, Oppenheimer.

魯佩什·帕里克（Rupesh Parikh），奧本海默。

Jim, also congrats on your retirement.

吉姆，也祝賀你退休。

So thanks, Rupesh.

所以謝謝你，Rupesh。

Thanks for your e-mail.

感謝您的電子郵件。

So maybe, I guess, just a question just on margins.

因此我猜這也許只是一個關於利潤的問題。

So obviously, gross margins are down in Q1.

因此顯然第一季的毛利率下降了。

Just want to get a sense of how you guys are thinking about the interplay between gross margin and SG&A for Q2 and then for the balance of the year.

只是想了解你們如何看待第二季以及全年餘額的毛利率和銷售、一般及行政費用之間的相互作用。

So when we think about our margins for Q2, we are -- we signaled that we expect it to be comparable to Q1.

因此，當我們考慮第二季的利潤率時，我們表示，我們預計它將與第一季相當。

We will see margin pressure coming off of our Q1 going into Q2.

我們將看到利潤率壓力從第一季到第二季逐漸減弱。

Our top line, for sure, is going to continue to be strong, but our margin will be pressured by the turkey supply.

我們的營業收入肯定會繼續保持強勁，但我們的利潤率將受到火雞供應的壓力。

As we talked about, we expect Planters to continue to recover, but we don't see that full recovery until we get into the back half of the year.

正如我們所討論的，我們預計種植者將繼續復甦，但直到進入今年下半年才能看到全面復甦。

And so quarter-over-quarter, we will see a comparable Q1 -- Q2 relative to Q1, really driven by turkey and nuts.

因此，與上一季相比，我們將看到第二季度與第一季有可比性，這主要是受火雞和堅果的推動。

Rupesh, I think to just said a different way, we're going to have gross margins that are down versus last year, but we do expect sequential improvement from Q1 to Q2.

魯佩什，我認為換句話說，我們的毛利率將比去年下降，但我們預計第一季到第二季的毛利率將有所改善。

And as Jacinth said, where those pressure points are really driven by turkey market dynamics in the second quarter.

正如 Jacinth 所說，這些壓力點實際上是由第二季的火雞市場動態所驅動的。

But again, I think as we're thinking about not just the second quarter, back half of the year and beyond, the portfolio is really well positioned to drive growth and ultimately exceed historical margin levels.

但是，我認為，當我們考慮的不僅僅是第二季、今年下半年及以後時，該投資組合確實處於有利位置，可以推動成長，並最終超過歷史利潤率水準。

Okay.

好的。

Great.

偉大的。

And then maybe just one follow-up question, a question for John.

然後也許只有一個後續問題，一個問約翰的問題。

You've been out at the company for a few quarters.

您已在該公司任職幾季了。

So I just want to get a sense from your perspective how the business has performed versus expectations, and whether you see any new opportunities at this juncture?

所以我只是想從您的角度來看業務表現與預期相比如何，以及您是否看到現階段任何新的機會？

That's great, Rupesh.

太棒了，魯佩什。

Thank you for that opportunity.

謝謝你給我這個機會。

I've been back almost six months now.

我回來已經快六個月了。

And I've been touching on three themes.

我已經談過三個主題。

So I guess I'll touch on each one of those quickly here.

所以我想我會在這裡快速地談一下其中的每一個。

First, it's been great to see the transformation happening in the company.

首先，我很高興看到公司正在轉變。

Now that was well underway when I walked back in the door.

當我走回門時，一切都已順利進行。

We talked about our Transformation & Modernization work externally, but as a returning employee it has been striking to see from inside the company, just how many important changes we are making to refresh and update and modernize the company.

我們對外討論了我們的轉型和現代化工作，但作為一名重返公司的員工，從公司內部看到我們為更新、升級和現代化公司而進行的許多重要變革令人震驚。

Now some of that, I would say, is things that are low-hanging fruit or would be more typical in the industry, but some of it is truly work that is going to help us leapfrog with better technology, better data, better processes.

現在我想說，其中有些是唾手可得的成果或在行業中更典型的事情，但其中有些是真正的工作，將幫助我們透過更好的技術、更好的數據、更好的流程實現跨越式發展。

And across the board, it's been great to see how our people have been able to elevate their work, improve their decision-making through that transformation.

總體而言，我們很高興地看到，透過這種轉型，我們的員工已經能夠提高他們的工作水平，並改善他們的決策能力。

So that was kind of one big observation.

這是一個重大的觀察。

Second, it has been extremely encouraging to see the progress we're already making on the retail business.

其次，看到我們在零售業務上的進展，我們感到非常鼓舞。

So the unified approach Jim mentioned earlier to one retail is clearly beginning to work.

因此，吉姆之前提到的針對單一零售的統一方法顯然開始發揮作用。

If you look at the strong consumption momentum on our flagship and rising brands that we saw in the first quarter of the year to the stronger capabilities and bigger customer relationships we're able to build to our first ever scale program, Jim mentioned that here for the Snacks program in the first quarter, there's plenty of evidence and momentum that retail is on the right path.

如果您看看我們在今年第一季看到的旗艦品牌和新興品牌的強勁消費勢頭，再看看我們能夠建立的更強大的能力和更牢固的客戶關係，以及我們有史以來的第一個規模計劃，吉姆提到，就第一季度的零食計劃而言，有大量證據和勢頭表明零售業正走在正確的道路上。

So that's kind of the second key point I would make.

這就是我要提出的第二個關鍵點。

And then the third is, I think, to what you were asking around the opportunity I see.

