Hormel Lowers Outlook19 June 2013
US - Multinational meat and food processor, Hormel Foods has lowered its full year guidance range for the 2013 financial year from $1.93 - $2.03 per share to $1.88 - $1.96 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. We will provide more details regarding the outlook during our Investor Day on June 26, 2013," Mr Ettinger added..
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