News Brief

Hormel: Spam Pushed Q1 Profits Way Up

Sales of Spam and lower pork costs boosted first-quarter profits at Austin, Minn-based Hormel Foods, the company said on Friday.

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

Tags: food
Recommend (2) Print RSS