Despite selling less food than it did a year before, higher prices helped Hormel's profit soar 24% this summer.
But the Austin, Minn.-based company missed Wall Street expectations for the quarter and lowered its yearly profit forecast on Thursday. Its stock sank more than 6.5% on the news.
Hormel Foods on Thursday posted a nearly $219 million profit in its fiscal third quarter, which ended July 31. That equates to $0.40 per share, slightly lower than the analysts' forecast.