然後第三個問題是，我認為你所問的我所看到的機會。

And it really comes down to our unique portfolio that we have with Hormel.

這其實歸功於我們與荷美爾共同擁有的獨特產品組合。

So we have a very diverse and compelling roster of leading brands, and a lot of that is anchored around protein.

因此，我們擁有非常多樣化和引人注目的領先品牌名單，其中許多都與蛋白質有關。

So if you think about protein, it is a wonderful place to be anchored in the food industry from a long-term perspective.

因此，如果您考慮蛋白質，從長遠來看，它是食品行業中一個非常好的立足點。

On top of that, our capabilities to bring convenience, taste, relevant innovation to that portfolio of proteins is extremely powerful.

最重要的是，我們為蛋白質產品組合帶來便利、口味和相關創新的能力非常強大。

So for me, the next step is bringing that journey on a very strong consumer focus and lens to that opportunity.

因此對我來說，下一步就是以消費者為中心，抓住這項機會。

And I think we have the ability to really set ourselves apart.

我認為我們有能力真正讓自己脫穎而出。

If you look at everything from substantial nourishing snacks, which are in very high demand, to convenient food forward satisfying meals based around protein all throughout the day, we have a lot of opportunity.

如果你看看這一切，從需求量很大的營養零食，到方便食品以及全天以蛋白質為基礎的令人滿意的膳食，我們都有很多機會。

So bringing that strong consumer dimension, I call it our third dimension, will really push us forward and help propel it.

因此，擁有強大的消費者維度（我稱之為我們的第三維度）將真正推動我們前進，並幫助推動它。

So yes, I guess in summary for your question, extremely encouraged with the progress I've seen to date, but even more excited about the future.

所以是的，我想總結一下你的問題，我對迄今為止看到的進展感到非常鼓舞，但對未來更加興奮。

Ben Theurer, Barclays.

巴克萊銀行的本‧圖勒 (Ben Theurer)。

Also from my side, Jim, all the best for retirement, even if a few more felt that you need to hang out.

另外，從我的角度來說，吉姆，祝你退休後一切順利，即使有些人覺得你需要出去玩。

Wanted to just like maybe go a little bit deeper into some of the segment dynamics, particularly in retail.

想要更深入了解一些細分領域的動態，特別是零售領域的動態。

It feels like, and you've called this out in the prepared remarks and during some of the commentary already to some of like still solid underlying growth trends.

感覺就像您已經在準備好的發言中和一些評論中提到了這一點，即潛在的成長趨勢仍然穩固。

And this is really just a question as to how these categories that you're having within retail that have been showing a more positive momentum growth just in the right categories and kind of like tying it back a little bit into what the benefits from T&M are going to be as we think about this beyond 2025 into 2026, what are your like internal assumptions of like these categories that already are growing kind of like outperforming?

這實際上只是一個問題，即您在零售業中所擁有的這些類別如何在正確的類別中顯示出更積極的增長勢頭，並將其與 T&M 帶來的好處聯繫起來，當我們考慮 2025 年以後到 2026 年時，您對這些已經增長且表現優異的類別的內部假設是什麼？

How are they expected to continue to perform into next year?

預計他們明年的表現會如何？

Is that a key component in order to get to these 2026 target?

這是實現 2026 年目標的關鍵因素嗎？

And if so, what what gives you the confidence in that momentum to stay?

如果是的話，什麼讓您有信心保持這種勢頭？

Yes.

是的。

Thank you for the question.

感謝您的提問。

This is John.

這是約翰。

I'll take this one to start off with just kind of looking at the retail portfolio and our confidence around it to get to that part of the question first.

首先，我想先從零售投資組合和我們對它的信心開始，以解答這個問題的這一部分。

We love the breadth and strength of our portfolio, and I'll start by saying that.

我們喜歡我們產品組合的廣度和實力，我首先要說的是這一點。

And I think we play broadly from the standpoint of pricing tiers, number one.

我認為，從定價層次的角度來看，我們的業務範圍很廣，這是第一。

We have accessible, affordable brands, mainstream brands, and we play up through premium, which gives us some resilience and versatility in different economic conditions for consumers.

我們擁有價格適中的主流品牌，並且透過高端產品進行推廣，這讓我們能夠為不同經濟狀況的消費者提供一定的彈性和多功能性。

And the second part, I'll just talk about is value, right?

第二部分，我只想談價值，對嗎？

So we're working closely with consumers around our brands and categories.

因此，我們圍繞我們的品牌和產品類別與消費者密切合作。

What we hear a lot is, it's not all about price, it really is about value.

我們經常聽到的是，這不僅與價格有關，而是與價值有關。

And the way they think about value is price is an element, but it goes well beyond.

他們認為價值的方式是價格是一個因素，但它遠遠超出了它的範圍。

So they're thinking about quality, they're thinking about convenience, they're thinking about emotional and functional benefits of the brands and purchases they make.

因此，他們考慮品質、考慮便利性、考慮品牌和購買商品的情感和功能效益。

So when we look at that, we say our balanced portfolio is really, really, not only a positive, but is truly a strength for us.

因此，當我們考慮這一點時，我們會說，我們平衡的投資組合不僅是一件好事，而且確實對我們來說是一種優勢。

And why I talk about that is, if you just look at this moment in time with our Q1 earnings and what's underneath that, consumers make those judgments as to is it worth it?

