Hormel Foods (HRL) s🌸hares sank as the food company’s sale♕s fell and it cut its outlook on lower prices and factory disruptions. 

The maker of Spam canned meat and Skippy peanut butter said fiscal third-quarter revenue declined 2.2% to $2.9 billion, short of forecasts. Diluted 澳洲幸运5官方开奖结果体彩网:earnings per share of $0.37 was in line with estimates.

🧜The stock was recently down more than 7%. The shares a💜re now in the red for 2024.

The company now anticipates full-year revenue will be between $11.8 billion and $12.1 billion, down from its previous outlook of $12.2 billion to $12.5 billion. It narrowed its diluted EPS range to $1.57 to $1.63 from $1.55 to $1.65. Visible Alpha's current consensus estimates are for revenue of $12.1 billion and earnings of $1.56 per share.

Sales at the company's retail division tumbled 7%, while volumes dipped 9%. The company blamed the weakness on lower prices for turkey, falling contract manufacturing volumes, and reduced sales of Planters nut products, among other issues.

Sales rose 7% and volumes gained 2% at its foodservice unit. International segment sales wereജ down 2% and volumes fell 13%.