Hormel Foods Corp., the maker of Spam lunch meat, cut its full-year outlook, citing weakness in its pork business, higher input costs and softer sales at its refrigerated foods unit.
The company, which is also a turkey and pork processor, said it sees earnings of $1.88 a share to $1.96 a share for the current year, down from its prior forecast of $1.93 to $2.03.
Analysts on average were looking for a profit of $1.99 a share, according to Thomson Reuters I/B/E/S.
Hormel said it will provide more details of the outlook at its investor day on June 26.
© 2023 Thomson/Reuters. All rights reserved.