By Dean Seal
Hormel Foods recorded an expected decline in sales for its fiscal fourth quarter but provided guidance for the next fiscal year that was on the lower end of current analyst estimates.
The packaged-food maker said it expects $11.9 billion to $12.2 billion in sales for the fiscal year that started Oct. 28, which would represent a 1% to 3% organic gain. Analysts surveyed by FactSet had been targeting $12.18 billion.
Chief Executive Jim Snee said each of Hormel's retail, international and food-service businesses are expected to post top-line growth.
Full-year adjusted earnings are projected to hit $1.58 to $1.72 a share, compared with current analyst forecasts for $1.68 a share.
Shares fell 5.9% to $29.96 in premarket trading.
For the quarter ended Oct. 27, Hormel posted a profit of $220.2 million, or 40 cents a share. That's up from $195.9 million, or 36 cents a share, in the same quarter a year ago.
Stripping out one-time items, adjusted earnings were 42 cents a share, in line with the consensus estimate of analysts polled by FactSet.
Sales slid 1.9% to $3.14 billion, about in line with analyst projections, according to FactSet.
Volumes were down 6% in its retail segment, largely from its value-added meats, snacks and convenient-meals verticals, which more than offset gains from its branded items. Volumes overseas were down about 10%, with strong demand in China and for branded exports being offset by declines in turkey exports.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
December 04, 2024 06:49 ET (11:49 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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