我之所以談論這個，是因為如果你只看我們目前第一季的收益以及背後的因素，消費者就會判斷它是否值得？

Are these brands worth it right now?

這些品牌現在值得嗎？

Do I want to pay?

我要付款嗎？

And we have three very different examples in our portfolio of three very different brands, delivering value in different ways and all showing very strong growth right now.

我們的產品組合中有三個非常不同的品牌，它們以不同的方式提供價值，並且目前都表現出非常強勁的成長勢頭。

So the three I would call out, one is Applegate.

因此，我要指出的三個人中，一個是 Applegate。

So Applegate is playing in the premium area around natural organic, and it is experiencing extremely strong growth behind differentiated product quality, brand building, product innovation.

因此，Applegate 正在天然有機食品等高端領域開展業務，並且在差異化產品品質、品牌建立和產品創新的推動下經歷了極其強勁的成長。

And then on the other hand, we have SPAM.

另一方面，我們有垃圾郵件。

So SPAM, historically a more value-oriented brand, seeing growth from new multicultural consumers who are finding value by using SPAM as part of new ethnic food solutions.

因此，SPAM 在歷史上是一個更注重價值的品牌，其成長動力來自新的多元文化消費者，他們透過將 SPAM 作為新民族食品解決方案的一部分來獲得價值。

And then the third example that Jim mentioned upfront is Hormel Black Label Bacon, where we're experiencing strong growth as we continue to raise the bar in the baking category by offering value through innovative solutions that make bacon more convenient and more accessible.

然後，吉姆首先提到的第三個例子是荷美爾黑牌培根，我們正在經歷強勁增長，因為我們透過創新的解決方案提供價值，使培根更方便、更容易獲得，從而不斷提高烘焙類別的標準。

Our microwave-ready bacon and our new oven-ready vacant as another example.

我們的微波爐專用培根和新烤箱專用培根是另一個例子。

So when I take all of that and look at it and say, that's the kind of resilient portfolio that has true consumer breadth, right, that sets us up for long-term sustainable growth around our branded portfolio.

因此，當我把所有這些考慮進去並說，這是一種具有真正消費者廣度的彈性投資組合時，它為我們的品牌投資組合的長期可持續增長奠定了基礎。

And in the short run, it looks great because we look at the consumption results where we're building momentum.

從短期來看，情況看起來很棒，因為我們看到了我們正在建立動力的消費結果。

The evidence of that you can see in our Q1 consumption data were our flagship and rising brands, which is the full collection of our growth-focused brands, grew over 3%, both dollar and volume consumption in the quarter, and that is with Planters still recovering.

您可以在我們的第一季消費數據中看到證據，我們的旗艦品牌和新興品牌（即我們以成長為重點的品牌的全部集合）本季的美元和銷售量消費均成長了 3% 以上，而且 Planters 仍在復蘇。

Outside of Planters, that growth has been over 5% in both dollar and volume consumption for the quarter versus prior year.

除了 Planters 以外，本季的消費金額和消費量與去年同期相比均增加了 5% 以上。

So the strength of those brands really led the way for total Hormel retail to grow our dollar consumption versus prior year in a challenging environment.

因此，這些品牌的實力確實引領了荷美爾整體零售業在充滿挑戰的環境中實現比去年同期成長的美元消費。

So as I look forward and look at the upside of these brands as we continue to advance our consumer insights, our marketing capability, our investment in these brands and really bring that strong consumer lens that I mentioned earlier as an even stronger dimension, we feel very good about the portfolio we have and our ability to navigate the years ahead with these brands and grow.

因此，當我展望並看到這些品牌的優勢時，隨著我們繼續提升我們的消費者洞察力、我們的行銷能力、我們對這些品牌的投資，並真正將我之前提到的強大的消費者視角帶入一個更強大的維度，我們對我們擁有的投資組合以及我們在未來幾年與這些品牌一起成長的能力感到非常滿意。

Yes.

是的。

And Ben, I think the other part of your question that's important to address is the impact of T&M.

本，我認為你問題中另一個需要解決的重要問題是 T&M 的影響。

And John did a great job talking about why we see those opportunities.

約翰很好地解釋了我們為什麼會看到這些機會。

But underneath that, obviously, is we need to be able to support innovation.

但顯然，在這背後我們需要能夠支持創新。

And so a lot of the work that we're doing in terms of reshaping the portfolio for growth.

因此，我們在重塑投資組合以促進成長方面做了很多工作。

But then as we think about portfolio optimization and making sure that there is room for these great innovations, that's an important part of the T&M work.

但是，當我們考慮投資組合優化並確保這些偉大的創新有足夠的空間時，這是 T&M 工作的重要組成部分。

And then also we talked in Q4 about Hormel production system and making sure that we're as efficient as possible because that allows us to make sure that we have capacity to support the growth.

然後，我們也在第四季度討論了荷美爾生產系統，並確保我們盡可能高效，因為這使我們能夠確保有能力支持成長。

So all of these things, again, linked together to give us that confidence in this retail business that John talked about over time.

所以，所有這些事情再次連結在一起，讓我們對約翰一直以來所談論的零售業務充滿信心。

Okay.

好的。

Got it.

知道了。

And then quick follow-ups, really, I think that's for Jacinth.

然後是快速的後續行動，實際上，我認為這是針對 Jacinth 的。

Just on advertising investments, which was basically flat versus a year ago.

僅就廣告投資而言，與一年前相比基本持平。

But if I remember right, you're guiding for an increase.

