Posted on 02/15/2008 2:34:29 PM PST by Shermy
MINNEAPOLIS (AP) -- Hormel Foods Corp. said strong sales of Spam and a recovery in its turkey business boosted first-quarter earnings by 17%.
The meat producer said it made $88.2 million, or 64 cents per share, up from $75.3 million, or 54 cents in the prior-year period. Analysts surveyed by Thomson Financial had predicted 58 cents per share.
Sales rose 8% to $1.62 billion, from $1.5 billion last year. Wall Street expected revenue of $1.59 billion.
Shares rose nearly 3%, or $1.12, to $40 in premarket trading.
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 said it will add a new $89 million plant to make the Compleats in Dubuque, Iowa, which will open in November 2009.
< snip >
The Austin, Minn.-based Hormel said it expects higher grain and fuel prices for the rest of this year, which will hurt Jennie-O and some of its refrigerated foods business. That will be partially offset by lower hog prices, increases in selling prices, and manufacturing efficiencies, Ettinger said.
Asked about the economic environment and its impact on Hormel, Ettinger said he has seen some foodservice customers shift toward buying lower-priced items. He said he has not seen a similar shift for retail customers.
Hormel (HRL, Fortune 500) says it still expects 2008 earnings of $2.30 to $2.40 per share. Wall Street expects $2.35 per share. To top of page
(Excerpt) Read more at money.cnn.com ...
Things looking good for the American economy!
Not so good for the American arteries.
Who would pay money for junk emails?
See: http://video.google.com/videoplay?docid=5627694446211716271
Wonder if Hormel ever gave Cleese and Palin a lifetime supply of Spam?
http://www.google.com/search?hl=en&q=Spam+recipes
A google search does throw up this gem.....
http://www.magicbluepill.com/vs.shtml
Spam Viagra recipes.....
Woohooo!!
>>Not so good for the American arteries
Shoot, ain’t you heard of lightly grilled Spam garnished with Lipitor?
LOL
Post nine, many uses for Spam. ;-D
Didn’t Bill Clinton appoint one of the Hormel heirs to some minor ambassodorship?
Didn’t Bill Clinton appoint one of the Hormel heirs to some minor ambassodorship?
IIRC, he was quite the po(r)ker!
Sneak Attack.(James Hormel - first openly gay diplomat)
Newsweek International, June, 1999
Bill Clinton last week made use of a rarely employed executive privilege to appoint the nation's first openly gay diplomat. Conservative Republicans in the Senate had stood in the way of James Hormel's nomination as ambassador to Luxembourg since 1997. But Clinton skirted them by naming Hormel while Congress was on vacation. ...
Okay who eats spam, it isn’t cheap and it tastes nasty.
A meat lover.
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