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Hormel Foods Withdraws FY20 Outlook Amid COVID-19 - Quick Facts

While reporting financial results for the second quarter on Thursday, branded food company Hormel Foods Corp. (HRL) said it is withdrawing its previously communicated earnings and sales guidance for the full-year 2020, due to uncertainty regarding the impact of COVID-19.

The company noted that the foodservice industry is in the very early stages of a recovery, and it is actively monitoring the pace and magnitude of this recovery.

Even though the COVID-19 pandemic has caused a dramatic shift in consumer behavior, operational disruptions and extreme volatility in raw material markets, the company said it remains financially strong and well-positioned to weather the pandemic.

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