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 16 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
- It won't just be Unilever to push for Brexit hikes
- Price an underlying tension across European FMCG
- Danone's Q3 sales - what the analysts say
- Interview: UK trade body on Brexit's policy impact
- Interview: UK trade body on the impact of Brexit
- Nestle lowers outlook on "softer environment"
- China "transition" drags on Danone Q3
- UK announces "action plan" to drive food exports
- CP Foods invests in UK foodservice firm Foodfellas
- PepsiCo sets 2025 nutrition, sustainability goals
- The Big 15: Strategies and Priorities of Top Packaged Food Players in Comparison
- Omega-3 in Food and Beverage:Time for a Reboot?
- Global Food Packaging: Innovating for Greater Convenience and Quality Image
- Packaged Food: Quarterly Statement Q3 2016
- Constellation Brands, Inc. (STZ) - Financial and Strategic SWOT Analysis Review