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.
USA: Hormel warns of profit slump on meat oversupply
Get full access to all content, just $1 for 30 days
just-food gives you the widest food market coverage.
But only paid just-food members have full, unlimited access to all our exclusive content - including 21 years of archives.
Try just-food for 30 days and get the research report; ‘Is sugar the next tobacco’ for free!
Dean Best, editor of just-food
Do you get our newsletters? If yes, log in to your account to access your FREE READS. Don't know your password? That's cool - you can reset it here.
Most Popular
Insights
- Will Danone 2021 predictions placate critics?
- China becomes Nestle's problem child
- Can plant-based cheese come of age?
- The UK snack-bar market during Covid-19
- What will Covid-19 mean for the ready meal?
News
- Ex-Unilever CEO Polman to join veggie firm's board
- Beyond Meat hails fast-food deals but shares fall
- US investment firm Artisan renews Danone attack
- PE owner said to be weighing Sovos Brands future
- Reckitt Benckiser to review baby-formula unit
Market research
- Meal Kits (Prepared Meals) Market in the United Kingdom - Outlook to 2023: Market Size, Growth and Forecast Analytics
- Bangladesh In-depth PEST Insights
- RCL Foods Ltd (RCL) - Financial and Strategic SWOT Analysis Review
- Soups in the United States
- Condiment Sauces (Seasonings, Dressings & Sauces) Market in Germany - Outlook to 2023: Market Size, Growth and Forecast Analytics
Oops! This article is copy protected.
Why can’t I copy the text on this page?
The ability to copy articles is specially reserved for people who are part of a group membership.
How do I become a group member?
To find out how you and your team can copy and share articles and save money as part of a group membership call Sean Clinton on
+44 (0)1527 573 736 or complete this form..
