Hormel lowers outlook amid challenging pork and turkey backdrop

Food processor Hormel Foods Corp. has lowered its fourth quarter earnings guidance and full-year outlook due to supply chain issues and unfavorable market conditions in the pork and turkey industries. Soft prices offset sales volume growth in the third quarter, and the company expects sales to decline by up to 4% in fiscal 2023. Hormel, along with other meat producers, has struggled with high feed costs and low pork and chicken values. Despite these challenges, Hormel is optimistic about the rest of the year as cost-cutting measures take effect and markets stabilize.

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