Austin-based Hormel Foods has lowered its fiscal 2008 profit outlook due to weaknesses in the global financial markets and higher costs.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more


 


“The recent decline in global financial markets has negatively impacted our rabbi trust investment performance,” Jeffrey M. Ettinger, chairman, president and chief operating officer, said in a statement today (20 October).


 


Hormel said that its business had also felt the negative impact of higher-than-expected costs, an unfavourable product mix in its grocery and chilled food segments and an expected earnings shortfall at its Jennie-O Turkey Store unit.

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData

 


Hormel cut its full-year profit guidance to a range of US$2.03 to $2.09 per share, from a previous forecast of $2.22-$2.28 per share.


The company said it will provide more details on the fourth quarter and outlook for 2009 during its conference call on 25 November.

Just Food Excellence Awards - Have you nominated?

Nominations are now open for the prestigious Just Food Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!

Nominate Now