但如果我沒記錯的話，您指導的是增加。

So you've called out the lower investments for Planters is obviously still in the ramp-up here.

因此，您所說的種植園投資較低，但顯然這裡仍處於增加階段。

But is that essentially the part where you're expecting to see the ramp up as you need to get back into the different point of sales in order to gain back the market share you lost because of the outages and so far?

但這本質上是否就是您期望看到成長的部分，因為您需要重新進入不同的銷售點，以奪回因停電而失去的市場份額？

And how should we think about the cadence of the increase of marketing expense throughout the rest of the year?

那麼，我們該如何看待今年剩餘時間內行銷費用的成長節奏呢？

Yes.

是的。

Ben, I mean you've hit it right on the head, right?

本，我的意思是你完全說對了，對吧？

It was.

是的。

We pulled back on some Planters to make sure we got the market recovery right, and we said we're doing that and we're on track.

我們撤回了一些 Planters 的收購，以確保市場能夠正確復甦，我們說我們正在這樣做，而且我們正在按計劃進行。

We will see the sequential ramp-up of investments.

我們將看到投資逐步增加。

And I think the important thing here is that we do expect a full year of double-digit marketing and advertising increases.

我認為最重要的是我們確實預計全年行銷和廣告業務將實現兩位數的成長。

Thomas Palmer, Citi.

花旗銀行的托馬斯·帕爾默。

And Jim, I know this is probably not your last earnings call, but I do want to congratulate you, and thank you.

吉姆，我知道這可能不是你最後一次的財報電話會議，但我還是想向你表示祝賀，並向你表示感謝。

Thank you, Tom.

謝謝你，湯姆。

On Planners, I just wanted to clarify, it's good to hear the plant issues are resolved, what about on the distribution side, how much work is left to kind of regain distribution?

關於規劃人員，我只是想澄清一下，很高興聽到工廠問題得到了解決，那麼在分銷方面，還剩下多少工作來恢復分銷？

Is there a point where we might see retail sales trends start to more clearly inflect?

我們是否會看到零售銷售趨勢開始發生更明顯的變化？

And then just the level of investment, be it traditional marketing or maybe slotting fees, how much does that really start to ramp?

那麼，就投資水平而言，無論是傳統行銷還是上架費，實際上開始增加多少？

And how much, I guess, is that a consideration in 2Q versus the back half?

我猜，第二季與下半年相比，這個考慮有多大？

Okay.

好的。

Thanks for the question, Tom.

謝謝你的提問，湯姆。

This is John.

這是約翰。

I'll kind of ground us in where we are and I think what's ahead for Planters.

我會大致介紹一下我們現在的情況以及 Planters 的未來。

So yes, to your point, we continue to be fully recovered in our Suffolk facility and have been fully servicing our customers for Planters items out of that facility.

是的，正如您所說，我們繼續在薩福克工廠全面恢復生產，並一直透過該工廠為我們的客戶提供 Planters 產品的全面服務。

Our inventory levels are in a good position.

我們的庫存水準處於良好狀態。

We're beginning to ramp back up our advertising and promotions, and we are seeing very clearly sequential improvement in our scanner data in terms of both points of distribution and overall consumption.

我們開始增加廣告和促銷力度，我們非常清楚地看到掃描器資料在分銷點和整體消費方面都出現了連續改善。

To the distribution point specifically, last quarter, we talked about two different types of distribution losses, one, I would characterize more as holes on the shelf as a result of just not being able to get enough product to the shelf as quickly as we want to.

具體到分銷點，上個季度，我們討論了兩種不同類型的分銷損失，第一種，我將其描述為貨架上的空洞，這是由於我們無法按照我們希望的速度將足夠的產品送到貨架上而導致的。

Those types of holes were more temporary in nature, and we have recovered that distribution.

這些類型的洞本質上都是暫時的，我們已經恢復了這種分佈。

The second type of distribution losses were where we didn't have sufficient supply and were taken out of a planogram or a reset taken out of the shelf set, those, we are recovering largely.

第二種分銷損失是我們沒有足夠的供應，而被從規劃圖或貨架中取出，這些損失我們正在大量恢復。

The places where we haven't recovered that type of distribution yet is largely related to timing, meaning waiting for the customer resets, which typically happen once or twice per year.

我們尚未恢復這種分佈的地方很大程度上與時間有關，這意味著等待客戶重置，這通常每年發生一次或兩次。

So we are recovering distribution very well sequentially and on track to continue on that path.

因此，我們正在逐步恢復分銷，並有望繼續沿著這條道路前進。

In terms of your question around the cost of that and any slotting investments, nothing has changed with that relative to our expectations and what we have projected in our plan.

至於您提到的有關成本以及任何上架投資的問題，相對於我們的預期以及我們在計劃中預測的情況，沒有任何變化。

Now as we continue through the remainder of the second quarter, we expect to see that sequential progress continue.

現在，隨著我們繼續度過第二季的剩餘時間，我們預計會看到連續的進展。

Although I will note, we are lapping an incredibly strong second quarter of 2024 for Planters and the year ago consumption -- the year ago comparisons are very high in the second quarter of last year.

但我要指出的是，2024 年第二季的種植業表現異常強勁，與去年同期相比，去年第二季的消費量非常高。

Moving into the back half, we begin to lap those weaker comparisons in the second half of 2024.

進入下半年，我們將在 2024 年下半年開始處理這些較弱的比較。

We will continue to drive our three part plan that is stepped-up advertising, strong in-store promotions and increased focus on our exciting innovation.

