Hormel Foods Corp., a multinational marketer of consumer-branded meat and food products, is lowering its expectation for fiscal 2008 earnings as a result of the recent decline in global financial markets negatively impacting their rabbi trust investment performance.

"We are lowering our full year guidance to $2.03 to $2.09 per share from our earlier guidance range of $2.22 to $2.28 per share. However, we expect to beat fiscal year 2007 results for the full year on a segment operating profit basis," said Jeffrey M. Ettinger, chairman of the board, president, and chief executive officer.