Hormel Foods and CIBC report quarterly financial results

Hormel Foods Corporation reported third-quarter fiscal 2026 results, posting adjusted diluted earnings per share of $0.37, which exceeded consensus estimates of $0.36. Despite the earnings beat, net sales fell to $2.96 billion, a 2.4% decrease from the previous year, missing analyst expectations of $2.98 billion. The company noted that organic net sales declined by 2%, with the retail segment seeing a 4.3% year-over-year revenue drop.

Interim CEO Jeff Ettinger stated the company is advancing its fiscal 2026 objectives, while CEO-elect John Ghingo attributed the sales decline to portfolio-shaping actions and a pressured consumer environment. Hormel raised and narrowed its adjusted earnings outlook for the full fiscal year.

In other financial news, Canadian Imperial Bank of Commerce (CIBC) reported third-quarter revenue of $8.4 billion, a 15% increase year-over-year. Adjusted earnings rose 26% to $2.73 per share, beating analyst expectations by $0.20. The bank saw profit increases in both personal/business banking and capital markets.

AeroVironment, Inc. shares saw a decline of 2.9% during recent trading. The company is scheduled to participate in the 2026 Jefferies Global Industrials Conference in New York City, where executives will engage in a fireside chat.