Hormel's shares were down about 5 percent in premarket trading. The company also missed market expectations for third-quarter sales and narrowed its annual adjusted profit target.
SKIPPY peanut butter maker Hormel Foods cut its annual sales forecast on Wednesday, hurt by lower commodity prices and a production disruption at its Planters brand manufacturing facility in Virginia. Hormel 's shares were down about 5 percent in premarket trading. The company also missed market expectations for third-quarter sales and narrowed its annual adjusted profit target.
The Austin, Minnesota-based company expects net sales of $11.8 billion to $12.1 billion for fiscal 2024, down from its prior forecast of $12.2 billion to $12.5 billion.Its quarterly net sales fell 2.2 percent to $2.90 billion, missing analysts' average estimate of $2.95 billion, as per LSEG data.
Foods Cuts Annual Sales Forecast On Lower Turkey Prices
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