Hormel: Spam Pushed Q1 Profits Way Up

  • February 18, 2008
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

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