06:56 AM EDT, 09/04/2024 (MT Newswires) -- Hormel Foods ( HRL ) reported fiscal Q3 adjusted earnings Wednesday of $0.37 per diluted share, down from $0.40 a year earlier.

Analysts polled by Capital IQ expected $0.36.

Net sales for the quarter ended June 28 were $2.90 billion, compared with $2.96 billion a year earlier.

Analysts surveyed by Capital IQ expected $2.96 billion.

The company narrowed its fiscal year 2024 adjusted earnings guidance to $1.57 to $1.63 per diluted share, from $1.55 to $1.65. Analysts polled by Capital IQ expect $1.59.

The company reduced its revenue outlook for the year to $11.8 billion to $12.1 billion, from $12.2 billion to $12.5 billion. Analysts surveyed by Capital IQ expect $12.13 billion.

Hormel Foods' ( HRL ) shares fell almost 6% in recent premarket activity

Price: 31.30, Change: -1.84, Percent Change: -5.55