Hormel Foods delivered a resilient first quarter of fiscal 2024, characterized by broad-based volume growth across segments and a modest top-line increase supported by efficiency gains in the supply chain. Overall volume rose 4% with net sales up 1% year over year, while gross margins expanded modestly and adjusted operating margin increased by 10 basis points to 9.8% on an adjusted basis. The quarter benefited from stronger performance in foodservice, Planters and Jennie-O, and a better-than-expected International segment, underscored by improved supply chain efficiency that reduced freight and warehousing costs and shortened the cash conversion cycle by 4 days. Management reaffirmed full-year net sales growth guidance of 1%-3% and affirmed earnings targets, even as they highlighted a $0.15 headwind from whole bird turkey later in the year, primarily in Q2 through Q4. The company aims to generate further operating income through its transformation and modernization program, targeting at least $200 million of annual savings by 2026, and sees Planters and International as key growth catalysts, aided by higher advertising ROI and continued product innovation. Investors should weigh this mid-single-digit volume growth backdrop, ongoing price investments, and ongoing turkey-related headwinds against Hormel’s cash generation, balance sheet health, and strategic move to drive profitable growth over the next 12-24 months.