Hormel lowers full-year guidance

by Eric Schroeder
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AUSTIN, MINN. — Hormel Foods Corp. has lowered its full-year guidance range for fiscal 2013 to $1.88 to $1.96 per share from $1.93 to $2.03 per share.

“Lower-than-expected results in our pork operations, higher input costs and softer sales of our retail products in our Refrigerated Foods segment are the primary reason for the expected shortfall in our second-half results,” said Jeffrey M. Ettinger, chairman of the board, president and chief executive officer. “We remain very bullish about our future earnings potential.”

Mr. Ettinger said Hormel will provide more details regarding its outlook during the company’s investor day on June 26.

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