Hormel 2Q profit jumps 17 percent to beat Wall Street predictions

The Austin-based food maker says strong demand for its Jennie-O products and Spam helped boost sales in the quarter that ended in April.
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The Austin-based food maker says strong demand for its Jennie-O products and Spam helped boost sales in the quarter that ended in April.

Hormel CEO and President Jeffrey Ettinger touted the financial report Wednesday morning on CNBC. Watch below:

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Hormel Foods 3Q net income soars 13%

Strong sales of Spam and Jennie-O products helped the Austin-based meat producer meet Wall Street expectations. Hormel's third quarter earnings rose to $111.2 million, or 41 cents per share, in the third quarter ended on July 29 compared to $98.5 million, or 36 cents per share, a year earlier.

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Higher expenses eat into Hormel's profits

The Austin-based company reports earnings for refrigerated foods were down 44 percent in the first quarter. Hormel says leaner profit margins for pork were a big ingredient in that. CEO and President Jeff Ettinger expects slowly improving results this year.

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