Hormel Lowers Forecast, Citing Inflation

The company's latest earnings did not meet projections.

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Hormel Foods

AUSTIN, Minn. (AP) β€” Hormel Foods Corp. on Thursday reported fiscal third-quarter profit of $218.9 million.

The Austin, Minnesota-based company said it had net income of $0.40 per share.

The results did not meet Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $0.41 per share.

The maker of Spam canned ham, Dinty Moore stew and other foods posted revenue of $3.03 billion in the period, also falling short of Street forecasts. Four analysts surveyed by Zacks expected $3.07 billion.

The company lowered its earnings forecast, saying inflationary pressures will continue. Hormel expects full-year earnings to be $1.78 to $1.85 per share with revenue in the range of $12.2 billion to $12.8 billion.

Shares of the company's stock fell $3.30 to $46.98 in Thursday trading.

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