Investors in Hormel Foods (NYSE:HRL) have a sour taste in their mouths following their company's reduction of its guidance for fiscal 2013. The comestibles firm today said it now expects EPS of $1.88 to $1.96 for the year, a shaving of several cents from its previous estimate of $1.93 to $2.03.
The downwards adjustment is due to several factors. In the press release announcing the news, Hormel Foods quoted Chairman and CEO Jeffrey Ettinger as putting the blame on "lower-than-expected results in our pork operations, higher input costs and softer sales of our retail products in our Refrigerated Foods segment."
The company said it will release more details about that outlook at its Investor Day on June 26. Hormel Foods stock closed down 3.6% to $39.19 after the guidance reduction was made public.