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

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“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.

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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.