Hormel Foods narrows FY24 adjusted EPS view to $1.57-$1.63 from $1.55-$1.65

Consensus $1.60. Cuts FY24 revenue view to $11.8B-$12.1B from $12.2B-$12.5B, consensus $12.14B. Backs FY24 effective tax rate 22%-23%. Updated guidance includes an updated estimate of 6c per share impact related to production disruptions at its Suffolk, Virginia, facility. Furthermore, the company is assessing the financial impact related to storm damage at its Papillion, Nebraska, facility. The company said, “Our team remains focused on finishing the year strong and executing on our strategic priorities,” said Snee. “In the fourth quarter, we expect continued momentum across many of our key retail brands, growth within our Foodservice and International businesses, improved service levels for the Planters(R) snack nuts business, and further advancements of our transform and modernize initiative.”