荷美爾 (HRL) 2026 Q3 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the Hormel Foods Corporation third-quarter earnings call. (Operator Instructions)

各位好。感謝各位加入我們，歡迎參加荷美爾食品公司（Hormel Foods Corporation）第三季財報電話會議。(接線員指示)

I will now hand the conference over to Jess Blomberg, Director of Investor Relations. Please go ahead.

我現在把會議交給投資人關係總監 Jess Blomberg。請開始。

Good morning. Welcome to the Hormel Foods conference call for the third quarter of fiscal 2026. We released results this morning before the market opened. 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 supplemental slide materials.

各位早安。歡迎參加荷美爾食品 2026 會計年度第三季電話會議。我們已於今早開盤前公布業績。若您尚未收到新聞稿，可至我們網站 hormelfoods.com 的「投資人」專區查閱，並可同時取得補充簡報投影片資料。

On our call today is Jeff Ettinger, Interim Chief Executive Officer; John Ghingo, President and Chief Executive Officer Elect; and Paul Kuehneman, Interim Chief Financial Officer and Controller. Jeff, John, and Paul will review the company's fiscal 2026 third-quarter results and provide a perspective on the remainder of the year. We will conclude with the Q&A portion of the call. (Operator Instructions) At the conclusion of this morning's call, a webcast replay will be posted to the Investors section of our website and archived for one year.

今天與會者包括：臨時執行長 Jeff Ettinger；總裁暨候任執行長 John Ghingo；以及臨時財務長兼主計長 Paul Kuehneman。Jeff、John 與 Paul 將回顧公司 2026 會計年度第三季業績，並就今年剩餘期間提供觀點。最後將進行問答環節。(接線員指示) 今天上午電話會議結束後，網路直播重播將上傳至我們網站的「投資人」專區，並保存一年。

Before we get started this morning, I'd like to reference our Safe Harbor statement. 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. Please refer to our most recent annual report on Form 10-K and quarterly reports on Form 10-Q, which can be accessed on our website under the Investors section.

在今天早上開始之前，我想先提及我們的「安全港」聲明。我們今天的部分評論將屬於前瞻性陳述，實際結果可能與我們所表達或暗示的內容有重大差異。請參閱我們最新的 Form 10-K 年報與 Form 10-Q 季報，可於我們網站「投資人」專區查閱。

Additionally, please note, we will be discussing certain non-GAAP financial measures this morning. Management believes that doing so provides investors with a better understanding of the company's underlying operating performance. 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. Further information about our non-GAAP financial measures, including comparability items and reconciliations, are detailed in our press release, which can be accessed on our website.

此外請注意，我們今天早上將討論若干非 GAAP 財務衡量指標。管理層認為，這有助於投資人更了解公司基礎營運表現。本資訊之呈現不應被單獨看待，亦不應作為依 GAAP 編製之財務資訊的替代。關於我們非 GAAP 財務衡量指標的更多資訊（包括可比性項目與調節表），已詳列於新聞稿中，可於我們網站查閱。

I'll turn the call over to Jeff Ettinger.

我把電話會議交給 Jeff Ettinger。

Thank you, Jess, and good morning, everyone. Earlier this year, I outlined priorities for Hormel Foods that could be summarized into three areas: strengthen execution, realize the benefits of the actions we had taken to improve profitability, and foster greater collaboration across the enterprise. As we review the third-quarter results today, I am pleased by the progress we have made against each of these priorities.

謝謝你，Jess，各位早安。今年稍早，我提出荷美爾食品的優先事項，可歸納為三個面向：強化執行力、實現我們為提升獲利能力所採取行動的效益，以及促進全企業更高程度的協作。在今天回顧第三季業績時，我很高興看到我們在這三項優先事項上都取得進展。

I would characterize Q3 as a solid quarter, though admittedly not as strong as Q2. Our team remains focused on delivering profitable growth and that focus contributed to another quarter of earnings growth as adjusted earnings per share increased 6% versus last year.

我會將第三季形容為穩健的一季，但坦白說不如第二季強勁。我們團隊仍專注於實現具獲利性的成長，而這份專注也促成了又一季的獲利成長：調整後每股盈餘較去年增加 6%。

On the top line, results were more mixed. Organic net sales declined with much of the pressure coming from deliberate portfolio-shaping actions, reduced commodity markets, and a still pressured consumer environment. At the same time, we continue to see positive momentum across many of the more strategic parts of our portfolio.

在營收面，結果較為分歧。有機淨銷售下滑，壓力主要來自我們刻意進行的產品組合調整行動、大宗商品市場走弱，以及消費環境仍承壓。同時，我們在投資組合中多個更具策略性的部分，仍持續看到正向動能。

Importantly, these results build upon strong year-to-date performance. Through the first nine months of the fiscal year, we have increased organic net sales, delivered strong adjusted earnings growth, and strengthened the underlying fundamentals of the business.

重要的是，這些結果建立在今年以來強勁的表現之上。在本會計年度前九個月，我們提高了有機淨銷售、交出強勁的調整後獲利成長，並強化了業務的基本面。

Our year-to-date results, combined with our expectations for the fourth quarter, give us the confidence to raise and narrow our fiscal 2026 adjusted earnings outlook to a new range of $1.45 to $1.51 compared to our prior range of $1.43 to $1.51. We remain confident in delivering fiscal 2026 adjusted earnings growth consistent with or above our long-term algorithm. We have also tightened our full-year organic net sales growth expectation to 1% to 2% from our prior range of 1% to 4%, better reflecting current market and consumer conditions.

我們今年以來的表現，加上對第四季的預期，使我們有信心上調並收斂 2026 會計年度調整後盈餘展望至每股 1.45 至 1.51 美元的新區間，先前區間為每股 1.43 至 1.51 美元。我們仍有信心在 2026 會計年度交出符合或高於我們長期演算法的調整後盈餘成長。我們也將全年有機淨銷售成長預期由先前的 1% 至 4% 收斂至 1% 至 2%，以更貼近目前的市場與消費者狀況。

Before I conclude my remarks, I want to take a moment to recognize and congratulate John Ghingo on his appointment as the next Chief Executive Officer of Hormel Foods. Over the last year, John and I have developed a strong partnership. We've had the opportunity to work side by side on virtually every significant matter facing the company. Together, alongside our leadership team, we have shaped our operational priorities, investment decisions, portfolio strategy, and long-term growth plans.

在結束我的發言前，我想花點時間肯定並祝賀 John Ghingo 獲任命為荷美爾食品下一任執行長。過去一年，John 與我建立了緊密的合作夥伴關係。我們幾乎在公司面臨的每一項重大議題上都有並肩合作的機會。我們與領導團隊一起，形塑了營運優先事項、投資決策、產品組合策略，以及長期成長計畫。

Building upon his background of more than 25 years of leadership across the consumer-packaged goods industry, including 6 years in 3 important roles at Hormel Foods, John is more than ready for his new role. I have a deep appreciation for his commitment to our people, customers, shareholders, and the communities where we operate. I'm very confident that Hormel Foods is well positioned for its exciting next chapter under John's leadership.

John 在消費性包裝商品產業擁有超過 25 年的領導經驗，並在荷美爾食品擔任過 3 個重要職務、共 6 年的歷練；他已完全準備好迎接新角色。我非常感謝他對我們員工、客戶、股東，以及我們營運所在社區的承諾。我非常有信心，在 John 的領導下，荷美爾食品已為令人振奮的下一篇章做好充分準備。

I would also like to take a moment to thank our investors and the broader investment community for your engagement, feedback, and support over the last year. While this is my last earnings call, I am looking forward to spending time on the road meeting with many of you over the next couple of months. It has been both a privilege and a rewarding experience to serve the company this past year.

我也想藉此機會感謝投資人以及更廣泛的投資社群，在過去一年中的參與、回饋與支持。雖然這是我最後一次財報電話會議，但我期待在接下來幾個月出差期間，與許多各位見面交流。過去一年能為公司服務，既是榮幸，也是非常有收穫的經驗。

With that, I will turn the call over to John to discuss the quarter in more detail and share his perspective on the opportunities ahead.

接下來我把電話會議交給 John，請他更詳細地說明本季表現，並分享他對未來機會的看法。

Thank you. Before I discuss the quarter, I want to thank Jeff for his leadership and partnership over the past year. I've benefited tremendously from his counsel, experience, and commitment to Hormel Foods as we work together to navigate a period of change while positioning the company for the future. Jeff's impact on Hormel extends far beyond the past year, and we're fortunate that we'll continue to benefit from his perspective and leadership as a member of our Board of Directors.

謝謝。在我討論本季之前，我想先感謝 Jeff 在過去一年中的領導與合作。在我們共同因應變革、同時為公司未來定位的過程中，我從他的建議、經驗與對荷美爾食品的投入中獲益良多。Jeff 對荷美爾的影響遠不止於過去一年；我們也很幸運，他將以董事會成員身分，持續讓我們受益於他的觀點與領導。

While this is Jeff's final earnings call as Interim CEO, I look forward to continuing our engagement with investors, customers, and employees as we finish out the fiscal year. I am honored to lead Hormel Foods as its next Chief Executive Officer. This is a company with a rich history of protein innovation, a distinctive culture, and an incredibly talented team. I've spent considerable time evaluating our business through a clear lens, where we are winning, where we need to improve, and which capabilities matter most to creating long-term value.

