Hormel Foods reported a solid third quarter (Q3 2024) with revenue of $2.898 billion and net income of $176.7 million ($0.32 per share). While top-line results declined year-over-year due to concentrated headwinds, the company demonstrated resilience through strong Foodservice momentum and a meaningful rebound in the International segment, underpinned by global brands and export strength. Management highlighted ongoing benefits from the Transform & Modernize initiative, two-pillar focus (Plan and Make), and a commitment to investing in core brands, advertising, and capacity expansion to support mid-to-long-term growth. Near-term pressures remain centered on Planters’ Suffolk production disruption, turkey dynamics in Retail, and continued softness in contract manufacturing, which the company expects to modestly weigh on quarterly results into year-end. Management reaffirmed full-year guidance, projecting net sales of $11.8–$12.1 billion and diluted EPS of $1.45–$1.51 (adjusted $1.57–$1.63), reflecting continued margin expansion from efficiency initiatives and ongoing brand investments.