Hormel Foods said today (22 May) that its profit rose in the second quarter as pork costs fell and Spam sales continued to increase.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more


The Austin-based company said earnings were up 14%, climbing to US$77.6m on sales of $1.6bn – a rise of 6%.


Strong Spam sales were the consequence of investment in marketing, the company suggested.


Profits at the company’s refrigerated foods division increased 26% to $55.6m. However, the company said that its Jennie-O Turkey brand felt the negative impact of increased feed and energy costs, with profits falling 16%.


Rising costs also dented Hormel’s speciality foods segment, where profits dropped nearly 5% to $15.5m.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Despite rising grain and energy expenses, Hormel reiterated its full-year earnings forecast of $2.30-$2.40 per share.


“We were able to meet our company objectives for sales and earnings growth in the second quarter amidst a challenging operating environment,” said chairman, president, and CEO Jeffrey Ettinger.


For the first half of the year, Hormel earnings totalled $165.7m, up from $143.3m during the same period a year ago. Revenue rose to $3.2bn, from $3bn for the comparable period of last year.