Reported about 1 month ago
Hormel Foods has revised its annual sales forecast downwards due to lower commodity prices and a production disruption at its Planters brand facility in Virginia. The company's shares fell by about 5% following the announcement, which also revealed a 2.2% drop in quarterly net sales to $2.90 billion, missing analysts' expectations. The impact of the disruption is expected to be around 6 cents per share for the fiscal year ending October 2024, further compounded by storm damage at another facility in Nebraska. However, strong demand for certain Hormel brands, driven by budget-conscious consumers cooking more at home, has provided some offset to the overall decline.
Source: YAHOO