Hormel Foods has revised its annual sales outlook downward, now projecting revenue between $12.1 billion and $12.2 billion, compared to the previous estimate of $12.2 billion to $12.5 billion. This adjustment follows a decline in fiscal third-quarter revenue, which fell 2% to $2.96 billion, missing analyst forecasts of $3.03 billion. The company, known for brands including Spam and Skippy peanut butter, reported a profit of $59.6 million, or 11 cents per share, a significant drop from $183.7 million, or 33 cents per share, in the same period last year.

Excluding one-time items, adjusted earnings per share reached 37 cents, surpassing the analyst expectation of 35 cents. The food company cited lower prices and a challenging consumer environment as primary factors affecting performance. Despite the profit decline, the better-than-expected adjusted earnings offer a slight positive amid ongoing margin pressures.