Why Hormel Foods Stock Swooned by 10% Today
Investors didn't like management's cut in annual net sales guidance.
Overview
Thursday morning, Hormel Foods (NYSE: HRL) published its latest earnings release, and few investors found it tasty. Although the company edged past the consensus analyst estimate for profitability, it missed on revenue and cut full-year guidance. Mr. Market punished it, trading the stock down more than 10% on the day.
Hormel's fiscal third-quarter net sales came in at $2.96 billion, down 2% year over year. This was on the back of a more than 7% drop in sales volume, to 969 million pounds.
Details
Source
Originally published at www.fool.com.
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