Hormel Foods (HRL) lowered its full-year sales forecast after missing second-quarter revenue expectations. The company reported Q2 sales of $2.96 billion, a 2.4% year-over-year decline. This result missed the $3.04 billion consensus estimate.
Sales volumes fell 7.4% during the period. Adjusted earnings per share reached $0.37, slightly beating analyst projections. Hormel now expects full-year revenue of $12.15 billion at the midpoint.
The new guidance reflects a decrease from the previous $12.35 billion target. The stock fell 1.9% immediately following the report.