FILE PHOTO: The company logo for Hormel Foods is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., October 9, 2019.
REUTERS/Brendan McDermid/File Photo(Reuters) - Hormel Foods on Thursday cut its annual revenue and profit targets after missing quarterly results as the Skippy peanut butter maker wrestled with lower pork and turkey prices and sluggish demand in key market China.
Segment profit from international operations tumbled 50% from a year earlier, with the company citing softness in China and lower branded export demand.
Hormel Foods now expects annual adjusted earnings per share between $1.61 and $1.67, compared with $1.70 to $1.82 forecast earlier.
The Austin, Minnesota-based company now expects a flat to 4% decline in annual net sales, compared with a rise of 1% to 3% expected earlier.
Persons:
Brendan McDermid, Hormel, Tyson Foods
Organizations:
Hormel, New York Stock Exchange, REUTERS
Locations:
New York, U.S, China, Austin , Minnesota