USA: Hormel warns of profit slump on meat oversupply
Shares in US group Hormel Foods fell swiftly yesterday [Wednesday] when the company warned its second quarter earnings could fall to 29% below earlier predictions. Its shares sank more than 7%, or US$1.97 a share, to close at US$25 on the New York Stock Exchange. The Austin, Minnesota-maker of Spa, Dinty Moore beef stew and Jennie-O turkey products said the month-long Russian ban on US poultry exports had led to a domestic glut of meat products that has sent wholesale prices for pork, beef and poultry spiralling.
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-food gives you the widest food market coverage.
Paid just-food members have unlimited access to all our exclusive content - including 17 years of archives.
I am so confident you will love complete access to our content that today I can offer you 30 days access for $1.
It’s our best ever membership offer – just for you.
Dean Best, editor of just-food
- Comment: Premier has more to ponder than Brexit
- 2017: three major drivers of M&A strategy
- The food market in 2017 - consumer trends and M&A
- Trump seen as negative for global food trade
- Analysis: B&G Foods balancing growth and decline
- Premier Foods issues profit warning
- Nestle mum on Mead Johnson takeover talk
- Mondelez sells Vegemite to Bega
- Kellogg to slash 250 jobs
- Emmi to buy dessert maker Italian Fresh Foods