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Hormel Lowers Profit Expectations for the Year

Hormel shares slid 5 percent before the opening bell after the company trimmed its profit expectations for the year, citing higher input costs, softer sales and a worse-than-expected performance from its pork operation. The Austin, Minn., company said Tuesday that it now expects to post a 2013 profit of $1.88 to $1.96 per share.

Mnet 129383 Hormel Lead 2

AUSTIN, Minn. (AP) — Hormel shares slid 5 percent before the opening bell after the company trimmed its profit expectations for the year, citing higher input costs, softer sales and a worse-than-expected performance from its pork operation.

The Austin, Minn., company said Tuesday that it now expects to post a 2013 profit of $1.88 to $1.96 per share, down from its previous prediction of $1.93 to $2.03 per share.

Wall Street had been looking for per-share earnings of $1.99, according to FactSet.

Hormel Foods Corp. makes a wide variety of products. In addition to its flagship brands of fresh meats and canned products, it also makes Spam, Skippy peanut butter, Jennie-O Turkey Store and other products.

In premarket trading, Hormel shares fell $1.95 to $38.70.