Hormel revises 2008 outlook down
"The recent decline in global financial markets has negatively impacted our rabbi trust investment performance. This is one factor that will prevent us from reaching the earnings range articulated in our third quarter conference call," said Jeffrey M. Ettinger, chairman of the board, president and chief operating officer.
Ettinger also said that the company was experiencing greater than expected cost pressures and unfavorable product mix changes in our grocery products and refrigerated foods segments. Hormel is lowering our full year guidance to $2.03 to $2.09 per share from its earlier guidance range of $2.22 to $2.28 per share.
The company still expects to beat last year’s results on a segment operating profit basis.
Source: Hormel Foods Corp.