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Hormel Foods narrows sales forecast while raising income and EPS outlook

Hormel Foods logoHormel Foods
Sig2.22Sen-1.58Env0.00Soc0.00Gov0.00

Hormel Foods cut its annual outlook, lowering expected organic net-sales growth to 1–2% versus 1–4% earlier, citing pressure on its US Jennie-O turkey and Skippy peanut butter businesses. Third-quarter net sales fell to $2.96bn and organic net sales declined 2%. The company raised adjusted operating income to $1.08–1.12bn and lifted EPS guidance to $1.45–1.51.

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