Skip to main content

Hormel profits, sales edge higher in 1Q

  • Author:
  • Updated:
    Original:

Hormel Foods Corp. said Thursday its fiscal first-quarter net earnings rose 1 percent to $129.7 million compared with $128.4 million in the same period last year, the Austin Daily Herald reports. Total sales improved nearly 4 percent to $2.1 billion.

The Star Tribune says the Austin, Minn.-based packaged food maker had strong sales of Spam, chili and other dry grocery goods. That helped offset higher grain costs which caused a 23 percent drop in profits for its Jennie-O Turkey business.

“We continue to generate solid top-line momentum with many of our franchises, as our broad portfolio of value-added products resonates with consumers," Jeffrey M. Ettinger, chairman of the board, president and CEO, said in a news release.

Reuters notes Hormel raised its full-year earnings estimate to between $1.93 and $2.03 per share, up from $1.90 and $2.00.

Last month, the company bought the Skippy peanut butter brand for about $700 million.

Click here, to follow Hormel's stock performance.

Next Up

best buy

Best Buy makes job cuts weeks after warning of soft sales

The Richfield retailer has been dealing with a shift in consumer trends.

Screen Shot 2022-08-12 at 10.26.20 PM

Police: Man makes Jewish slur at golfer, smashes own car up with club

It happened at a course that was founded as a Jewish country club 100 years ago.

Screen Shot 2022-08-12 at 9.59.07 PM

4 abandoned puppies found in a bucket in Willmar

The puppies were in good health when they were discovered.

Minneapolis police

Suspect of home invasion, murder in Minneapolis arrested in Wisconsin

There have been 57 deaths reported as homicides in Minneapolis this year.

Carson McCoy

Charges: Man stole handgun from house, fired at motorcyclists from car

A chaotic scene that led to a police chase unfolded after an alleged burglary in Ham Lake.

Mounds view 7 - crime scene

BCA's Uniform Crime Report shows violent crime in MN spiked in 2021

The report details violent crime trends in the seven-county metro and Greater Minnesota.

Screen Shot 2022-08-12 at 4.49.22 PM

Search for vulnerable man, 66, missing from Brooklyn Park

Alex Ramirez was last seen in the early hours of Thursday morning.

St. Cloud Times

St. Cloud Times writing staff hit by Gannett budget cuts

Mass layoffs were expected at Gannett-owned outlets across the country.

PoolScammerLawsuitAG

Pool company sued by AG for allegedly scamming homeowners out of $1M-plus

According to the lawsuit, 17 Minnesota homeowners were affected by this scam.

image

Late cancellation of music festival leaves bad blood in Two Harbors

The cancellation announcement says the promoter walked away from the gig after being harassed by some local residents.

Related