Hormel Foods to shed 250 roles in restructuring drive

Core Insights - Hormel Foods plans to eliminate 250 positions through voluntary early retirements and layoffs as part of a corporate restructuring [1] - The restructuring aims to align resources with strategic priorities, support future growth, and strengthen the overall business [2] - The company expects restructuring charges of $20 million to $25 million, primarily related to pension benefits, severance, and employee costs [3] Financial Performance - Hormel Foods reported a 4.6% increase in third-quarter net sales to $3.03 billion, with organic sales up 6% [4] - Operating income rose 1.3% to $239.7 million, while net earnings increased by 4% to $183.7 million [4] - For the fourth quarter, net sales are projected at the upper end of guidance, with adjusted earnings per share forecasted to be $0.08 to $0.09 below previous expectations [6] Future Outlook - The company anticipates strong demand across retail, foodservice, and international segments, particularly for turkey products and Planters snacks [5] - Operating income is expected to be between $982 million and $996 million, down from earlier forecasts of $1.12 billion to $1.19 billion [7]