雖然這是 Jeff 以臨時執行長身分主持的最後一次財報電話會議，但在本會計年度結束前，我期待持續與投資人、客戶與員工保持互動。我很榮幸將以下一任執行長身分領導荷美爾食品。這是一家擁有深厚蛋白質創新歷史、獨特文化，以及極具才華團隊的公司。我已投入相當多時間，以清晰的視角評估我們的業務：我們在哪些方面勝出、哪些地方需要改善，以及哪些能力對創造長期價值最為關鍵。

What gives me confidence is that the fundamental strength of Hormel Foods remain firmly in place. We have a portfolio of beloved brands, strong positions in attractive categories, a differentiated foodservice business, a strategic international footprint, and a balance sheet that provides flexibility. At the same time, we have identified opportunities to improve execution simplify portions of our business and sharpen our allocation of resources toward higher potential growth opportunities. The work we're doing today is designed to build a stronger Hormel Foods over the long term.

讓我有信心的是，荷美爾食品的基本實力依然穩固。我們擁有一系列深受喜愛的品牌、在具吸引力的品類中具備強勢地位、差異化的餐飲服務（foodservice）業務、具策略性的國際布局，以及提供彈性的資產負債表。同時，我們也已找出改善執行力、簡化部分業務，並更聚焦將資源配置到更高潛力成長機會的空間。我們今天所做的工作，旨在長期打造更強健的荷美爾食品。

With that context, let me begin with our third-quarter results. While there were several moving pieces during the quarter, we remained focused on disciplined execution and delivered adjusted earnings growth. Net sales declined modestly reflecting portfolio shaping actions, softer commodity markets and a challenged consumer environment, while adjusted operating margins improved versus the prior year.

在此背景下，讓我先從第三季業績談起。儘管本季有多項變動因素，我們仍專注於紀律性的執行，並交出調整後獲利成長。淨銷售小幅下滑，反映產品組合調整行動、大宗商品市場走弱與消費環境具挑戰；同時，調整後營業利益率較去年改善。

Let's walk through the key drivers of results for each of our segments starting with foodservice. In Q3, we delivered our 12th consecutive quarter of organic net sales growth, continuing to outperform in an industry facing softer traffic trends and ongoing macro pressure. Our growth remained broad-based across channels, customers and product platforms, reflecting the durability of our portfolio and the strength of our category positions. Premium prepared proteins and branded pepperoni were particularly strong contributors during the quarter, reflecting our ability to align with operator demand for differentiated value-added solutions.

讓我們從餐飲服務開始，逐一說明各事業部門業績表現的關鍵驅動因素。在第三季，我們達成連續第12個季度的有機淨銷售成長，並在產業面臨來客數走弱趨勢與持續的總體經濟壓力下，持續跑贏同業。我們的成長在通路、客戶與產品平台間皆呈現廣泛分布，反映出我們產品組合的韌性以及在各品類中的強勢地位。本季高端即食蛋白產品與品牌義大利臘腸（pepperoni）貢獻尤為突出，展現我們能夠貼合營運商對差異化、加值型解決方案的需求。

Importantly, our top line results were achieved despite the impact of lower commodity-based pricing in portions of the business. Foodservice profit growth once again outpaced sales performance, driving another quarter of margin expansion. This reflects our disciplined focus on mix management and profitability. Foodservice segment continues to benefit from the power of our operator-focused model and our direct sales organization, both of which allow us to identify emerging trends, solve real customer challenges and capture opportunities.

重要的是，儘管業務部分領域受到以大宗商品為基礎的定價下滑影響，我們仍達成了營收端的成果。餐飲服務的獲利成長再次超越銷售表現，帶動本季毛利率（利潤率）再度擴張。這反映出我們對產品組合管理與獲利能力的紀律性聚焦。餐飲服務事業部門持續受惠於以營運商為核心的商業模式與我們的直營銷售組織，兩者使我們能辨識新興趨勢、解決客戶的實際挑戰並掌握機會。

Foodservice remains a key driver for the company and an important contributor to both top line momentum and earnings performance. In retail, as I mentioned last quarter, we expected a noisier top line in the back half of the year. The divestiture of our whole bird turkey business and the exit from certain private label snack nut products weighed on year-over-year net sales comparisons.

餐飲服務仍是公司關鍵成長引擎，對營收動能與獲利表現皆有重要貢獻。在零售方面，如我上季提到的，我們預期下半年營收端會更為波動。我們出售整禽火雞業務，以及退出部分自有品牌（private label）零食堅果產品，對年對年淨銷售比較造成壓力。

These actions, along with pricing elasticities and a challenging consumer environment also affected volume during the quarter. While many of these factors were anticipated, the impact on volume was somewhat greater than we originally expected. These dynamics affected our short-term performance, but they reinforce the importance of the long-term actions we are taking to improve the quality of our business and focus our resources on higher growth, higher-margin opportunities. Importantly, the work we are doing to strengthen our protein-centric offerings is translating into marketplace momentum for our priority brands with several delivering net sales growth in the quarter and continuing to gain traction with consumers.

這些行動，加上價格彈性影響與具挑戰性的消費環境，也在本季影響了銷量。雖然其中許多因素在預期之內，但對銷量的影響程度略高於我們原先的預估。這些動態影響了我們的短期表現，但也凸顯我們正在採取的長期行動之重要性：提升業務品質，並將資源聚焦於更高成長、較高毛利的機會。同樣重要的是，我們強化以蛋白為核心的產品供給所做的工作，正轉化為市場動能；多個優先品牌在本季實現淨銷售成長，並持續獲得消費者青睞。

Sales of Jennie-O ground Turkey and the Applegate portfolio grew this quarter, benefiting from sustained demand for protein-rich offerings. Hormel Chili and our refrigerated entrees also delivered dollar sales growth, reflecting consumers' desire for convenient, versatile and flavor forward meal solutions. Planters also delivered a strong quarter, fueled by impactful in-store activations and continued investment behind the brand. Offerings such as the limited time flavor displays for America 250 enhanced visibility, drove consumer engagement and reinforce Planters leadership in the category. At the same time, we continue to advance our focus on e-commerce and digital media.

Jennie-O 火雞絞肉與 Applegate 產品組合本季銷售成長，受惠於市場對高蛋白產品的持續需求。Hormel Chili 與我們的冷藏主菜也實現金額銷售成長，反映消費者對便利、多用途且風味突出的餐食解決方案之偏好。Planters 本季同樣表現強勁，動能來自具影響力的店內促銷活動以及對品牌的持續投資。例如為 America 250 推出的限時口味陳列，提升能見度、帶動消費者互動，並強化 Planters 在該品類的領導地位。同時，我們也持續推進對電商與數位媒體的聚焦。

While still early, the results are encouraging and reinforce our confidence in this iconic brand. Across retail, we continue to shift a greater share of our marketing investment towards retailer media and digital channels, enabling more targeted, relevant and measurable consumer engagement.

雖然仍在早期階段，但成果令人鼓舞，也強化我們對這個經典品牌的信心。在整體零售業務中，我們持續將更高比例的行銷投資轉向零售商媒體與數位通路，以實現更精準、更相關且可衡量的消費者互動。

This evolution will continue through the fourth quarter as we further strengthen our capabilities. Over time, we expect these efforts will improve the effectiveness and efficiency of our market investments, allowing us to allocate more resources toward higher-return brand-building activities.

隨著我們進一步強化能力，這項轉型將延續至第四季。長期而言，我們預期這些努力將提升市場投資的效能與效率，使我們能將更多資源配置到報酬更高的品牌建設活動。

Shifting now to International, while the quarter was impacted by some unique items that Paul will cover in more detail, our long-term opportunity remains highly compelling. We continue to focus our efforts on the markets and opportunities with the strongest long-term growth potential.

接著談國際事業部門，雖然本季受到一些特殊事項影響，Paul 稍後會更詳細說明，但我們的長期機會仍極具吸引力。我們持續將資源聚焦於具備最強長期成長潛力的市場與機會。

During the quarter, we took important steps to advance that strategy. First, we made the decision to divest our Brazil operations as this proved to be a subscale business in a challenging market. This divestiture allows us to further sharpen our portfolio focus to the Asia Pacific region.

本季我們採取了重要步驟以推進該策略。首先，我們決定出售巴西營運，因其在充滿挑戰的市場中屬於規模不足的業務。此項出售使我們能進一步聚焦產品組合，將重心轉向亞太地區。

Given the significant opportunities in this region, we also relocated our Group Vice President of International, Swen Neufeldt, to Singapore. Positioning Swen in the region allows him to be more closely connected to our teams, customers and partners enabling faster decision-making, deeper market engagement and stronger execution as we pursue our growth ambitions across the region.

鑑於該地區的重大機會，我們也將國際事業部門集團副總裁 Swen Neufeldt 調任至新加坡。讓 Swen 進駐該地區，使他能更緊密連結我們的團隊、客戶與合作夥伴，進而加速決策、深化市場互動，並在我們追求區域成長目標的過程中強化執行力。

Turning now to our enterprise supply chain, we remain focused on strengthening execution and improving how we serve our customers. During the quarter, we experienced incremental costs related to our planned inventory reversing actions, lower production volumes and certain operating challenges. In addition, the broader logistics environment remained pressured. These short-term impact should not overshadow the progress we are making to develop our supply chain capabilities for the long term. We continue to advance Hormel production systems in our facilities enhanced visibility through better data and planning tools and improved coordination across our network.

