Shares of Hormel Foods Corp. fell 1.5% in premarket trade Thursday, after the parent of Skippy, Spam and Natural Choice food brands reported fiscal second-quarter earnings that beat expectations, but sales that came up shy and lowered its full-year outlook. Net income for the quarter to April 28 rose to $282.4 million, or 52 cents a share, from $237.4 million, or 44 cents a share, in the year-ago period. Excluding non-recurring items, such as a gain from a divestiture, adjusted earnings per share came to 46 cents, above the FactSet consensus of 45 cents. Sales rose 0.6% to $2.34 billion, just below the FactSet consensus of $2.37 billion. Among Hormel's business segments, refrigerated foods sales grew 1.0% to $1.26 billion versus the FactSet consensus of $1.27 billion; grocery sales increased 2.2% to $635.3 million to top expectations of $628.4 million; and Jennie-O Turkey sales increased 0.5% to $305.3 million to beat expectations of $299.0 million. For fiscal 2019, Hormel cut its guidance ranges for EPS to $1.71 to $1.85 from $1.77 to $1.91 and for sales to $9.50 billion to $10.0 billion from $9.70 billion to $10.20 billion, citing input cost increases experienced in the second quarter and expectations of volatile domestic pork prices in the second half of the year. The stock has shed 7.5% year to date through Wednesday, while the S&P 500 has gained 13.9%.