Hormel Stock Taking a Beating
Austin, MN (KROC AM News) - Austin-based Hormel Foods is having a rough day on Wall Street.
The food conglomerate saw its common stock fall nearly 10-percent or more than $3 per share when trading opened Thursday morning after releasing its third quarter earnings.
They showed Hormel’s earnings fell by more than $10-million ($182.5-million vs $195.6-million) compared to the same period a year ago. Revenue was down nearly 4-percent at $2.2-billion.
Hormel has told investors it expects to face continued challenges the remainder of the year, primarily because of record-high pork and beef costs.