我們將繼續推進我們的三部分計劃，即加強廣告宣傳、大力開展店內促銷以及更加關注我們激動人心的創新。

And if you remember, our new items, we talked about flavored cashews and the flavored nut duos, both of those have proven to be highly incremental in attracting new younger households to the brand and to the category.

如果你還記得的話，我們新推出的產品有口味腰果和口味堅果二重奏，事實證明，這兩種產品都能極大地吸引年輕家庭關注該品牌和產品類別。

So we're going to continue to dial that up in the back half as well.

因此我們也將在後半部繼續加大力度。

And I'll finish just talking a little bit about Planters in general because it continues to be a tremendous opportunity and growth platform for us.

最後我簡單談談 Planters 的整體情況，因為它對我們來說仍然是一個巨大的機會和成長平台。

The macro snacking trends are strong.

宏觀零食趨勢強勁。

In particular, consumer demand for nourishing snacks with substance and protein continues to grow.

尤其是消費者對富含營養和蛋白質的營養零食的需求持續成長。

And the substantial nature of Planters to have a leading brand in this space with so much innovation potential is really an ideal growth platform for us.

Planters 是該領域的領先品牌，擁有巨大的創新潛力，這對我們來說確實是一個理想的成長平台。

And then on top of that, on top of kind of the brand-specific opportunity, Planters opens up these portfolio opportunities for us as well.

除此之外，除了特定品牌的機會之外，Planters 也為我們開啟了這些投資組合機會。

So if you think about how we're driving our new one retail operating model, in particular, Jim mentioned here for the snacks program, Planters was a clear anchor for Hormel in that snacks program.

因此，如果你想想我們如何推動我們的新零售營運模式，特別是吉姆在這裡提到的零食計劃，Planters 是荷美爾在零食計劃中的明顯支柱。

We anchored around Planters, but then we added our other snacking platforms around that, Hormel Peperoni, (inaudible), HolyGracamoli, Hormel Chili, and we were able to create our first true scale program with great success at retail.

我們以 Planters 為中心，然後我們在其基礎上增加了其他零食平台，Hormel Peperoni、（聽不清楚）、HolyGracamoli、Hormel Chili，我們成功創建了第一個真正的規模項目，並在零售領域取得了巨大成功。

So to answer the question in summary, I would say, feeling very good about the sequential improvement in Q2 and about the growth we should see in the second half.

因此，總而言之，當我回答這個問題時，我會說，對於第二季的連續改善以及下半年應該看到的成長，我感到非常高興。

Great.

偉大的。

The second, I wanted to ask on the input cost inflation commentary.

第二，我想問關於投入成本通膨的評論。

You noted or pork, beef and nuts as running inflationary in the quarter.

您注意到豬肉、牛肉和堅果在本季呈現通膨趨勢。

I guess to what extent is it running consistent with what you expected?

我猜測它的運作程度與你的預期有多大程度一致？

You did note the higher pricing in turkey?

您注意到土耳其的物價較高嗎？

Are there pricing actions to consider for for the other commodities?

是否有其他商品需要考慮的定價行動？

Yes.

是的。

Tom, those -- ones we called out we're higher than last year and slightly above our plan, as we think about that, we can manage commodity fluctuations because a lot of them were more pass-through pricing mechanisms.

湯姆，我們所說的那些比去年要高，也略高於我們的計劃，我們認為，我們可以管理商品波動，因為其中許多都是更多的轉嫁定價機制。

So an impact, but certainly not the order of magnitude of the pressures in the turkey supply chain.

因此是有影響的，但肯定不如火雞供應鏈壓力那麼大。

Michael Lavery, Piper Sandler.

麥可·拉弗里，派珀·桑德勒。

Jim, congrats as well.

吉姆，也祝賀你。

Thanks, Michael.

謝謝，麥可。

I just wanted to see if we could get a better sense of maybe some of the price mix split or versus volume.

我只是想看看我們是否能夠更好地了解價格組合分佈或數量分佈的情況。

You've talked about how the turkey pricing is a big factor for the second half, but price mix was strong in 1Q, and the volumes were down.

您談到火雞定價是下半年的重要因素，但第一季的價格組合強勁，而銷售量下降。

So I guess I want to make sure we understand how much higher you expect price mix to go and what the pressure on volumes might look like?

所以我想確保我們了解您預計價格組合會上漲多少以及銷售壓力會是什麼樣的？

And I guess part of the question is a follow-up to your comments to Peter's first question, just talking about how -- what hasn't changed is the strength of the value-added business in retail and it's performing well.

我想這個問題的一部分是對你對彼得第一個問題的評論的後續，只是談論如何——沒有改變的是零售業增值業務的實力以及良好的表現。

I assume that means ex-pla obviously because it masks some of the momentum.

我認為這顯然意味著 ex-pla 因為它掩蓋了一些動量。

And so maybe just tying all that together how to think about where we go from 1Q?

因此，也許只是將所有這些聯繫在一起，思考我們如何從第一季開始走向何方？

Yes.

是的。

I think the big driver in that, Michael, and as we've talked about, having Planters show that sequential improvement, and that's going to continue to ramp up, I mean that's a big part of that price mix ratio.

邁克爾，我認為其中最大的驅動力，正如我們所討論的，Planters 表現出連續的改善，並且這種改善將繼續上升，我的意思是這是價格組合比率的重要組成部分。

And so having that come back into play and being in a much stronger position is really positive for us.

