Standard & Poor’s rating services maintained its ‘A’ rating for Hormel Food, even after it acquired privately held Burke Corp for $110 million. The agency expects that the company has enough credit and the acquisition will strengthen its business.
Hormel Foods corporation lowers Q3, FY 2007 EPS guidance; issues Q4 2007 EPS guidance below analysts' estimates. The company said Jennie-O Turkey Store should continue to face the challenge of recovering higher input costs through pricing.