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Hormel Foods Lowers Outlook, Citing Higher Costs

Hormel Foods, the maker of Spam luncheon meat, lowered its third-quarter and full-year earnings forecasts, citing higher-than-expected input costs within its grocery products segment.

The company now expects third-quarter earnings of 40 cents to 42 cents a share, down from its prior view of 42 cents to 48 cents a share.