
hervorragend
excellent
Describes something of exceptionally high quality; excellent, outstanding.
Das Essen im neuen Restaurant war wirklich hervorragend.
The food at the new restaurant was truly excellent.
excellent / protruding
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excellent
Describes something of exceptionally high quality; excellent, outstanding.
Das Essen im neuen Restaurant war wirklich hervorragend.
The food at the new restaurant was truly excellent.

protruding
In the literal sense: physically sticking out or projecting from something.
Die hervorragende Felsnase war von weitem sichtbar.
The protruding rock spur was visible from far away.
The word is the present participle of the verb 'hervorragen' (to stand out / protrude), which is made up of 'hervor' (out) and 'ragen' (to tower / rise). So it literally describes something that 'herausragt' (stands out) from a group—whether through its physical form or through its quality.
Sie hat eine hervorragende Leistung gezeigt und den Wettbewerb gewonnen.
She delivered an excellent performance and won the competition.
'Hervorragend' (excellent) can not only describe a noun (attributive) or be used with 'sein' (to be) (predicative), but also function as an adverb to modify a verb. It then means 'in an excellent way'.
Die Sängerin hat die Arie hervorragend interpretiert.
The singer interpreted the aria excellently.
In its main meaning, 'exzellent' (excellent), the word is often used to evaluate performances or results. Typical combinations are 'hervorragende Arbeit' (excellent work), 'eine hervorragende Idee' (an excellent idea), or 'ein hervorragendes Ergebnis' (an excellent result).
Für seine hervorragende Arbeit erhielt er eine Beförderung.
He received a promotion for his excellent work.
The literal meaning 'herausstehend' (protruding) is rare and is used almost only in geographical or anatomical descriptions. Words like 'Fels' (rock), 'Kinn' (chin), 'Knochen' (bone), or 'Punkt' (point) in the context point to this meaning.
Der Bergführer zeigte auf einen hervorragenden Felsen in der Wand.
The mountain guide pointed to a protruding rock in the wall.
excellent / awarded
Hervorragend and ausgezeichnet both evaluate something as excellent and of very high quality. In this area, they are usually interchangeable; depending on the context, ausgezeichnet can also express an official honor, but that meaning is not relevant here. Use either word for a very positive assessment of quality.

Die Schülerin hat bei der Prüfung eine hervorragende Leistung gezeigt.
The student gave an excellent performance on the exam.
Die Schülerin hat bei der Prüfung eine ausgezeichnete Leistung gezeigt.
The student gave an outstanding performance on the exam.