Why Hormel Foods Shares Are Dipping Today?
Portfolio Pulse from Lekha Gupta
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. Adjusted EPS of $0.40 came below the consensus of $0.41. Hormel lowered FY23 adjusted EPS to $1.61 - $1.67 from $1.70-$1.82 versus the consensus of $1.73. HRL shares are trading down by 2.07% at $38.84 on the last check Thursday.
August 31, 2023 | 1:41 pm
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Hormel Foods Corp reported lower than expected Q3 FY23 earnings and reduced its FY23 outlook, leading to a drop in its share price.
Hormel Foods Corp reported lower than expected earnings for Q3 FY23 and also reduced its outlook for FY23. This has led to a decrease in investor confidence, resulting in a drop in the company's share price.
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