Hormel Foods Corporation raised and narrowed its fiscal 2026 adjusted earnings per share outlook to $1.45-$1.51, up from the prior range of $1.43-$1.51, while tightening its organic net sales growth expectation to 1%-2% from 1%-4%, reflecting current market and consumer conditions. The company reported third-quarter adjusted EPS of $0.37, beating estimates by $0.02, but revenue of $2.96 billion missed by $80 million. Interim CEO Jeffrey Ettinger noted the company's year-to-date results and fourth-quarter expectations drove the guidance change, while President John Ghingo, who has been named CEO-elect, cited retail volume softness, elevated freight and fuel costs, and delayed input-cost benefits as key headwinds. Hormel also announced the divestiture of its Brazil operations and the relocation of its Group Vice President of International to Singapore, as part of continued portfolio reshaping. The company expects fiscal 2026 net sales of $12.1 billion to $12.2 billion, representing organic growth of 1% to 2%, and adjusted operating income growth of 6% to 10% year-over-year.
Hormel Foods CorporationRaised FY2026 EPS outlook and beat Q3 EPS estimates, though revenue missed.
