Rupesh Parikh - Oppenheimer

Ken Goldman - JPMorgan

Thomas Palmer - Citi

Heather Jones - Heather Jones Research

Max Gumport - BNP Paribas

Peter Galbo - Bank of America

Michael Lavery - Piper Sandler

Pooran Sharma - Stephens, Inc.

Rahi Parikh - Barclays

Good morning, ladies and gentlemen, and welcome to the Hormel Foods Corporation Fourth Quarter Earnings Conference Call. [Operator Instructions] This call is being recorded on Wednesday, December 4, 2024.

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

Jess Blomberg

Good morning. Welcome to the Hormel Foods conference call for the fourth quarter of fiscal 2024. 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.

On our call today is Jim Snee, Chairman of the Board, President and Chief Executive Officer; Jacinth Smiley, Executive Vice President and Chief Financial Officer; John Ghingo, Executive Vice President of the Retail Segment; and Nathan Annis, Vice President of Corporate Development.

Jim and Jacinth will review the company's 2024 fourth quarter and full year results and provide a perspective on our outlook for fiscal year 2025. Then Jim, Jacinth and Nathan will provide a holistic update on our Transform and Modernize initiative which was introduced at our 2023 Investor Day. John will join Jim, Jacinth and Nathan for the Q&A portion of the call. The line will be open for questions following