接著談企業供應鏈，我們仍專注於強化執行並改善服務客戶的方式。本季我們因既定的庫存回轉（reversing）行動、較低的生產量以及部分營運挑戰而產生額外成本。此外，整體物流環境仍承受壓力。這些短期影響不應掩蓋我們為長期打造供應鏈能力所取得的進展。我們持續在各廠區推進 Hormel 生產系統，透過更佳的數據與規劃工具提升可視性，並改善我們網路內的協同運作。

More broadly, I'm encouraged by the progress we're seeing across the business. Through the first nine months of the year, Organic net sales increased 1%. We grew adjusted operating margins 30 basis points and adjusted earnings per share increased 6%, providing tangible evidence that our priorities are clear and our strategy is working. No single quarter has been easy, but we have remained committed to delivering our objectives and positioning the business for the future. We're sharpening our portfolio, investing behind our strongest brands and growth platforms simplifying how we operate and strengthening the capabilities that will help drive sustainable long-term growth.

更廣泛而言，我對我們在整體業務上看到的進展感到鼓舞。今年前九個月，有機淨銷售成長1%。我們的調整後營業利益率提升30個基點，調整後每股盈餘成長6%，這些具體成果證明我們的優先事項清晰且策略奏效。沒有任何一個季度是輕鬆的，但我們始終致力於達成目標並為未來布局。我們正精簡產品組合、加大投資於最強勢的品牌與成長平台、簡化營運方式，並強化能推動可持續長期成長的能力。

As we plan for the next fiscal year, we remain optimistic. We are focused on delivering balanced growth expanding profitability and generating strong cash flow. We operate in attractive categories centered around protein, and we believe we have what it takes to win in our space. As the changes we've made over the past year become embedded in the business, we believe Hormel Foods is increasingly well positioned to deliver growth and profitability consistent with our long-term objectives.

在規劃下一個會計年度時，我們仍保持樂觀。我們聚焦於實現均衡成長、擴大利潤率並創造強勁現金流。我們所處的是以蛋白為核心、具吸引力的品類，我們相信具備在該領域勝出的能力。隨著過去一年所做的變革逐步內化到業務運作中，我們相信 Hormel Foods 的定位將愈發穩健，能夠交付符合長期目標的成長與獲利能力。

Before I turn the call over to Paul, I want to briefly acknowledge the leadership announcement we shared this week. We are excited to welcome Ash Bumble to Hormel Foods as our next Chief Financial Officer. Ash brings extensive finance, operations and transformation experience, and I am confident he will be a strong addition to our leadership team, as we continue to strengthen and modernize the business.

在我把電話會議交給 Paul 之前，我想簡要提及我們本週發布的領導層公告。我們很高興歡迎 Ash Bumble 加入 Hormel Foods，擔任下一任財務長。Ash 擁有豐富的財務、營運與轉型經驗，我相信在我們持續強化並現代化業務之際，他將成為領導團隊的重要助力。

I also want to thank Paul for his outstanding leadership over the past year as Interim Chief Financial Officer. Paul has been a trusted partner to Jeff, myself, and our broader team during an important period for the company. His financial expertise, deep understanding of Hormel Foods and commitment to our people have made a meaningful impact across the organization. We are grateful for his many contributions and look forward to his continued leadership within our finance organization.

我也要感謝 Paul 在過去一年擔任代理財務長期間展現的卓越領導。在公司一段重要時期，Paul 一直是 Jeff、我以及更廣泛團隊值得信賴的夥伴。他的財務專業、對 Hormel Foods 的深刻理解，以及對我們員工的投入，已在整個組織中產生實質影響。我們感謝他眾多貢獻，並期待他在財務組織中持續發揮領導力。

With that, I'll turn the call over to Paul.

接下來，我把電話會議交給 Paul。

Thank you, John, and good morning, everyone. Before discussing our overall results, I'd like to provide some additional context on our International segment as several items affected our results during the quarter. First, we announced the definitive agreement to sell our operations in Brazil. As a result, we recognized a loss during the quarter, which was (inaudible) at the corporate level. The transaction closed early in the fourth quarter. As such, Brazil's operating results will be excluded from our organic volume and net sales comparisons going forward.

謝謝你，John，各位早安。在討論整體業績之前，我想先就國際事業部門補充一些背景，因為本季有數項因素影響了我們的結果。首先，我們宣布已簽署出售巴西營運的最終協議。因此，我們在本季認列一筆損失，並在公司層級列示為（聽不清）。該交易已於第四季初完成交割。因此，未來在有機銷量與淨銷售的比較中，巴西的營運結果將被排除在外。

Second, we recorded an impairment related to a minority investment in Indonesia, which was reflected in equity and earnings. Third, the underlying demand for our branded export products remained resilient, but the recognition of certain SPAM export sales was adversely impacted due to a one-time legal entity transition. Strategically, we believe that the creation of this structure puts us in a more advantageous position to serve our global consumers. While these items affected our third quarter reported results, they do not change our view of the underlying fundamentals or long-term growth potential for our International segment.

第二，我們就印尼一項少數股權投資記錄了減損，並反映於權益法投資損益與盈餘之中。第三，我們品牌出口產品的基本需求仍具韌性，但由於一次性的法律實體轉換，部分 SPAM 出口銷售的認列受到不利影響。從策略面來看，我們相信建立此一架構，使我們能以更有利的位置服務全球消費者。雖然這些事項影響了我們第三季的已報告結果，但不會改變我們對國際事業部基本面或長期成長潛力的看法。

With that context, let me turn to our overall quarterly performance. Third quarter organic net sales declined 2% compared to the prior year. Third quarter organic net sales declined 2% compared to the prior year. As Jeff and John discussed, portfolio shaping actions, softer commodity markets and the consumer environment were the primary drivers of the decline. Gross profit was $472 million in the quarter, and gross margin was 15.9%. Lower volumes and some operational inefficiencies negatively impacted margin improvement for the quarter, but we believe that we remain on track for improving margins over time.

在此背景下，讓我轉到我們整體的季度表現。第三季有機淨銷售額較去年同期下滑 2%。第三季有機淨銷售額較去年同期下滑 2%。如 Jeff 與 John 所討論，投資組合調整行動、較疲弱的大宗商品市場以及消費者環境，是下滑的主要驅動因素。本季毛利為 4.72 億美元，毛利率為 15.9%。較低的銷量與部分營運效率不彰，對本季的毛利率改善造成負面影響，但我們相信我們仍按計畫可隨時間推進改善毛利率。

I'll unpack a few of the drivers behind that belief. First, on cost of goods sold, over the long term, lower commodity prices help our margin profile. On a short-term basis, however, the benefits of lower input costs can take some time to be realized as we work through our inventory position. In the third quarter, we started to recognize the benefit of lower pork prices in our P&L, but given the timing of the cost recognition, we expect a greater portion of the benefits to be realized in future quarters.

我將拆解幾項支撐此一看法的驅動因素。首先，就銷貨成本而言，長期來看，較低的大宗商品價格有助於改善我們的毛利率結構。然而在短期內，當我們消化既有庫存部位時，較低投入成本的效益可能需要一些時間才會反映出來。在第三季，我們開始在損益表中認列豬肉價格下降的效益，但考量成本認列的時點，我們預期更大部分的效益將在未來幾季實現。

For beef inputs, prices remained elevated during the quarter relative to the prior year. Elsewhere in cost of goods, several of the factors we highlighted last quarter developed largely as expected. Freight and logistics costs remained elevated during the quarter. Fuel prices moderated temporarily but subsequently returned to higher levels. Overall, our view of the logistics environment remains largely unchanged from our prior commentary.

就牛肉投入而言，本季價格相較去年同期仍維持在高檔。在其他銷貨成本項目方面，我們上季提到的幾項因素大致如預期發展。本季運輸與物流成本仍維持在高檔。燃料價格一度暫時回落，但隨後又回到較高水準。整體而言，我們對物流環境的看法與先前評論相比大致不變。

The inventory rebalancing actions we previously shared progressed in the third quarter, and we saw cost pressure due to the intentional lower plant utilization. Our new integrated business planning process brought visibility to this opportunity and we believe it will support a more efficient operating model going forward. SG&A as a percentage of net sales was up in the third quarter. In addition to some of the one-time items previously mentioned, we recognized a litigation settlement during the quarter.

我們先前分享的庫存再平衡行動在第三季持續推進，且由於刻意降低工廠產能利用率，我們承受了成本壓力。我們新的整合式營運規劃流程（integrated business planning）讓此一機會更具可視性，我們相信這將支持未來更有效率的營運模式。第三季 SG&A（銷售、一般及行政費用）占淨銷售額的比率上升。除前述部分一次性項目外，我們在本季也認列了一項訴訟和解。

On an adjusted basis, SG&A as a percentage of net sales improved compared to last year, with the primary drivers being lower employee-related expenses and the timing of our marketing and advertising investments. Cost discipline remains a key focus for the business, and we will continue to select the highest return investments for our SG&A spending.

以調整後口徑來看，SG&A 占淨銷售額的比率較去年改善，主要驅動因素為較低的員工相關費用，以及我們行銷與廣告投資的時點差異。成本紀律仍是業務的關鍵重點，我們將持續在 SG&A 支出上選擇報酬率最高的投資。

Adjusted equity and earnings was comparable to the prior year. Given these factors, adjusted operating margin was 9%, up 60 basis points versus prior year. Other income was unfavorable compared to prior year with investment returns on the Rabbi Trust as the primary year-over-year driver. Taken together, adjusted earnings per share was $0.37, up 6% versus last year.

