Hormel Foods Corporation (NYSE: HRL) reported fourth quarter 2022 earnings results today.
Net sales decreased 5% year-over-year to $3.3 billion. Organic net sales were up 2%.
Net earnings attributable to Hormel Foods Corporation were $279.8 million, or $0.51 per share, compared to $281.7 million, or $0.51 per share, last year.
For fiscal year 2023, net sales are expected to range between $12.6-12.9 billion.
Earnings beat estimates but revenue fell short. The outlook was also lower than expected sending the stock plunging over 7% in premarket hours.