Hormel Foods Corporation (NYSE: HRL), a multinational marketer of consumer-branded meat and food products, today lowered its full year guidance range for fiscal 2013 from $1.93 - $2.03 per share to $1.88 - $1.96 per share.
"Lower than expected results in our pork operations, higher input costs and softer sales of our retail products in our Refrigerated Foods segment are the primary reason for the expected shortfall in our second half results," said Jeffrey M. Ettinger, chairman of the board, president and chief executive officer.
"We remain very bullish about our future earnings potential. We will provide more details regarding the outlook during our Investor Day on June 26, 2013," Ettinger concluded.
About Hormel FoodsHormel Foods Corporation, based in Austin, Minn., is a multinational manufacturer and marketer of consumer-branded food and meat products, many of which are among the best known and trusted in the food industry. The company leverages its extensive expertise, innovation and high competencies in pork and turkey processing and marketing to bring branded, value-added products to the global marketplace. The company is a member of the Standard & Poor's (S&P) 500 Index, S&P Dividend Aristocrats for 2012, Maplecroft Climate Innovation Indexes, Global 1000 Sustainable Performance Leaders and was again named one of "The 100 Best Corporate Citizens” by Corporate Responsibility Magazine for the fifth year in a row. Hormel Foods debuted on the G.I. Jobs magazine list of America’s Top 100 Military Friendly Employers in 2012. The company enjoys a strong reputation among consumers, retail grocers, foodservice and industrial customers for products highly regarded for quality, taste, nutrition, convenience and value. For more information, visit http://www.hormelfoods.com.FORWARD-LOOKING STATEMENTS This news release contains forward-looking information based on management’s current views and assumptions. Actual events may differ materially. Please refer to the cautionary statement regarding Forward-Looking Statements and Risk Factors that appear on pages 31-38 in the company’s Form 10-Q for the quarter ended April 28, 2013, filed on June 7, 2013, which can be accessed at www.hormelfoods.com under "Investors-SEC Filings".