Hormel net income increases 1 percent

Hormel Foods reported February 21 its net income edged up 1 percent to $129.7 million, as higher sales of Spam, Hormel chili and other products helped offset higher costs for grain and commodity costs in its Jennie-O Turkey segment. Revenue rose nearly 4 percent to $2.12 billion from $2.04 billion in 2012.

Hormel Foods reported February 21 its net income edged up 1 percent to $129.7 million, as higher sales of Spam, Hormel chili and other products helped offset higher costs for grain and commodity costs in its Jennie-O Turkey segment.

Revenue rose nearly 4 percent to $2.12 billion from $2.04 billion in 2012. Analysts expected revenue of $2.13 billion. 

In the company's refrigerated foods segment, which makes up half of Hormel's total revenue, revenue fell 2 percent, hurt by higher costs related to pork processing. Revenue from grocery products, which includes Spam and makes up about 16 percent of total revenue, jumped 24 percent on strong sales of Spam, Hormel chili, Mary Kitchen hash and Herdez salsa. Revenue from Jennie-O Turkey Store, which makes up 18 percent of revenue, rose 3 percent as sales of turkey products were offset by higher grain and commodity costs.

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