Hormel Foods cut its sales guidance after revenue declined in the fiscal third quarter, due to lower prices and a tough consumer environment.

The food company, which owns Spam and Skippy peanut butter, on Thursday posted a profit of $59.6 million, or 11 cents a share, compared with $183.7 million, or 33 cents a share, a year earlier.

Stripping out certain one-time items, adjusted per-share earnings were 37 cents, ahead of the 35 cents anticipated by analysts, according to FactSet.

Revenue fell 2% to $2.96 billion. Analysts surveyed by FactSet had forecast revenue of $3.03 billion.

The quarterly results reflected lower commodity-based pricing in portions of the business and a consumer environment that remains under pressure, interim Chief Executive Jeff Ettinger said.

Declines in commodity turkey and private-label snack nuts contributed to a 4% decline in Hormel's retail segment sales.

Hormel has also been taking actions to streamline parts of its portfolio, he said. During the quarter, Hormel agreed to sell its Brazil operations, which are operated under the Ceratti brand.

The divestiture closed early in the current fourth quarter, and the impacts are reflected in Hormel's updated annual guidance.

Hormel cut its outlook for annual sales to $12.1 billion to $12.2 billion, compared with a prior range of $12.2 billion to $12.5 billion.

It now expects adjusted earnings per share of $1.45 to $1.51, compared to its earlier guidance of $1.43 to $1.51.