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Hormel Foods Says Sales to Take a Hit From African Swine Fever

M. Corey Goldman

on Thursday reported quarterly earnings that were in line with analysts' forecasts, though warned that the impact of African swine fever on hog and pork prices affected its quarterly sales, and will continue to impact revenue and earnings. The company lowered its fiscal 2019 earnings guidance range, however, based on higher costs related to the impact of African swine fever in the second quarter and expectations of volatile domestic pork prices in the second half of fiscal 2019. "In spite of record sales, second-quarter earnings did not meet our expectations," Hormel CEO Jim Snee said in a statement.