Reported about 6 hours ago
Hormel Foods, known for its Skippy peanut butter, reported disappointing first-quarter profits, falling short of estimates as rising input costs and ongoing supply chain issues impacted performance. The company faced challenges in boosting turkey sales amid consumers' preference for cheaper meat options, while advertising expenses rose. Although first-quarter sales reached $2.99 billion, surpassing estimates, earnings per share were lower than expected at 35 cents. Hormel reaffirmed its full-year earning projections despite the struggles.
Source: YAHOO