Hormel: Spam Pushed Q1 Profits Way Up
Sales were up 8% over the year-ago period, to $1.62 billion. Hormel cited a 10% hike in sales of its grocery products, including Spam and Compleat microwaveable meals.
Earnings were $88.2 million, or 64 cents per share, up from $75.3 million or 54 cents per share a year ago.
Hormel's Jennie-O Turkey Store unit showed a 16% increase in profit that the company said was due to higher prices, product mix and manufacturing efficiencies.
--Nina M. Lentini