August 23, 2018 / 1:59 PM / 3 months ago

Hormel Foods says tariffs to hit profits by as much as six cents a year

Aug 23 (Reuters) - Hormel Foods Corp’s quarterly sales missed estimates on Thursday and the packaged food maker said it expects tariffs on pork, steel and aluminum to reduce its annual profit by as much as six cents per share, sending its stock down as much as 5.5 percent.

The company said it expects to see a four to six cent per share impact to profit every year due to China’s tariffs on U.S. pork that has hit its exports as well as U.S. tariffs on aluminum and steel that has led to higher packaging costs.

Shares of the company pared losses to trade 2.5 percent lower at $37.63 in morning trading.

Reporting by Siddharth Cavale in Bengaluru; Editing by Arun Koyyur

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below