Hormel Foods drops after trimming annual sales forecast, Q3 sales miss
HRL•Quarterly results
** Q3 net sales came in at $2.96 billion, missing analysts' estimates of $3.04 billion, according to data compiled by LSEG
** Q3 adjusted EPS stood at 37 cents, beating estimates of 35 cents
** As of last close, the stock was marginally up year to date
Shares fall after sales guidance cut
- Shares of Skippy peanut butter maker Hormel Foods HRL.N were down about 2% at $23.34 premarket
** Co cuts annual sales forecast and misses Q3 sales estimates; cites lower commodity linked pricing and continued pressure on consumer spending
** Sees annual net sales of $12.1 billion to $12.2 billion, vs. prior projection of $12.2 billion to $12.5 billion
** Expects annual adjusted EPS of $1.45 to $1.51, vs. previous forecast of $1.43 to $1.51