調整後權益法投資損益與盈餘與去年同期相當。綜合上述因素，調整後營業利益率為 9%，較去年提高 60 個基點。其他收益較去年不利，年度間的主要驅動因素為 Rabbi Trust 的投資報酬。合計而言，調整後每股盈餘為 0.37 美元，較去年成長 6%。

Shifting to cash flow and capital deployment, we generated $241 million of operating cash flow in the quarter, up 54% a year ago, primarily reflecting improved inventory management and working capital performance. Capital expenditures were $68 million we invested in infrastructure improvements, along with data and technology to support long-term growth. We returned $161 million to stockholders in the quarter through dividends, fully aligned with our capital allocation framework. We remain committed to the dividend and are proud to have reached our 392nd consecutive quarterly payout.

轉到現金流與資本配置，本季我們產生 2.41 億美元的營運現金流，較去年同期增加 54%，主要反映庫存管理與營運資金表現改善。資本支出為 6,800 萬美元，我們投資於基礎設施改善，以及支持長期成長的資料與科技。本季我們透過股利向股東返還 1.61 億美元，完全符合我們的資本配置框架。我們仍致力於維持股利，並很自豪達成連續第 392 季的季度配息。

We ended the quarter in a sound financial position with ample liquidity and a conservative balance sheet. Cash on hand totaled $840 million, up $159 million since the end of fiscal 2025. This gives us flexibility to continue investing in the business while returning capital to shareholders.

本季結束時，我們的財務狀況穩健，流動性充裕且資產負債表保守。手上現金合計 8.40 億美元，較 2025 會計年度末增加 1.59 億美元。這使我們在持續投資業務的同時，也能靈活地向股東返還資本。

Let's take a moment to review our updated guidance for fiscal 2026. We expect fiscal 2026 net sales to be in the range of $12.1 billion to $12.2 billion, which represents organic growth of 1% to 2%. We narrowed and raised our full year adjusted operating income and adjusted earnings per share guidance, which now represents growth of 6% to 10% year over year. I'll close with a few thoughts on our progress this year. Through three quarters, we navigated both anticipated and new external challenges while continuing to execute against the priorities we established at the beginning of the year. Our results to date, combined with improved visibility into the fourth-quarter support our confidence in delivering our updated full year outlook.

讓我們花點時間回顧我們更新後的 2026 會計年度指引。我們預期 2026 會計年度淨銷售額將落在 121 億至 122 億美元區間，代表有機成長 1% 至 2%。我們收斂並上調全年調整後營業利益與調整後每股盈餘指引，目前代表年增 6% 至 10%。最後我以幾點想法總結我們今年的進展。截至前三季，我們在持續執行年初所訂優先事項的同時，也因應了預期內與新增的外部挑戰。截至目前的結果，加上對第四季更佳的能見度，支持我們對達成更新後全年展望的信心。

At this time, I'll turn the call over to the operator, and we'll open it up for Q&A.

此時我將把電話交給接線員，並開放問答。

(Operator Instructions) Ben Theurer, Barclays.

(接線員指示) Ben Theurer，Barclays。

Jeff, John, Paul, thank you very much for your comments early on. So my first question really is picking up on the guidance. If you could help us unpack maybe the drivers of: a, the top line guidance revision? And then within that also, what, on the other hand, do you think is going to improve as we go down the income statement as you're up -- revising up your adjusted profit outlook and EPS outlook with the (inaudible) the higher end of the guidance? So that would be my first question.

Jeff、John、Paul，非常感謝你們先前的評論。我第一個問題是延續指引的部分。能否請你們協助我們拆解：a，營收端指引修正的驅動因素？另外，在此之中，另一方面，當你們上調調整後獲利展望與 EPS 展望、並把指引區間上緣提高（聽不清）時，你們認為損益表往下有哪些項目會改善？這是我的第一個問題。

Yes. Thank you, Ben. This is Jeff. I'll go ahead and take the question. Sure.

好的。謝謝你，Ben。我是 Jeff。我來回答這個問題。當然。

We're going to share our thoughts about guidance. On the top line, given our year-to-date performance of plus 1% and our outlook for the fourth quarter, we think an organic net sales range of 1% to 2% is appropriate. John covered some of the current trends in his remarks, but he'll be happy to answer other questions about the top line drivers and a follow-up. I'm going to focus more on the bottom line. So on the bottom line, when we spoke to all of you after Q2, our outlook for Q4 was frankly approximately $0.40.

我們將分享對指引的看法。在營收端，考量我們年初至今的表現為正成長 1%，以及對第四季的展望，我們認為有機淨銷售額 1% 至 2% 的區間是合適的。John 在他的發言中已涵蓋一些目前的趨勢，但他也很樂意在後續回答其他關於營收端驅動因素的問題與追問。我將更聚焦在獲利端。就獲利端而言，當我們在 Q2 後與各位溝通時，我們對 Q4 的展望坦白說約為 0.40 美元。

Our updated assessment has $0.40 for Q4 now at the high end with more like $0.37 at the midpoint. What has changed? Well for one thing, volumes. As John and Paul noted, we are experiencing some weakness in sales volumes for certain retail franchises. When this happens, we lose out on both the sales margin contribution and on the plant throughputs associated with better volumes.

我們更新後的評估是：Q4 的 0.40 美元現在位於區間上緣，而中位數更接近 0.37 美元。有哪些改變？其中之一是銷量。如 John 與 Paul 所提到，我們在某些零售主力品牌（franchises）的銷售量正經歷一些疲弱。當這種情況發生時，我們同時失去銷售毛利的貢獻，以及較佳銷量所帶來的工廠產出量（throughputs）。

And even though we are seeing a better COGS environment, we don't take full advantage of it when volumes are off. This is an area that could have some upside still for the quarter if we were able to improve volumes. Our sales teams are actively focused on this, and they will have their efforts supplemented by enhanced advertising during the quarter.

即使我們看到更有利的銷貨成本（COGS）環境，當銷量不佳時，我們也無法充分受益。若我們能改善銷量，這一塊在本季仍可能有一些上行空間。我們的銷售團隊正積極聚焦於此，他們的努力也將在本季透過加強廣告投放來加以支援。

Another item is freight, including fuel costs. We have been dealing with it as transitory as tied to geopolitical issues, and it still may prove to be transitory. But for now, fuel costs have returned to higher levels. If they trend lower during the quarter, this also would be a benefit. We set out the year focused on improving adjusted EPS, and we are doing just that. Our new growth range remains at or above algorithm at plus 6% to plus 10% for the year. Overall, we think our revised ranges are realistic, achievable and sensible, and they represent a strong fiscal 2026 as we close out the year.

另一個項目是運費，包括燃料成本。我們一直將其視為與地緣政治議題相關的短期因素，而它仍可能被證明是短期的。但就目前而言，燃料成本已回到較高水準。若其在本季期間呈下降趨勢，這也將帶來助益。我們在年初就聚焦於提升調整後每股盈餘（adjusted EPS），而我們正在做到這一點。我們新的成長區間仍維持在演算法水準或以上，全年為+6%至+10%。整體而言，我們認為修訂後的區間是務實、可達成且合理的，並且在我們結束本年度之際，代表著一個強勁的2026會計年度。

Okay. Perfect. And then for my follow-up. Obviously, in retail, we saw rather significant volume decline. Can you maybe help us unpack that as well a little bit and maybe talk about a little bit more on the core brands, the bigger ones. How they have been performing and what's been actually driving within retail high single-digit volume decline.

好的。完美。接著就我的追問。顯然在零售端，我們看到相當顯著的銷量下滑。你能否也協助我們稍微拆解一下，並多談一點核心品牌、較大的那些品牌。它們的表現如何，以及在零售端出現高個位數銷量下滑，實際上是由哪些因素所驅動。

Yes, sure. This is John. Ben, I'll take that question. So yes, I would say retail had a mixed quarter after a relatively stronger second quarter. And to your question, I'll start with the top line.

好的，當然。我是John。Ben，我來回答這個問題。所以是的，我會說零售在第二季相對較強之後，第三季表現好壞參半。針對你的問題，我先從營收端談起。

volume was, as I mentioned in the prior call, going to be noisy for retail in the back half of the year. We certainly saw that in Q3. About half of the volume declines in retail were specifically related to whole birds. Private label snack nuts, the exit of certain businesses there, which we've talked about before as well as contract manufacturing. Beyond that half, there was a volume contraction that we expected with the elasticity impact from the two rounds of retail pricing that we announced and implemented late last year and early this year, so that was another chunk of it.

如同我在上次電話會議提到的，零售在今年下半年銷量會比較波動。我們在第三季確實看到了這點。零售端約有一半的銷量下滑，特別與整隻禽鳥（whole birds）有關。另外還有自有品牌（private label）零食堅果、我們退出某些相關業務（先前也談過），以及代工生產（contract manufacturing）。除了這一半之外，還有一部分是我們預期的銷量收縮，來自於我們在去年底與今年初宣布並實施的兩輪零售提價所帶來的需求彈性影響，因此那也是其中一大塊。

And then beyond that, there was some additional volume softness in a couple of businesses that we experienced in retail. So overall, I would say there was some step back on consumer takeaway across our branded retail business and what has been a choppy environment. But that being said, it was modest, right? If you look at our total Hormel consumption for the quarter, our dollar consumption was minus 1% after having been about plus 1% earlier in the year. And underneath that, we actually see really strong consumer takeaway and growth on many of our priority retail businesses.

