Hormel Foods Corporation (NYSE:HRL) shares are trading lower on Wednesday following a revised fiscal year 2024 outlook due to production disruptions.
The company reported third-quarter adjusted earnings per share of 37 cents, beating the analyst consensus of 36 cents.
Quarterly sales of $2.898 billion (down 2.2%) missed the street view of $2.95 billion. Adjusted operating margin in the quarter under review contracted to 9.2% from 9.7% a year ago.
“Many of our key retail brands are growing, outperforming their categories and, most importantly, resonating with our customers and consumers,” said Jim Snee, chairman of the board, president and chief executive officer.
In the Retail segment, volume decreased by 9%, net sales fell by 7%, and segment profit dropped by 15%.
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