The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from Business Wire

Hormel Lowers Outlook for Fiscal 2013

Tuesday, June 18, 2013

Hormel Lowers Outlook for Fiscal 2013

08:00 EDT Tuesday, June 18, 2013

AUSTIN, Minn. (Business Wire) -- 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 Foods
Hormel 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".

Hormel Foods Corporation
Investor Contact:
Kevin Jones, 507-437-5248
kcjones@hormel.com
or
Media Contact:
Julie Craven, 507-437-5345
jhcraven@hormel.com

Products
  • Globe Unlimited

    Digital all access pass across devices. subscribe

  • The Globe and Mail Newspaper

    Newspaper delivered to your doorstep. subscribe

  • Globe2Go

    The digital replica of our newspaper. subscribe

  • Globe eBooks

    A collection of articles by the Globe. subscribe

See all Globe Products

Advertise with us

GlobeLink.ca

Your number one partner for reaching Canada's Influential Achievers. learn more

The Globe at your Workplace
Our Company
Customer Service
Globe Recognition
Mobile Apps
NEWS APP
INVESTING APP
Other Sections