“(Reuters) – Hormel Foods Corp, which makes Spam lunch meat, cut its full-year earnings outlook on Tuesday, citing weakness in its pork business, softer sales of its refrigerated foods and higher meat costs, and its shares fell nearly 5 percent.
Hormel, which is also a turkey and pork processor, said it expectedearnings of $1.88 to $1.96 a share for the year ending in October, down from its prior forecast of $1.93 to $2.03.
Analysts on average had forecast a profit of $1.99 a share, according to Thomson Reuters I/B/E/S.
Hormel was squeezed by higher costs for chicken, pork and beef, a spokesman said….”
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