因此，重新發揮作用並處於更強大的地位對我們來說確實是積極的。

Obviously, it's very accretive.

顯然，它具有很強的增值性。

And as we see that continue to ramp up in the back half of the year and, of course, then with the year-over-year comps, it will be very favorable.

我們看到，這一數字在今年下半年將繼續上升，當然，與去年同期相比，這將非常有利。

And the other thing I would add to that, Jim, is just from a year-over-year pricing perspective, in our center store portfolio, we had taken price in the second quarter of last year.

吉姆，我想補充的另一件事是，從同比定價角度來看，在我們的中心商店組合中，我們已經在去年第二季定價了。

And so in the first quarter, you're still seeing that pricing play through and some suppression of the volumes related to that center store portfolio, very much in line or a little bit ahead of our elasticity assumptions that we had built in, but that will be behind us as we move through the second quarter, we'll pass the lapping of that pricing.

因此，在第一季度，您仍然會看到價格發揮作用，並且與中心商店組合相關的銷量受到一定程度的抑制，這與我們建立的彈性假設非常一致，或者略高於我們建立的彈性假設，但隨著我們進入第二季度，這些將成為過去，我們將度過該定價的難關。

That was the other dynamic.

這是另一種動態。

And then I guess maybe just the same question tweaked a little bit.

然後我想也許只是對同一個問題做了一些調整。

In the first quarter, your price mix in retail, and of course, we don't have the Turkey segment separated.

在第一季度，您的零售價格組合，當然，我們沒有分開土耳其部分。

We don't have visibility on that like we used to, but it being in retail and foodservice, your price mix this quarter was highest in about seven or so quarters.

我們對此的了解不像以前那麼多，但就零售和餐飲服務而言，本季的價格組合是七個季度左右以來最高的。

Foodservice goes even a bit further back.

餐飲服務的歷史更為悠久。

The momentum is already very strong without the turkey pricing coming.

雖然火雞定價尚未公佈，但勢頭已經非常強勁。

I guess how much price mix should we be expecting?

我猜我們應該期待多少價格組合？

And are you suggesting it accelerates from here?

您是否認為它會從這裡開始加速？

There's the mix lift from Planters you're pointing to as well?

您指的是 Planters 的混合式升降機嗎？

Maybe just help us understand how high that could go.

也許只是幫助我們了解它能達到多高。

Yes.

是的。

I think it really all goes back to the strength of the value-added portfolio, Michael, and it is.

我認為這一切都歸功於增值投資組合的實力，邁克爾，事實也確實如此。

The beauty of our portfolio is value-added is in retail, it's in foodservice, and it's in international.

我們的投資組合的優點在於，其增值體現在零售、餐飲和國際領域。

And so I don't know beyond the Planters, the lapping of the pricing, we haven't talked a lot about foodservice, but I think it's important to note that the foodservice segment does remain historically strong and the top line growth has been really broad-based for them.

所以我不知道除了 Planters 之外，定價的問題，我們還沒有談論太多關於餐飲服務的事情，但我認為值得注意的是，餐飲服務領域確實保持了歷史強勁，而且他們的營收增長確實是廣泛的。

We did have some unfavorable comps expected in the first half, mainly through divestiture of HHL, some of the marketing dynamics, but they're able to be closer to the market in terms of pricing.

我們確實在上半年預計了一些不利的業績，主要是由於 HHL 的剝離和一些行銷動態，但就定價而言，它們能夠更接近市場。

That is obviously a benefit for us.

這對我們來說顯然是一個好處。

So I think really, the best answer is the entire value-added portfolio that really has strength for us, and we expect that to continue.

因此，我認為最好的答案是整個加值產品組合對我們來說確實具有優勢，我們預計這種情況將持續下去。

No.

不。

That's helpful.

這很有幫助。

And maybe one last piece of that same question.

這也許就是同一個問題的最後一部分。

What volume expectations really should we have?

我們真正應該有什麼樣的銷售預期？

That's been pressured in retail for some time, the Planters piece is, of course, a part of that, but with such strong pricing, should we expect volumes down?

零售業已經承受了一段時間的壓力，Planters 的銷量當然也是其中的一部分，但是在如此強勁的定價下，我們是否應該預期銷量會下降呢？

Or do you think that you'll see them both be positive?

或者您認為您會看到他們都表現積極嗎？

Maybe what's the breakdown of just how you're thinking about the year?

也許您對這一年的看法是怎麼樣的？

Yes.

是的。

I mean if you look at the Q1 dynamics around volume and retail, you mentioned snack nuts.

我的意思是，如果你看看第一季的銷售和零售動態，你會提到零食堅果。

That is a factor, and I also mentioned the pricing impacts from a year ago, kind of lapping those pricing impacts.

這是一個因素，而且我還提到了一年前的價格影響，有點像重疊價格影響。

If you look at the consumption on our business in retail from a volume perspective, it's fairly flat despite some of those dynamics.

如果從數量角度來看我們零售業務的消費，儘管存在一些動態，但消費仍然相當平穩。

And so we believe we can continue to hold and grow volume and hold and grow sales, right?

因此我們相信我們可以繼續保持並增加銷量以及銷售額，對嗎？

That's our expectation behind the strength of the overall portfolio.

這是我們對整體投資組合實力的預期。

Pooran Sharma, Stephens.

普蘭夏爾馬，史蒂芬斯。

Just wanted to get a sense of what led you to kind of reduce the commodity exposure?

只是想了解是什麼原因導致你減少商品投資？

Was there something that happened during the quarter?

