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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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Related

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.

U.S. Bancorp's 2Q profit jumps 18 percent

Minneapolis-based U.S. Bancorp reported high-than-expected quarterly profit as revenue rose and set aside less money for bad loans. The fifth-largest U.S. commercial bank posted a net income of $1.42 billion in the second-quarter.

Higher fares help Delta beat profit predictions

Bloomberg reports the airline's fourth-quarter profits have more than doubled after the company boosted fares to offset higher oil costs. "The industry has proven that they can be profitable at $100-a-barrel oil," said one analyst.

3M beats 2Q expectations despite lower sales

The Maplewood-based maker of Post-it and Scotch Tape products posted an unexpected decline in second-quarter sales, but still topped Wall Street projections by a penny. Net sales were down 1.9 percent.

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.

Medtronic profits surge 54 percent

The medical-device maker reports second-quarter profits up significantly from a year ago, when the company was tangled up in legal troubles.

Polaris profits surge 40 percent in 3Q

Boosted by double-digit sales growth across all of its product lines, Polaris Industries Inc. posted a net income of $94.3 million, a 40 percent jump from $67.6 million in the third quarter a year-ago, the Associated Press reports. The Medina-based all-terrain vehicles maker also lifted its full-year outlook for the third time.