The Foodservice segment experienced a 1.6% increase in volume and a 7.1% increase in net sales. This growth was driven by strong performance across the turkey, premium prepared proteins, bacon, and pepperoni categories.

The Retail segment experienced a 9.1% decrease in volume and a 6.6% decrease in net sales. This was attributed to significant year-over-year volume and pricing declines for whole bird turkeys, lower sales of Planters snack nuts, and lower center-store and contract manufacturing volumes.

The International segment experienced a 1.9% decrease in net sales. This was attributed to robust volume and net sales growth for SPAM luncheon meat, refrigerated foodservice exports, and Skippy peanut butter exports were more than offset by the difficult comparison in the prior year to significantly higher export volumes of low-margin commodity fresh pork and turkey.

SG&A expenses decreased due to the accrual for an unfavorable arbitration ruling in the prior year, which was partially offset by current year litigation settlements. Adjusted SG&A as a percent of net sales increased compared to last year.

Looking ahead to the fourth quarter of fiscal 2024, the Company expects gross profit as a percent of net sales to increase compared to last year. The Company expects gross profit as a percent of net sales to increase for the International segment and be comparable for the Retail and Foodservice segments.

For the fourth quarter, the Company expects Foodservice segment profit to be in line with prior year, with the impact from volume growth expected to be offset by higher SG&A compared to last year.

HPAI was detected within the Company's turkey supply chain during the first nine months of fiscal 2024. The impact of HPAI has reduced and the Company believes it will continue to reduce production volume in the Company's turkey facilities throughout fiscal 2024.

If an outbreak of ASF were to occur in the U.S., the Company's supply of hogs and pork could be materially impacted.

Climate change may also cause decreased availability or less favorable pricing for water, which could have an adverse effect on the Company's operations and supply chain. In addition, natural disasters and extreme weather, including those caused by climate change, have caused and could continue to cause disruption in the Company's operations and supply chain.

The Retail segment experienced a 9.1% decrease in volume and a 6.6% decrease in net sales. This was attributed to significant year-over-year volume and pricing declines for whole bird turkeys, lower sales of Planters snack nuts, and lower center-store and contract manufacturing volumes.

Volume and net sales growth in the third quarter of fiscal 2024 were driven primarily by strong performance across the turkey, premium prepared proteins, bacon, and pepperoni categories.

During the third quarter of fiscal 2024, robust volume and net sales growth for SPAM luncheon meat, refrigerated foodservice exports, and Skippy peanut butter exports were more than offset by the difficult comparison in the prior year to significantly higher export volumes of low-margin commodity fresh pork and turkey.

The initiative targets costs throughout the Company's organization, with a particular focus during 2024 on packaging, logistics, and production costs.

Inventory decreased $31 million during the first nine months of fiscal 2024 compared to an increase of $21 million in the comparable period of the prior year. The decrease in inventory during fiscal 2024 was due to benefits in supply chain processes associated with the Company's transform and modernize initiative.

The Retail segment experienced a 9.1% decrease in volume and a 6.6% decrease in net sales. This was attributed to significant year-over-year volume and pricing declines for whole bird turkeys, lower sales of Planters snack nuts, and lower center-store and contract manufacturing volumes. Lower sales of Planters snack nuts resulting from production disruptions at the Suffolk, Virginia, facility.

Capital expenditures supporting growth opportunities in fiscal 2024 are expected to focus on projects related to value-added capacity, infrastructure, and new technology.

The largest spend during fiscal 2024 was for the transition from harvest to value-added capacity at the facility in Barron, Wisconsin and wastewater infrastructure to support operations in Austin, Minnesota.

Risk of the Company's inability to protect information technology systems against, or effectively respond to, cyber attacks against it or others with whom it does business, security breaches or other IT interruptions.

The Company paid $950 million of its senior unsecured notes upon maturity on June 3, 2024.

Proceeds from the issuance of long-term debt were $498 million during the first nine months of fiscal 2024. The Company issued senior unsecured notes with aggregate principal amount of $500 million.

Board of Directors approved an increased annual dividend rate for fiscal 2024 raising it to $1.13 per share from $1.10 per share, representing the 58th consecutive annual dividend increase.

The Company has developed and publicly announced goals to reduce its impact on the environment such as the 20 by 30 Challenge and the recently announced validation of its greenhouse gas reduction targets by the Science Based Targets initiative.

The Company's ability to achieve these goals is subject to numerous factors and conditions, many of which are outside of its control. Examples include, among others, evolving regulatory requirements, disclosure frameworks, and methodologies for reporting data.

Failure to accomplish goals set by the Company related to climate change or meet expectations of various Company stakeholders may cause decreased demand for the Company's products and have an adverse effect on results of operations.

The Company believes its balanced business model, with diversification across raw material inputs, channels, and categories, provides stability in ever-changing economic environments.

Forward-looking statements are inherently at risk to changes in the Company's business as well as the national and worldwide economic environment. The risks and uncertainties that could cause actual results to differ from those anticipated or projected include, among other things, risks related to the deterioration of economic conditions.

Forward-looking statements are inherently at risk to changes in the Company's business as well as the national and worldwide economic environment. The risks and uncertainties that could cause actual results to differ from those anticipated or projected include, among other things, potential sanctions and compliance costs arising from government regulation.