logo
Plus   Neg
Share
Email

Hormel Foods Cuts FY19 Outlook - Quick Facts

While reporting financial results for the second quarter on Thursday, Hormel Foods Corp. (HRL) lowered its earnings and net sales guidance for the full-year 2019.

For fiscal 2019, the company now projects earnings in a range of $1.71 to $1.85 per share, and net sales between $9.70 billion and $10.20 billion.

Previously, the company expected earnings in the range of $1.77 to $1.91 per share, and net sales in the range of $9.70 billion to $10.20 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $1.80 per share on net sales of $9.70 billion for the year. Analysts' estimates typically exclude special items.

"Our experienced management team, leading brands, focus on innovation, strong balance sheet and diversified businesses allow us to manage through times of uncertainty and volatility, as we are currently experiencing with African swine fever," said Jim Snee, chairman of the board, president and chief executive officer of Hormel Foods.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Apple Inc. is taking necessary precautions including Covid-19 testing for those employees returning to work at its headquarters in Silicon Valley, Bloomberg reported citing people familiar with the process. The company, which opened its main Apple Park office in May bringing back some hardware and software engineers, plans the gradual reopening of the building keeping the coronavirus safeguards. A U.S. appeals court has blocked the sales of Bayer AG's dicamba-based Xtendimax in the United States. The three-judge panel in the U.S. Court of Appeals for the Ninth Circuit ruled that the US Environmental Protection Agency (EPA) overstated the protections and substantially understated or ignored the risks related to the use of dicamba-based herbicides. Tesla Chief Executive Officer Elon Musk has called for a breakup of Amazon after the online retail giant refused to publish an upcoming book about COVID-19. Writer Alex Berenson said on Twitter that Amazon refused to publish his booklet about the coronavirus as it did not comply with the company's guidelines. Berenson is a former New York Times reporter.
Follow RTT