再往下看，我們在零售端的幾個業務也出現了額外的銷量疲軟。因此整體而言，我會說在環境起伏不定之下，我們的品牌零售業務在消費者帶走量（consumer takeaway）方面有些回落。但話說回來，幅度是溫和的，對吧？如果你看我們本季Hormel的總消費表現，以金額計的消費為-1%，而今年稍早約為+1%。而在這之下，我們其實在許多優先零售業務上看到非常強勁的消費者帶走量與成長。

So to get to that part of your question, some of standouts there, Jennie-O ground turkey, Hormel Entrees, those are two businesses that saw mid- to high single-digit consumption growth. We also saw growth on Applegate our center store can portfolio, Herdez, Hormel Black Label bacon and importantly, we saw consumption growth on Planters.

回到你問題的那部分，其中一些亮點包括：Jennie-O火雞絞肉、Hormel即食餐（Entrees），這兩項業務的消費量成長達到中到高個位數。我們也看到Applegate、我們的中間貨架罐頭產品組合（center store can portfolio）、Herdez、Hormel Black Label培根的成長；而且重要的是，我們也看到Planters的消費量成長。

So if you kind of take a step back and say, okay, the focus areas of retail, we're seeing some really good consumption momentum across a number of those businesses. And while the environment is not getting easier, we continue to feel really good about our protein-centric portfolio offering value to consumers and some of the pivots we're making around positioning and marketing those businesses.

所以如果你稍微退一步看，說好，零售的重點領域，我們在其中多項業務上都看到相當不錯的消費動能。而且即便環境並未變得更容易，我們仍然對以蛋白質為核心的產品組合能為消費者提供價值，以及我們在這些業務的定位與行銷上所做的一些調整，持續感到非常有信心。

Peter Galbo, Bank of America.

美國銀行（Bank of America）的Peter Galbo。

I guess just for the first piece of it, Paul, I think you spoke a little bit about this in terms of kind of seeing a delayed benefit of some of the lower input costs coming through. And I just -- I wanted to understand a little bit more if that's a function of I guess if you had weaker volume, the inventory turns a little bit slower, and so it doesn't come through as quickly. And so we will look at that benefit, but it's really more delayed into next year. Or is it, hey, we should see some deflation in inputs, but actually some other stuff has moved up on us. And so maybe it's not the same level of tailwind than we thought it was previously. I just was hoping to get a little bit of clarification on that.

我想先就第一部分，Paul，我認為你稍早提到一些，關於看到較低投入成本帶來的效益有些延後。我只是想更了解一下，這是否是因為我猜若銷量較弱，庫存周轉會慢一些，因此效益不會那麼快反映出來。所以我們會看到那個效益，但會更延後到明年才顯現。或者是說，我們確實應該看到投入成本通縮，但實際上有其他項目上升了。因此順風可能不像我們先前想的那麼強。我只是希望能就此再釐清一下。

Thanks for the question. You're correct in the fact that the lower volumes obviously impact some of the inventory turns that we're going through and we recognize that. Also, the pork market didn't really start to decline until moving the way through the quarter. So it wasn't like we got a full quarter of benefit as we saw those decline in the markets from where we had thought. We are also looking, obviously, as you get into the pork markets, as I said in prepared remarks, the lower markets help our margin profile over time, and you will see that carry forward here based on our current forecast into the upcoming quarters and into '27 as well.

謝謝你的提問。你說得沒錯，較低的銷量顯然會影響我們正在經歷的一些庫存周轉，我們也認知到這點。另外，豬肉市場其實直到本季進行到中後段才開始下滑。所以並不是說我們能享受到整整一季的效益，因為市場價格的下跌是從我們原先預期的位置逐步發生的。同時我們也在觀察，顯然，進入豬肉市場後，如我在事先準備的講稿中所說，較低的市場價格會隨時間改善我們的毛利結構，而依據我們目前的預測，你也會在接下來幾季以及到2027年看到這個效益延續。

But not every market component has been beneficial as well. So we definitely have some headwinds still in the pork markets and a full commodity markets. And then obviously, foodservice and retail handle inventory differently. The foodservice piece, obviously, you can price accordingly very quickly. Well, it takes a little bit longer to impact maybe some things in retail and invest in the business based on what other competitors that might be doing in certain categories.

但並非每個市場構成要素都同樣帶來好處。因此我們在豬肉市場以及整體大宗商品市場仍然面臨一些逆風。另外，餐飲服務（foodservice）與零售在庫存處理方式上也不同。餐飲服務端顯然可以很快地相應調整定價。而零售端可能需要更長時間，才能在某些品類上反映影響並對業務進行投資，這也取決於其他競爭對手在特定品類可能採取的作法。

Got it. Okay. And Jeff, I guess if I could just ask on the revised top line sales guidance. I think you said year-to-date, you've kind of been running about about 1% on the organic sales side. So I mean, I know the range is still 1 to 2, but should we be airing, kind of, more on the lower end of that 1 to 2 just given some of the things that John talked about for Q4, maybe some of the commodity-based pricing dynamics that are going to come in. Just want to make sure that we're, kind of, level set on where we, kind of, exit the year from a run rate standpoint on organic sales.

了解。好的。Jeff，我想再問一下關於修訂後的營收指引。我想你提到年初至今，有機銷售（organic sales）大概跑在約1%。所以我的意思是，我知道區間仍是1%到2%，但考量John談到第四季的一些狀況，以及可能會出現的一些以大宗商品為基礎的定價動態，我們是否應該更偏向看待在1%到2%區間的低端？只是想確認一下，從有機銷售的運行速度（run rate）角度，我們在年底退出時大概會落在哪個水準。

Sure. I mean we're -- I guess we're comfortable with the range of 1 to 2. I'd acknowledge that, okay, the first couple of quarters are plus 2, plus 3. We're probably not seeing that for the fourth quarter, but we're still having strong momentum on the food service side, and the team is hard at work at addressing some of the retail brands that have weaker performance. And so we're comfortable with that overall range.

當然。我的意思是——我想我們對1%到2%的區間感到有信心。我也承認，好的，前幾季是+2%、+3%。第四季我們可能看不到那樣的表現，但我們在餐飲服務端仍有強勁動能，而且團隊也正努力處理一些表現較弱的零售品牌。因此我們對整體區間感到放心。

Michael Lavery, Piper Sandler.

Piper Sandler的Michael Lavery。

Just wondering if you could give us some of the key considerations or maybe some of the building blocks you're thinking about for fiscal '27. I realize it's early, and obviously, you're not committing to anything, but anything that the market or investors might be overlooking or missing how to think about maybe the favorable input cost carryover or carry through would you imagine any more inventory rebalancing? Or is that done? Any kind of breadcrumbs would be helpful.

想請問你是否能分享一些對2027會計年度的關鍵考量，或你們正在思考的一些構成要素（building blocks）。我知道現在還早，而且顯然你們不會對任何事情做出承諾，但市場或投資人是否可能忽略或漏掉了某些思考方式？例如較低投入成本的結轉或延續效益（carryover / carry through），你是否預期還會有更多庫存再平衡？或者那已經完成了？任何線索（breadcrumbs）都會很有幫助。

Yes. Michael, thanks for the question. This is Paul. You're correct. It's still early, obviously, and we're not ready to give guidance.

是的。Michael，謝謝你的提問。我是 Paul。你說得沒錯。顯然現在還早，我們也還沒準備好提供指引。

But through our integrated business planning process that we've implemented, we are actually a little further along than normal. So I do have some color to share with you for your question. The positive side, we've got strong momentum for our Foodservice segment, which we project going forward. We also are seeing benefits of evolving retail strategy, which is accelerating growth in priority brands such as Jennie-O and Applegate. And then we do have a favorable read so far for pork input costs, which can allow us to increase investments if needed.

但透過我們已導入的整合式營運規劃流程，我們實際上比以往正常情況更往前一些。所以針對你的問題，我可以補充一些背景說明。正面來看，我們的餐飲服務（Foodservice）事業部動能強勁，我們預期這股動能將延續。我們也看到零售策略演進所帶來的效益，正加速 Jennie-O 與 Applegate 等優先品牌的成長。此外，就目前為止，我們對豬肉原料成本的走勢判讀較為有利，這讓我們在需要時能提高投資。

And obviously, fiscal '27 is going to include a 53rd week. Some cautionary notes that we've seen so far is that the consumer environment, we are not envisioning a meaningful improvement in the upcoming quarters. We do expect the cost input environment to remain pressured in some areas, specifically logistics expenses, grain prices and beef costs.

而且很明顯，2027 會計年度將包含第 53 週。我們目前看到的一些需要審慎看待之處是：消費者環境方面，我們不預期未來幾季會有顯著改善。我們也預期部分領域的投入成本環境仍將承壓，特別是物流費用、穀物價格與牛肉成本。

And we've also got portfolio shaping activities which will adjust the top line but not on the bottom line, and that's the whole bird Turkey divestiture as well as Brazil. We're also going to continue to evaluate investment needs for the business and what capabilities can come from those investments. But while it's still early in our process, there are meaningful puts and takes to consider and we're very optimistic about the future.

