Posted on 02/15/2008 5:34:37 AM PST by jdm
AUSTIN, Minn.—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.
People must finally be exhausting the Y2K supplies.
Spam is recession proof.
My son and I did some snow camping a couple weeks ago. He found a Boy Scout recipe for Pepsi Spam that we just had to try. We boiled spam in Pepsi and packed in in a bag. Then we fried it and served it on Pita’s with cheese and mustard. Gotta admit, it was pretty good.
Amnesty, anyone? :)
Actually, there may be an inverse relationship between recession and Spam sales. Anyone care to research it?
If they would get a boost from selling it on-line, now THERE’S a headline.
“Hormel profits rise helped by internet spam sales.”
>>>Spam is recession proof.
It’s also a multicultural favorite which is often on sale at my local Hispanic/Asian market.
I’m not saying that the rising tide of Hispanic illegals is lifting Hormel’s boat from both port (Spam sales) and starboard (cheap peasant labor).
No, I’m not saying that at all. /s
This damn Bush economy! People have to eat Spam now! Next it will be cat food. I blame Bush!
The increase in sales is at least partially attributable to the commercial success of “Spamalot”. Of that, I am certain.
I was being sarcastic. If you don’t like it, I will turn you into a newt. Don’t worry, you will get better!
Nah. Bird Flu Pandemic supplies.
What is the shelf life of spam? Do they measure it in years or millenia?
Not that there is anything wrong with eating pig nostrils and anuses. SARC
Me likes fried spam with syrup....mmmm, tastes like squirrel
My mom is from England and would often buy spam while we were growing up. She called it “corned beef” and that’s what I thought it was. Much embarrasment the first time I rejected my New Yorker husband’s offer of a corned beef sandwich because “I don’t like spam.”
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