Shares Hormel Foods Corp. dropped 3.4% toward a three-month low in premarket trading Thursday, after the parent of Planters, Skippy, Spam and Hormel branded...
Shares Hormel Foods Corp. HRL, -0.38% dropped 3.4% toward a three-month low in premarket trading Thursday, after the parent of Planters, Skippy, Spam and Hormel branded food reported fiscal third-quarter profit and sales that missed expectations and cut its full-year outlook, as consumers are expected to remain “highly intentional” in their spending. Net income for the quarter to July 30 fell to $162.7 million, or 30 cents a share, from $218.
Excluding nonrecurring items, adjusted earnings per share of 40 cents was just below the FactSet consensus of 41 cents. Sales fell 2.3% to $2.96 billion, below the FactSet consensus of $3.04 billion, as retail sales eased 1.7%, foodservice sales declined 2.9% and international sales shed 6.0%. Meanwhile, overall volume increased 1.9%.
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