另外，我們也有投資組合調整（portfolio shaping）活動，將會影響營收（top line）但不影響獲利（bottom line），包括整隻火雞（whole bird Turkey）業務的出售以及巴西業務。我們也會持續評估業務的投資需求，以及這些投資可帶來哪些能力。不過，雖然我們的流程仍在早期階段，但確實有許多重要的利多與利空需要權衡，我們對未來仍非常樂觀。

Okay. That's really helpful. And just a quick follow-up on international. You laid out a few of the moving parts there and certainly some one-offs. But any sense of just how to think about a little more of the run rate going forward?

好的。這非常有幫助。另外針對國際業務我想快速追問一下。你提到那邊有幾個變動因素，當然也有一些一次性因素。但對於未來的常態化水準（run rate），有沒有一些看法可以分享？

Is there a kind of sense of what's ahead that you can give us that snaps back from this quarter? Or is there some of the pressure that lingers? I imagine you don't want to be too specific, but just some help on how to think about the next few quarters in that segment would be great, too.

你能否提供一些對未來的判斷，說明是否會從本季的狀況回到正常？或者是否仍有部分壓力會延續？我想你可能不想講得太具體，但若能協助我們理解該事業部未來幾季的走勢，也會很有幫助。

Yes, Michael, this is Paul again. I'll take that as well. You are correct, very noisy quarter, this one for international. However, we are making the right decisions here to strengthen our global opportunities and the underlying international demand. And those trends remain intact.

是的，Michael，我是 Paul，再次回答。這題我也來回覆。你說得對，國際業務這一季的雜訊非常多。不過，我們正在做出正確的決策，以強化我們的全球機會與國際需求的基本面。而這些趨勢仍然完好。

We feel pretty good headed into the fourth quarter and into I will note that the biggest issue on the numbers you see for the fourth quarter were really around the SPAM brand export sales, which were adversely impacted due to the one-time legal entity transition. This did create that noise that you see in the third quarter, but it was the right decision to support the long-term evolution and the efficiency of our global operating model. So very positive about the future headed into Q4 and '27 international, but a very noisy quarter.

我們對進入第四季的表現感覺相當不錯；我也要指出，你在第四季看到的數字中，最大的問題其實是 SPAM 品牌的出口銷售，因一次性的法律實體轉換而受到不利影響。這確實造成你在第三季看到的雜訊，但這是為了支持我們全球營運模式的長期演進與效率所做的正確決策。因此，展望 Q4 與 2027 年的國際業務，我們對未來非常正面，但這一季確實雜訊很大。

Tom Palmer, JPMorgan.

Tom Palmer，摩根大通（JPMorgan）。

I wanted to follow up on Pete's question, just on the top line, 1% -- I mean like 1.0% year-to-date organic sales growth and the range is 1% to 2%. So it kind of implies that we go from minus 2 back to positive come 4Q. And so I'm just trying to understand what are the major drivers of that sequential acceleration? Are you already seeing it quarter-to-date or more to come?

我想延續 Pete 的問題，聚焦在營收端：年初至今有機銷售成長 1%——我是說 1.0%——而你們給的區間是 1% 到 2%。所以這似乎意味著第四季會從負 2 回到正成長。我想了解，推動這種逐季加速的主要因素是什麼？你們在本季迄今（quarter-to-date）已經看到這種趨勢了，還是後面才會出現？

Tom, this is John. So I'll try to give you a little bit more color around how we're thinking about enterprise net sales performance. So first, I will call out from a foodservice perspective, we've now delivered as we said in our prepared remarks, 12 consecutive quarters of growth. Certainly, there are a couple of dynamics sitting underneath that food service performance on third quarter. One was industry traffic is still muted, sluggish across many channels in food service and away from home.

Tom，我是 John。我會補充一些我們如何看待公司整體淨銷售表現的背景。首先，從餐飲服務角度來看，正如我們在事先準備的發言中提到的，我們已連續 12 個季度成長。當然，在第三季的餐飲服務表現之下，有幾個因素在作用。其中之一是產業客流量仍偏弱，在餐飲服務與外食（away from home）的多個通路都顯得低迷、遲緩。

And on top of that, we did have some commodity deflation that suppressed some of the net sales growth as well in foodservice.

此外，我們也面臨部分大宗商品通縮（commodity deflation），同樣壓抑了餐飲服務的部分淨銷售成長。

But yet, we did put up the organic net sales growth, and we have high confidence in that business going forward. So I'll kind of lay that out. Second, from a retail perspective, we do really like the momentum we're seeing on a number of our businesses. We're seeing, I'll say, growth, we're seeing the effects of some of the changes and pivots we've made around brand positioning, marketing, shifting more into digital and e-commerce behind some of our brands. We're starting to see some of those things really gain traction.

但即便如此，我們仍繳出有機淨銷售成長，且對該業務未來發展非常有信心。我先把這點說清楚。第二，從零售角度來看，我們非常喜歡在多項業務上看到的動能。我們看到成長，也看到我們在品牌定位、行銷，以及在部分品牌上更轉向數位與電商等調整與轉向所帶來的效果。我們開始看到這些作為真正取得進展、帶來拉動。

So we like that. We also start to see a little bit of a change in the lapping dynamics as we get into Q4 and the private label nut exit that we've talked about a couple of quarters now will be behind us as we get into Q4. So that will also create a little bit of additional room there. So all in all, we feel good about the progress on retail, certainly more work to do, but we like the momentum we're seeing on key brands. We like our continued success on foodservice. As Paul mentioned, international was a little noisy in the quarter, but we still like our outlook there.

所以我們對此感到樂觀。隨著進入第四季，我們也開始看到同比基期（lapping）因素出現一些變化；而我們已談了好幾季的自有品牌堅果（private label nut）退出影響，到了第四季就會成為過去式。因此那也會帶來一些額外空間。總體而言，我們對零售端的進展感覺良好，當然仍有更多工作要做，但我們喜歡在關鍵品牌上看到的動能。我們也喜歡餐飲服務持續成功的表現。如 Paul 所提，國際業務本季雜訊較多，但我們仍看好那邊的展望。

Great. John. And then on SG&A, the dollars were the lowest since 4Q '23. I know there were some cost savings that kind of took hold earlier in the year. And so maybe this was the first quarter where we saw the more full benefits of that.

很好。John。另外在 SG&A（銷售、一般及行政費用）方面，金額是自 2023 年第四季以來最低。我知道年初有一些成本節省措施開始發揮作用。所以也許這是我們首次看到較完整效益的一季。

Just any framing of, kind of, that SG&A cost structure as we look forward? And how sustainable this level of spend might be when we look at 3Q versus future quarters?

能否請你們就未來展望，提供一些對 SG&A 成本結構的框架性說明？以及當我們比較第三季與未來幾季時，這樣的支出水準有多可持續？

Yes, Tom, this is Paul. Thanks for the question. So you are correct, obviously put in a lot of things at the start of the year that Jeff has mentioned previously regarding SG&A and some items. Those really have taken hold here as you get through the first half and now into Q3. So you hit the nail on the head with where that's at.

是的，Tom，我是 Paul。謝謝你的提問。你說得沒錯，我們在年初就導入了很多措施，Jeff 之前也提過，主要是針對 SG&A 以及一些項目。這些措施在上半年逐步落地，現在進入第三季後確實已經發揮效果。所以你對現況的判斷非常到位。

We're obviously continuing to drive forward and looking at SG&A and making sure that we're spending money in the appropriate spot to drive the business as well as in advertising. So part of that decrease in advertising dollars in SG&A was in the advertising segment. which a lot of it was timing again in terms of new leadership in that area, making sure we're spending money wisely. We do expect to see some increased advertising spending here and then obviously a little bit too early to discuss our plans for '27 regarding the advertising spend.

我們當然會持續推進，檢視 SG&A，並確保我們把錢花在能推動業務的正確位置，也包括廣告投放。因此，SG&A 中廣告費用下降的一部分，來自廣告項目的支出；其中很大一部分仍是時點因素，因為該領域有新任領導團隊，我們要確保資金使用更審慎、更有效率。我們確實預期接下來廣告支出會有所增加；至於 2027 年在廣告支出方面的規劃，現在顯然還太早討論。

Max Gumport, BNP.

Max Gumport，法國巴黎銀行（BNP）。

I wanted to turn back to the consumer environment. One, just to hear a bit more about what you're seeing in terms of the pressure on the consumer and how that's impacting your business and how you're looking to manage through it? And then two, just the factors behind why you're not expecting any meaningful improvement in '27?

我想把話題拉回消費者環境。第一，想再多聽一些你們看到的消費者壓力狀況，以及這如何影響你們的業務、你們打算如何因應與管理？第二，關於你們為何不預期 2027 年會有任何顯著改善，背後的因素是什麼？

Yes. Matt, it's John. I'll take that question. So I would describe the consumer environment right now really is not improving. The headline for me is that consumers are still feeling quite strained with low sentiment and that strain -- a lot of it comes from those cumulative effects of inflation, which we've talked about before.

是的。Matt，我是John。我來回答這個問題。所以我會形容目前的消費者環境確實沒有改善。對我而言的重點是，消費者仍然感到相當吃緊、信心偏低，而這種壓力——很大一部分來自我們之前談過的通膨累積效應。

I would add that high fuel prices have contributed further to that strain as this year has unfolded. So I think that's a bit of the backdrop. That being said, consumers continue to prioritize food. Overall demand for food remains resilient. And while consumers are demonstrating resilience, they're also coupling that with flexibility.

