Hormel Foods shares closed down 9.1% at $21.57 after the company cut its fiscal 2026 net sales outlook to $12.1 billion-$12.2 billion from $12.2 billion-$12.5 billion and reported third-quarter sales of $2.96 billion, missing the $3.04 billion consensus. Adjusted earnings of $0.37 per share beat the $0.35 estimate, and Hormel raised full-year adjusted EPS guidance to $1.45-$1.51 from $1.43-$1.51 against a $1.50 consensus while keeping organic net sales growth at 1%-2%. Retail sales fell 4% and volumes dropped 9%, International profit was hit by a noncash impairment, and Foodservice extended its organic sales growth streak to a 12th quarter. President and CEO-elect John Ghingo tied weaker sales to portfolio changes, softer commodity pricing and strained shoppers facing cumulative inflation and higher fuel costs, saying conditions look choppy with no meaningful near-term improvement. Hormel completed the sale of its Brazil Ceratti operations early in the fiscal fourth quarter, named Ash Bhumbla CFO effective Sept. 8, and said interim CFO Paul Kuehneman will support the transition.