HRL - Why Hormel Foods Shares Are Dipping Today? | Benzinga
Hormel Foods Corp (NYSE: HRL) shares are trading lower after the company reported worse-than-expected Q3 FY23 earnings and a reduced FY23 outlook.
The company reported sales of $2.96 billion, missing the consensus of $3.05 billion.
Net sales for Retail decreased 2% Y/Y, Foodservice fell 3%, and International declined 6%.
Adjusted EPS of $0.40 came below the consensus of $0.41.
Adjusted gross margin expanded 10 basis points Y/Y to 16.8%, adjusted operating margin expanded 10bps Y/Y to 9.7%, and the operating income for the quarter fell 1.5% to $286.8 million.
Adjusted selling, ...