我會補充，隨著今年的進展，高燃油價格進一步加劇了這種壓力。所以我認為這是一些背景。話雖如此，消費者仍持續優先考量食品。整體食品需求依然具韌性。而且在展現韌性的同時，消費者也把這種韌性與彈性結合在一起。

And what I mean by that is consumers are increasingly focused on optimizing for value, and I don't mean value in the sense of the lowest price point, but in the sense of just being more deliberate with their dollars. So I believe what we're seeing is that a company like Hormel Foods, where we have a protein-centric portfolio and we can deliver great value propositions for breakfast, lunch, dinner, snacking, convenience, portability, we're in a great spot to deliver on those consumer needs as they're becoming increasingly deliberate with those choices. So if you, kind of, step back and say, okay, how do we make sure as the consumer behavior is evolving around value and value seeking that we're evolving our portfolio to make sure we have the right offers, the right message, right point of purchase, right pack at the right price is the work we're doing.

我的意思是，消費者愈來愈專注於把價值最大化；我說的價值不是指最低價格點，而是指在花錢時更審慎、更有意識。因此我相信我們看到的是，像Hormel Foods這樣的公司，擁有以蛋白質為核心的產品組合，能為早餐、午餐、晚餐、零食、便利性、可攜性提供很好的價值主張；在消費者對選擇愈來愈審慎之際，我們處於很有利的位置來滿足這些需求。所以如果你稍微退一步想：好，那我們如何確保在消費者行為圍繞價值與尋求價值而演變時，我們也同步調整產品組合，確保在正確的購買點、以正確的訊息、提供正確的產品規格（包裝）並以正確的價格呈現——這就是我們正在做的工作。

And if you look at some of the success across our foodservice business as 1 example of that, where we continue to diversify across channels, away-from-home channels, commercial, noncommercial. We are increasingly becoming that ally for consumers to be there when they need it. And then if you look at the positioning work we're doing around our core brands on retail, we're also more and more pushing those brands into spaces where we can be a more versatile partner for consumers. So all in all, I would say consumer behavior is changing. Consumers are becoming more deliberate in this challenging environment.

如果你看看我們餐飲服務（foodservice）業務的一些成功案例，作為其中一個例子：我們持續在通路上多元化，涵蓋外食通路、商業與非商業通路。我們愈來愈成為消費者的盟友，在他們需要的時候提供支持。再看我們在零售端針對核心品牌所做的定位工作，我們也愈來愈把這些品牌推進到一些空間，使我們能成為消費者更具多用途的合作夥伴。總體而言，我會說消費者行為正在改變。在這個充滿挑戰的環境中，消費者正變得更審慎。

But frankly, it's an opportunity for us as we really believe that the convenience of our product, the affordability of our products, the taste of our products and our ability to meet consumers across a broad set of channels put us in a great spot to meet that consumer need.

但坦白說，這對我們是個機會，因為我們確實相信：我們產品的便利性、可負擔性、口味，以及我們在廣泛通路中觸達消費者的能力，使我們處於很好的位置來滿足消費者需求。

As far as outlook into future quarters with the consumer, I mean, the environment is volatile right now, frankly. And so our expectation is the environment will continue to be choppy. It will continue to be volatile. And so we're anticipating that the consumer is still going to be dealing with that in the months and quarters ahead. Certainly, we'll be flexible, we'll adapt as needed.

至於未來幾季對消費者的展望，我的意思是，目前環境坦白說相當波動。因此我們預期環境將持續顛簸。也會持續波動。所以我們預期未來幾個月與幾季，消費者仍將面對這些狀況。當然，我們會保持彈性，並視需要調整。

Should we pick up some tailwinds in certain spots with consumer sentiment, with consumer behavior, with growth additional growth in away from home channels. Those will be additional tailwinds for us. But at this point, our outlook is to assume that it remains choppy, and the consumer backdrop is strained.

如果在某些面向上，我們能在消費者信心、消費者行為，或外食通路的額外成長上獲得一些順風，那將會是我們額外的利多。但就目前而言，我們的展望是假設情勢仍會顛簸，且消費者背景依然吃緊。

Great. And John, congrats on the appointment as CEO, and you're stepping into the role at a time when your leverage is now in a very, very comfortable position on the balance sheet. Your cash levels are quite high. So I'm curious what your view is on capital allocation and what your priorities are on that front.

很好。John，也恭喜你被任命為CEO；你在公司資產負債表槓桿已經處於非常、非常舒適的位置時接任。你們的現金水位相當高。所以我想了解你對資本配置的看法，以及你在這方面的優先順序是什麼。

Yes. I mean, first of all, thank you, Max. I appreciate that, and Hormel is a wonderful company with a great history and it does have a strong balance sheet. We've always been very disciplined in our approach to capital allocation. Certainly, the dividend continues to be very important to us.

是的。首先，謝謝你，Max。我很感謝；Hormel是一家很棒的公司，歷史悠久，而且確實擁有強健的資產負債表。我們在資本配置上一直非常自律。當然，股利對我們仍然非常重要。

And so that will continue to remain a priority for us going forward. We have also talked about the fact that the company does have a long history of M&A activity. We have been more quiet of recent years. But certainly, we continue to be open to strategic partnerships, strategic acquisitions, things that could make sense for us strategically going forward, and we do have the flexibility on our balance sheet.

因此，未來這仍將是我們的優先事項。我們也談到，公司在併購（M&A）方面有很長的歷史。近幾年我們相對低調。但當然，我們仍對策略性合作夥伴關係、策略性收購保持開放，只要在策略上對我們未來有意義；而且我們的資產負債表也具備彈性。

Heather Jones, Heather Jones Research.

Heather Jones，Heather Jones Research。

Thanks for the question. I have my first question is, sort of, just detail-ish. So I was wondering if you're able to just broadly quantify the volume impact of that legal entity change? I mean, with volumes with organic volumes have been roughly flat, absent that?

謝謝讓我提問。我的第一個問題算是偏細節。我想請問你們是否能大致量化一下那項法律實體變更對銷量的影響？我的意思是，如果排除那項因素，有機銷量大致是持平的嗎？

It's -- yes, Heather, this is Paul. I don't want to get into specifics, but the majority of the decline in tonnage in international is associated with the legal entity change.

是——是的，Heather，我是Paul。我不想談得太具體，但國際業務噸數下滑的大部分都與那項法律實體變更有關。

Okay. And then I've just taken the different questions that have been asked around input costs and demand, et cetera. But I just put it all together, I'm wanting to make sure that we all have the appropriate takeaway. It sounds as if you all still expect lower input costs, just whether it be dark meat turkey, on the pork side or whatever, to be a net positive into Q4 in '25 despite a more challenged consumer competitive environment. Is that the accurate takeaway?

好的。然後我把大家問到的不同問題——關於投入成本、需求等等——都綜合起來。我想確認我們都得到正確的結論。聽起來你們仍預期投入成本下降——不論是火雞深色肉、豬肉端或其他——即使在消費者更具挑戰、競爭環境更激烈的情況下，仍會在2025年第四季帶來淨正面影響。這樣理解正確嗎？

Yes. Peter, that's right. That's exactly right.

是的。Peter，沒錯。完全正確。

Pooran Sharma, Stephens.

Pooran Sharma，Stephens。

Thanks for the question here. Wanted to maybe get a better understanding of freight costs here. And you mentioned they were still pressured. How are they relative to 2Q? And as we think about the lower commodity input cost benefit for 4Q, just wondering if that's large enough to offset freight impact, or how we should, kind of, think about the balance of those two items?

謝謝讓我提問。我想更了解一下運費成本。你提到它們仍然承壓。相較於第二季（2Q）如何？另外，當我們考量第四季（4Q）較低的大宗商品投入成本帶來的效益時，想請問這個效益是否大到足以抵消運費的影響？或者我們應該如何看待這兩項之間的平衡？

This is Paul here. I'll answer on the freight piece. Obviously, still elevated here for most of the quarter. We did see a temporary reduction in the fuel prices, but they lay a return to the higher levels. And even as of right now, they're at the highest level since the conflict started, our assessment of the logistics environment remains largely unchanged from the prior commentary that we've given.

我是Paul。我來回答運費的部分。很明顯，本季大部分時間仍處於高檔。我們確實看到燃油價格短暫回落，但之後又回到較高水準。而且即使到現在，它們也來到自衝突開始以來的最高水準；我們對物流環境的評估，基本上與先前我們給出的評論沒有太大改變。

So freight, logistics and fuel costs continue to present those year-over-year headwinds and those trends are reflected in the outlook. So you are correct in terms of that the Q4 guide that we've presented that Jeff had talked about earlier, is holistic with all the input cost of pork being down and freight and fuel being up. So I guess to answer your question that all of them is -- freight and fuel a little bit higher than we've seen from Q2, but overall reflected in our guidance range here for the fourth quarter.