本季發生了什麼事嗎？

Was it kind of just more of an opportunistic move?

這是否只是一種機會主義的舉動？

And just a follow-up on that.

這只是對此的後續跟進。

You've obviously been taking steps to reduce your commodity exposure over the past couple of years.

過去幾年來，您顯然一直在採取措施減少商品投資。

I was just wondering if you could quickly remind us where you are at with this move now?

我只是想知道您是否可以快速提醒我們您現在的舉動進展到了哪裡？

Yes.

是的。

Pooran, that's a great question.

Pooran，這個問題問得非常好。

And so you're referencing our Mountain Prairie divestiture, which was really our -- the last piece of our business that was in hogli production.

所以你提到了我們的 Mountain Prairie 資產剝離，這實際上是我們業務的最後一部分，即 hogli 生產。

And so again, as we look across our organization and think about our differentiating capabilities, it's not in hog production.

因此，當我們審視整個組織並思考我們的差異化能力時，我們發現我們的差異化能力並不在生豬生產方面。

And so we've been in that business.

我們一直從事這項業務。

We've -- through the T&M process, as we think about portfolio optimization and even though it's on the front end of the supply chain, it's still an important part of the portfolio, it just didn't make sense for us.

我們透過測試與測量流程來考慮投資組合優化，儘管它處於供應鏈的前端，但它仍然是投資組合的重要組成部分，但這對我們來說沒有意義。

And when we think about the volatility that it could introduce from time to time, that's not the business that we're in.

當我們考慮到它可能不時帶來的波動時，我們就會明白這不是我們所從事的業務。

And so I mean, it's very strategic, it's very thoughtful, makes a lot of sense.

所以我的意思是，它非常具有戰略性，非常深思熟慮，非常有意義。

So we're not in the hog production side at all.

所以我們根本不涉足生豬生產領域。

We certainly are in the hog harvest here at our Austin, Minnesota, facility in a fairly sizable way, and we think that's an important part of our business.

我們位於明尼蘇達州奧斯汀的工廠的生豬屠宰量確實相當可觀，我們認為這是我們業務的重要組成部分。

And so I think we're in a really good place on the hog side of our business.

所以我認為，我們在業務的頭部方面處於非常有利的地位。

Great.

偉大的。

And just wanted to ask about T&M real quick.

只是想快速詢問有關 T&M 的問題。

You said you made a progress on all initiatives.

您說您在所有舉措上都取得了進展。

I was just wondering if you could share any color in terms of the amount of progress?

我只是想知道您是否可以分享一下進展方面的情況？

And then if you could share any color in terms of the ramp for the new DC in Memphis?

那麼，您能分享一下孟菲斯新 DC 的坡道顏色嗎？

So as we mentioned, we are really off to a good start here in 2025, coming off of a solid year in '24, where we delivered what we were -- what we said we would do on T&M.

正如我們所提到的，我們在 2025 年確實有了一個良好的開端，因為我們在 24 年取得了堅實的成績，我們兌現了我們在 T&M 上的承諾。

And the guide that we've put out for '25 is between $100 million to $150 million, and we are on track to do that.

我們為25年制定的指導價格是1億至1.5億美元之間，我們正在按計劃實現這一目標。

And yes, there will be a little bit of a ramp as we go into the second half of the year when we think about those numbers and where we will land.

是的，當我們進入下半年時，當我們考慮這些數字以及我們將達到的水平時，會出現一點上升。

And in general, everything remains on track.

整體而言，一切都在正常進行中。

I mean we feel really good about the long term and delivering '26 when we think about where we're investing and driving value for the organization.

我的意思是，當我們考慮到我們在哪裡投資以及為組織創造價值時，我們對長期目標和實現26年的目標感到非常滿意。

And so in terms of your next part of your question around the Memphis DC. I mean that, of course, is part of this T&M work that we're doing, which is designed to enhance our inventory flow and increase our distribution capacity for the business.

所以關於你關於孟菲斯華盛頓特區的下一個問題。我的意思是，這當然是我們正在進行的 T&M 工作的一部分，旨在增強我們的庫存流量並提高我們的業務分銷能力。

So really part and parcel of how we're thinking about our network and getting closer to our customers and reducing logistics costs for the business.

因此，這實際上是我們如何考慮我們的人脈、如何更貼近我們的客戶以及如何降低企業的物流成本的一部分。

(Operator Instructions)

（操作員指令）

Max Gumport, BNP.

英國國家銀行的馬克斯·甘波特（Max Gumport）。

On the last quarter, you talked about how the high end of your guidance range would be possible depending on better volume, better product mix, improved turkey market planters over delivery or TM over delivery, it sounds like in terms of what we've learned so far through the first quarter, that improved turkey market piece probably is maybe not coming to fruition.

在上個季度，您談到瞭如何透過更好的銷售、更好的產品組合、改善火雞市場種植者的交貨量或 TM 交貨量來實現您的指導範圍的高端，但就我們在第一季度迄今為止了解到的情況而言，改善火雞市場的情況可能還沒有實現。

It sounds like there's been sure so far.

聽起來到目前為止一切都很確定。

So as you say coming out of the first quarter, you now view behind end of your guidance range as less likely given what you're seeing in Turkey market?

所以正如您所說的，從第一季的情況來看，鑑於您在土耳其市場看到的情況，您現在認為超出預期範圍的可能性較小？

Just wanted to clarify that.

