Hormel Foods Stock Drops After Food Maker Cuts Its Outlook

Group 1 - Hormel Foods reported a 2.2% decline in fiscal third-quarter revenue to $2.9 billion, which was below forecasts [1] - The company lowered its full-year revenue guidance to between $11.8 billion and $12.1 billion, down from a previous range of $12.2 billion to $12.5 billion [1] - Diluted earnings per share for the quarter were $0.37, aligning with estimates, while the EPS forecast was narrowed to a range of $1.57 to $1.63 from $1.55 to $1.65 [1] Group 2 - Sales in the retail division fell by 7%, with volumes decreasing by 9%, attributed to lower turkey prices and reduced sales of Planters nut products [1] - The foodservice unit experienced a 7% increase in sales and a 2% rise in volumes [1] - International segment sales decreased by 2%, with volumes dropping by 13% [1]