因此，運輸、物流與燃油成本仍然帶來年對年逆風，而這些趨勢也反映在展望之中。所以你說得沒錯：我們所提供的第四季指引——Jeff先前提到的——是把所有因素整體納入考量，包括豬肉投入成本下降，以及運費與燃油上升。所以回答你的問題：運費與燃油相較第二季略高一些，但整體都已反映在我們第四季的指引區間內。

Okay. Appreciate the color there. And sorry if you got -- you gave detail on this earlier. But I wanted to ask about inventory rebalancing. I think in your prepared comments, you alluded to it being a little bit worse than expected. I was hoping you could help us dive into this a little bit, what came in kind of worse than expected? Are you able to, kind of, help us quantify any impact here?

好的。感謝你提供的說明。如果你們先前已經講過細節也抱歉。但我想問一下庫存再平衡。我記得在你們的事先準備講稿中，你們提到情況比預期稍微更糟。我希望你們能協助我們更深入了解：哪些部分比預期更糟？你們是否能協助我們量化這裡的任何影響？

Yes, sure. I'll kick us off on that one and then, Paul, feel free to add anything else you'd like to. So we did have some incremental costs this quarter in our supply chain. I'll come to the first point, which is what we discussed last quarter, the inventory rebalancing efforts we've been working through. Those efforts did result as we expected in lower production volumes flowing through portions of our manufacturing network.

是的，當然。我先就這題開場，然後，Paul，你也可以隨時補充你想補充的內容。所以本季我們的供應鏈確實出現了一些增量成本。我先談第一點，也就是我們上季討論過的、我們一直在推進的庫存再平衡工作。這些工作如我們預期，確實導致我們製造網絡部分環節的產量下滑。

In addition to that, there were a few areas of the portfolio that faced softer category conditions during the quarter, so that contributed modestly to some lower volumes on top of the inventory rebalancing efforts. So that's kind of one piece.

除此之外，本季產品組合中有幾個領域面臨較疲弱的品類環境，因此在庫存再平衡工作之外，也小幅推動了部分銷量走低。所以這算是其中一個部分。

Separately, we did also mention that we experienced a few discrete cost headwinds in the quarter. Last quarter, you may recall that we talked about we had an exceptionally strong quarter in the turkey supply chain. We were expecting this quarter to normalize following that strong quarter. results were a bit further pressured by higher temperatures and worse speed conversion in the quarter on Turkey. And then we did have some kind of one-time severe weather-related events that created power outages in a few of our facilities, so that drove some incremental cost.

另外，我們也確實提到，本季我們遭遇了幾項離散的成本逆風。你可能還記得，上季我們談到火雞供應鏈表現異常強勁。我們原本預期本季會在那個強勁季度之後回歸常態；但本季火雞業務的結果又受到較高氣溫以及較差的飼料轉換效率進一步壓力影響。此外，我們也遇到一些一次性的嚴重天氣相關事件，導致我們幾個設施停電，因此帶來一些增量成本。

But those we do really see a short-term impact one-timers in nature and shouldn't overshadow the capabilities we've talked about before, but the capabilities we're building for the long term in our supply chain, whether it's Hormel production systems, which we continue to drive consistent improved performance across our manufacturing network, some of the improvements we've made with data and planning tools and what Jeff alluded to earlier in terms of the enhanced collaboration and better decision-making in the enterprise, we feel really good about all of the progress in those areas we're making across our supply chain as we navigate some of these short-term headwinds.

但我們確實認為這些影響屬於短期、一次性的，不應掩蓋我們先前談過的能力——也就是我們在供應鏈上為長期所打造的能力。

And I'll just add on the inventory rebalancing piece for you that it did really progress as we kind of expected. You might see inventories are up on the balance sheet, but that's really the result of operating supplies and WIP inventory and not finished goods. Finished goods was relatively flat for the quarter, and it is significantly down from last year, both in dollars and somewhat in pounds. So we thought we did a good job in terms of what we wanted to do regarding that, and most of the actions did occur in Q3. There is still some stuff in Q4, but the majority of it was in Q3.

我再補充一下你關心的庫存再平衡部分，它的進展確實大致符合我們的預期。你可能會看到資產負債表上的庫存增加，但那主要是營運用品與在製品（WIP）庫存，而不是成品。本季成品庫存相對持平，且相較去年無論以金額計或以磅數計都顯著下降。所以就我們想達成的目標而言，我們認為做得不錯，而且大多數行動都發生在第三季。第四季仍有一些事項，但主要都在第三季完成。

Rupesh Parikh, Oppenheimer.

Rupesh Parikh，Oppenheimer。

So, Jeff, with this being your last earnings call, we'd love to hear your perspective. Any key observations you see on Hormel's prospects going forward?

所以，Jeff，既然這是你最後一次財報電話會議，我們很想聽聽你的觀點。你對 Hormel 未來前景有什麼關鍵觀察？

Well, thanks, Rupesh. I appreciate the opportunity to provide a view of what our team worked on during the past 12 months and what I think is important about that. First of all, I think it was important that we were setting a realistic top-down and bottom-up plan that was rooted in algorithm-based growth. growing from where we are rather than trying to make up for past years, I think sometimes the team maybe fell into that syndrome sometimes.

好的，謝謝你，Rupesh。我很感謝有機會分享我們團隊在過去 12 個月所做的工作，以及我認為其中重要之處。首先，我認為很重要的一點是，我們制定了一個務實的由上而下與由下而上的計畫，並以演算法驅動的成長為根基——從我們現有的基礎出發去成長，而不是試圖彌補過去幾年的缺口；我想團隊有時可能會落入那種心態。

Secondly, I think we were very clear about both internally and then hopefully express them clearly to the investment community about deploying several different levers to enhance bottom line performance. We had solid top line momentum, but the bottom line has been coming along with it. So these include pricing, and we executed successfully two waves of that. The team has been focusing on mix. We've been able to generate further efficiency gains, and then we did take some significant SG&A actions, and we talked about that earlier on the call as well.

第二，我認為我們在內部非常清楚，並且希望也已清楚地向投資社群表達：我們會運用多個不同的槓桿來提升獲利表現。我們的營收端動能穩健，但獲利端也正在跟上。這些槓桿包括定價，而我們成功執行了兩波調價。團隊也一直聚焦於產品組合（mix）。我們也進一步創造了效率提升，並且採取了一些重要的 SG&A（銷售、一般及行政費用）措施，我們在電話會議前面也談到了。

As John just alluded to, I think it's been important that we've improved the coordination of what is really a recently centralized business. It's only been three or four years since it used to be Jennie-O and Grocery Products in, kind of, separately run segments and now it's running on a much more centralized basis. There are very good advantages to doing that in terms of scale and efficiency and in terms of our importance to customers. But it really was important that we got the right people in the right room at the right time, with the right data to make adjustments based on changing market conditions.

正如 John 剛才提到的，我認為我們改善了協同運作，這點很重要；因為這其實是一個近期才集中化的業務。距離它過去以 Jennie-O 與 Grocery Products 等、某種程度上分開運作的事業區塊來管理，至今也才三、四年；而現在是以更集中化的方式運行。這樣做在規模與效率，以及我們對客戶的重要性方面，都有非常好的優勢。但同樣重要的是：在正確的時間把正確的人聚在同一個會議室，帶著正確的數據，才能根據變動的市場狀況做出調整。

And then lastly, sort of, a significant amount of side work in addition to, sort of, running the business on a day-to-day basis, we really did want to take this opportunity to look at the portfolio and see if we could make some more significant moves in getting ourselves positioned for the future. And so the moves with Justin's and with whole birds and with Brazil now really allow the company to better focus and reduce volatility and suboptimal performance in certain areas.

最後，除了日常營運之外，我們也做了相當多的額外工作；我們確實想把握這個機會檢視產品組合，看看是否能採取更具意義的行動，讓公司為未來做好定位。因此，關於 Justin’s、整隻禽鳥（whole birds）以及現在的巴西業務等調整，確實讓公司能更聚焦，並降低某些領域的波動性與次佳表現。

There are no further questions at this time. I will now turn the call back to Jeff Ettinger, Interim Chief Executive Officer, for closing remarks.

目前沒有其他問題。我現在把電話會議交回給臨時執行長 Jeff Ettinger 作結語。

Well, I'll just take this opportunity to thank you all for your attention during the year. I think the company has established a solid momentum. And obviously, we think we have an advantaged position going forward with our protein-centric model. Our foodservice business continues to hum along and retail has several segments that are doing well also. And ultimately, I think we'll get that rolling in the same way.

好的，我想藉此機會感謝各位今年以來的關注。我認為公司已建立起穩健的動能。而且很明顯地，我們認為以蛋白質為核心的商業模式，讓我們在未來具備有利的競爭位置。我們的餐飲服務（foodservice）業務持續穩定運轉，零售端也有數個事業部表現良好。最終，我認為我們也會以同樣方式把它帶動起來。

Also, it was a choppier quarter for international. But overall, we have really great growth prospects there. We've redoubled our attention in the Asia Pacific region with our strong leaders Swen Neufeldt now heading to Singapore to run directly there. So I'm very optimistic in the future of the company, and I'll be actively interested in how it goes because I'll remain on the Board of Directors and remain a shareholder. So thank you all for your attention today.

另外，國際業務本季波動較大。但整體而言，我們在那裡確實有非常好的成長前景。我們也加倍聚焦亞太地區，由我們強而有力的領導團隊推動；Swen Neufeldt 現在將前往新加坡，直接在當地負責營運。因此我對公司的未來非常樂觀；我也會持續關注後續發展，因為我將繼續擔任董事會成員並且仍是股東。所以謝謝各位今天的關注。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。