Hormel Foods Stock Drops After Food Maker Cuts Its Outlook

Blockhead

04 Sep 2024

Key Takeaways

Hormel Foods said lower turkey prices and Planters nut sales hit revenue in the latest quarter.
The food products maker lowered its revenue guidance and narrowed its profit forecast.
The shares fell Wednesday, turning negative for the year so far.

Hormel Foods (HRL) shares sank as the food company’s sales fell and it cut its outlook on lower prices and factory disruptions.

The maker of Spam canned meat and Skippy peanut butter said fiscal third-quarter revenue declined 2.2% to $2.9 billion, short of forecasts. Diluted earnings per share of $0.37 was in line with estimates.

The stock was recently down more than 7%. The shares are now in the red for 2024.

The company now anticipates full-year revenue will be between $11.8 billion and $12.1 billion, down from its previous outlook of $12.2 billion to $12.5 billion. It narrowed its diluted EPS range to $1.57 to $1.63 from $1.55 to $1.65. Visible Alpha's current consensus estimates are for revenue of $12.1 billion and earnings of $1.56 per share.

Sales at the company's retail division tumbled 7%, while volumes dipped 9%. The company blamed the weakness on lower prices for turkey, falling contract manufacturing volumes, and reduced sales of Planters nut products, among other issues.

Sales rose 7% and volumes gained 2% at its foodservice unit. International segment sales were down 2% and volumes fell 13%.

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Diluted earnings per share of $0.37 was in line with estimates.<span></span>\n</p>\n<div></div>\n<p> The stock was recently down more than 7%. The shares are now in the red for 2024.\n</p>\n<div></div>\n<p> The company now anticipates full-year revenue will be between $11.8 billion and $12.1 billion, down from its previous outlook of $12.2 billion to $12.5 billion. It narrowed its diluted EPS range to $1.57 to $1.63 from $1.55 to $1.65. Visible Alpha's current consensus estimates are for revenue of $12.1 billion and earnings of $1.56 per share.\n</p>\n<div></div>\n<p> Sales at the company's retail division tumbled 7%, while volumes dipped 9%. The company blamed the weakness on lower prices for turkey, falling contract manufacturing volumes, and reduced sales of Planters nut products, among other issues.\n</p>\n<div></div>\n<p> Sales rose 7% and volumes gained 2% at its foodservice unit. 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The food products maker lowered its revenue guidance and narrowed its profit forecast.The ...</p>\n\n<a href=\"https://www.investopedia.com/hormel-foods-misses-sales-estimates-cuts-outlook-earnings-q3-8706174\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"HRL","symbol_name":"荷美尔","start_time":0,"source_url":"https://www.investopedia.com/hormel-foods-misses-sales-estimates-cuts-outlook-earnings-q3-8706174","article_id":"2465651857","we_media_id":null,"thumbnails":["https://www.investopedia.com/thmb/LimHckBDhSgdLTlmhAPH4ThzvPY=/5421x3648/filters:no_upscale():max_bytes(150000):strip_icc()/GettyImages-2166081641-aa32167cab154b42ba535c15f1878d02.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2465651857","pubTimestamp":1725464339,"columns":[],"sourceInfo":{"source_id":"investopedia_highlight","name":"Investopedia"},"weMediaInfo":null,"summary":"Hormel Foods said lower turkey prices and Planters nut sales hit revenue in the latest quarter. The food products maker lowered its revenue guidance and narrowed its profit forecast.The shares fell Wednesday, turning negative for the year so far.Hormel Foods  shares sank as the food company’s sales fell and it cut its outlook on lower prices and factory disruptions.The maker of Spam canned meat and Skippy peanut butter said fiscal third-quarter revenue declined 2.2% to $2.9 billion, short of forecasts. Diluted earnings per share of $0.37 was in line with estimates.The stock was recently down more than 7%. The shares are now in the red for 2024.Sales at the company's retail division tumbled 7%, while volumes dipped 9%. The company blamed the weakness on lower prices for turkey, falling contract manufacturing volumes, and reduced sales of Planters nut products, among other issues.Sales rose 7% and volumes gained 2% at its foodservice unit. International segment sales were down 2% and vol","collect":0,"end_time":0,"defaultTopTitle":"investopedia.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"HRL":"荷美尔","BK4585":"ETF&股票定投概念","HRL.AU":"HRL Holdings Ltd","BK4588":"碎股","BK4504":"桥水持仓","BK4533":"AQR资本管理(全球第二大对冲基金)","BK7047":"环境与设施服务","BK4212":"包装食品与肉类"},"translate_title":"食品制造商荷美尔食品下调前景后股价下跌","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"HRL":1,"HRL.AU":1},"content_text":"Key Takeaways\nHormel Foods said lower turkey prices and Planters nut sales hit revenue in the latest quarter. The food products maker lowered its revenue guidance and narrowed its profit forecast.The shares fell Wednesday, turning negative for the year so far. \n Hormel Foods (HRL) shares sank as the food company’s sales fell and it cut its outlook on lower prices and factory disruptions. \n\n\n The maker of Spam canned meat and Skippy peanut butter said fiscal third-quarter revenue declined 2.2% to $2.9 billion, short of forecasts. Diluted earnings per share of $0.37 was in line with estimates.\n\n\n The stock was recently down more than 7%. The shares are now in the red for 2024.\n\n\n The company now anticipates full-year revenue will be between $11.8 billion and $12.1 billion, down from its previous outlook of $12.2 billion to $12.5 billion. It narrowed its diluted EPS range to $1.57 to $1.63 from $1.55 to $1.65. Visible Alpha's current consensus estimates are for revenue of $12.1 billion and earnings of $1.56 per share.\n\n\n Sales at the company's retail division tumbled 7%, while volumes dipped 9%. The company blamed the weakness on lower prices for turkey, falling contract manufacturing volumes, and reduced sales of Planters nut products, among other issues.\n\n\n Sales rose 7% and volumes gained 2% at its foodservice unit. International segment sales were down 2% and volumes fell 13%.\n\n\n \n\n\n\n\n\n \n TradingView\n\nDo you have a news tip for Investopedia reporters? Please email us at\ntips@investopedia.com","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"code":"91000000","status":"200"}}}