Overview
- Hormel reported third‑quarter revenue of $2.96 billion, a 2.4% decline that fell short of analyst expectations and was driven by weaker retail sales and lower volumes.
- The company lowered fiscal 2026 net sales guidance to $12.1 billion–$12.2 billion and narrowed its organic growth outlook to 1%–2%, replacing a prior range that extended to 4%.
- Management said deliberate portfolio shaping, lower commodity pricing and a pressured consumer environment caused the shortfall and completed the sale of its Brazil CERATTI business during the quarter.
- Leadership changes are under way with John Ghingo stepping in as CEO and Ash Bhumbla joining as CFO in September as the company refocuses on branded protein and foodservice channels.
- Despite the revenue miss, Hormel raised adjusted full‑year EPS guidance to $1.45–$1.51, reported stronger operating cash flow and kept its dividend, while the stock fell about 9% on the outlook revision.