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Hormel Profit Rises on Turkey Sales

IN BRIEF / EARNINGS

May 21, 2004|From Bloomberg News

Hormel Foods Corp., maker of Spam luncheon meat and Jennie-O Turkey, said fiscal second-quarter profit rose 59% on sales of its Always Tender refrigerated meat entrees and on higher turkey prices.

Net income rose to $53.7 million, or 38 cents a share, from $33.8 million, or 24 cents, a year earlier, the Austin, Minn.-based company said. Sales rose 14% to $1.14 billion.

Sales of bacon, marinated pork tenderloins and seasoned turkey breasts posted double-digit gains, benefiting from the popularity of low-carbohydrate diets in the United States.

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