SPAM sparks surge at Hormel
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(AP) Meat producer Hormel Foods Corp. says strong sales of SPAM helped its first-quarter earnings rise 17 percent. The Austin, Minn.-based company says profit rose to $88.2 million, or 64 cents per share, from $75.3 million, or 54 cents per share in the prior-year period. Wall Street predicted a smaller profit of 58 cents per share.
Sales rose 8 percent to $1.62 billion from $1.5 billion last year. Wall Street expected revenue of $1.59 billion.
Lower pork costs helped results from its refrigerated foods segment. Sales of Spam and its Hormel Compleats microwave line helped its grocery products division. Hormel says it still expects 2008 earnings of $2.30 to $2.40 per share. Wall Street expects a profit of $2.35 per share.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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