只是想澄清這一點。

So our guidance range, as we talked about before, and I appreciate you calling out everything we said there and remembering what we said about what gets us to that high end of that range, which we consider to be a very holistic and realistic way of thinking about the range.

因此，正如我們之前談到的，我們的指導範圍，我很感謝你們指出我們所說的一切，並記住我們所說的如何讓我們達到該範圍的高端，我們認為這是思考該範圍的一種非常全面和現實的方式。

And so we are still committed to what gets us to that $1.72, which is the high end of the range.

因此，我們仍然致力於達到 1.72 美元，即該範圍的最高端。

So that's consistent, right?

那麼這是一致的，對嗎？

All those other things.

所有其他的事情。

The only thing that could change and it's always the case, right?

唯一可以改變的事情就是它總是如此，對嗎？

Turkey could play, right, plays up and down the range that we have there.

土耳其可以進行比賽，對吧，在我們那裡的範圍內進行比賽。

And that's the only thing that could change.

這是唯一可以改變的事情。

But everything else that we talked about, right, higher volume, better mix, right, the Planters recover, which is on track, T&M delivering, that's on track, right, getting returns from our marketing investments, all of those things are still in play.

但是，我們談到的其他一切，對吧，更高的產量，更好的組合，對吧，種植園的恢復，這是在軌道上，T＆M 的交付，這是在軌道上，對吧，從我們的營銷投資中獲得回報，所有這些事情仍然在發揮作用。

And again, I mean, really just the turkey dynamic here that could skew across that cadence.

再說一次，我的意思是，實際上只是這裡的火雞動態可能會扭曲這種節奏。

Okay.

好的。

Got it.

知道了。

And then just on T&M specifically, I think last quarter, there was some confusion about how to think about various targets you have on Transformer & Modernized in terms of what a net target for EBIT and what's the gross target in terms of the savings.

然後具體到測試與測量方面，我認為上個季度，對於如何考慮變壓器和現代化方面的各種目標，存在一些困惑，即息稅前利潤的淨目標是什麼，以及節約方面的總目標是什麼。

So I mean you have an explicit target of the T&M program driving $200 million plus in projected EBIT income from '23 to '26.

所以我的意思是，你有一個明確的目標，即 T&M 計劃將在 23 年至 26 年間帶來 2 億美元以上的預計息稅前利潤。

We also have a target this year of getting savings that I believe are in a $100 million to $150 million range.

我們今年的目標也是節省 1 億至 1.5 億美元。

But can you just help us tie those two targets together.

但你能幫助我們將這兩個目標結合在一起嗎？

Maybe give us a sense for when you end FY25, how much of that $200 million plus in EBIT income from T&M would you have expected to now have achieved?

也許可以讓我們了解一下，當您 25 財年結束時，您預計 T&M 的 2 億多美元息稅前利潤收入現在可以達到多少？

I'll leave it there.

我就把它留在那裡。

Yes, Max.

是的，馬克斯。

I mean, I think the key here is this Transform & Modernize just continues to build, right?

我的意思是，我認為這裡的關鍵是這種變革和現代化只是繼續建設，對嗎？

And we talk about the growth flywheel that we've got in place.

我們討論已經建立的成長飛輪。

And this is only going to continue to become more powerful and escalate.

而這種現像只會繼續變得更強大和升級。

Our '25 guide obviously has a portion of reinvestment as well when we think about brands, people, data, right?

當我們考慮品牌、人員、數據時，我們的'25指南顯然也包含一部分再投資，對嗎？

There's a lot going on.

有很多事情發生。

Again, the -- in terms of the specific breakdown, I think having Jess walked through that with you would be really helpful.

再說一遍，就具體細節而言，我認為讓傑西和你一起仔細講解會非常有幫助。

But the key takeaway here for us in terms of T&M and the success that we've seen off to a great start in 2025 will be another strong year. and really keeps us on track to deliver against what we've laid out here.

但就測試與測量 (T&M) 而言，我們在這裡獲得的關鍵啟示以及我們在 2025 年取得的良好開端將標誌著另一個強勁的一年。並真正使我們順利實現我們在這裡設定的目標。

There are no further questions at this time.

目前沒有其他問題。

I will now turn the call over to Jim for closing remarks.

現在我將把電話轉給吉姆，請他作結束語。

Yes.

是的。

Good morning, and I want to thank all of you for joining us.

早安，感謝大家的參與。

As we've discussed this morning, we achieved solid top line results and remain on track to deliver against our 2025 expectations.

正如我們今天早上所討論的那樣，我們取得了穩健的營收業績，並有望實現 2025 年的預期。

And we'll do that with strong value-added business in our retail segment, continued broad-based growth in foodservice, strong steady growth in international, the significant sequential market recovery of our Planters business, the on-track performance of our T&M initiative, all of those things is what gives us the confidence to deliver on these expectations, but more importantly, drive long-term and sustainable earnings growth.

我們將透過零售領域強勁的增值業務、餐飲服務的持續廣泛增長、國際業務的強勁穩定增長、種植園業務的顯著連續市場復甦、T&M 計劃的正常表現來實現這一目標，所有這些都讓我們有信心實現這些預期，但更重要的是，推動長期和可持續的盈利增長。

Thanks again for your time.

再次感謝您的時間。

Have a great day.

祝你有美好的一天。

Ladies and gentlemen, this concludes your conference call for today.

女士們、先生們，今天的電話會議到此結束。

We thank you for participating and ask that you please disconnect your lines.

感謝您的參與，並請您斷開線路。