Add SPAM maker Hormel Meals to the rising record of US firms struggling collateral injury from the worldwide commerce struggle.
Hormel reported gross sales Thursday that had been beneath forecasts and issued a cautious outlook, partly due to tariffs on US agricultural merchandise.
The corporate, which additionally owns the Skippy peanut butter, Jennie-O turkey and Applegate Pure and Natural Meats, mentioned pork export quantity, gross sales, and profitability declined sharply within the quarter.
Chairman and CEO Jim Snee mentioned tariffs on metal and aluminum exports, in addition to pork, would seemingly harm earnings this yr.
Shares of Hormel ( fell three% Thursday on the information. )
Hormel is not the one meals firm to get hit by tariffs.
Poultry producer Sanderson Farms additionally mentioned in its earnings report Thursday that world commerce skirmishes had been hurting outcomes. Grain prices have gone up recently. Shares of Sanderson ( had been down almost four%. )
Meat large Tyson ( mentioned final month that the commerce struggle was consuming into its earnings as nicely. )
CNNMoney (New York) First revealed August 23, 2018: 12:32 PM ET