Hormel Foods Corp. reported a better-than-expected profit for the second quarter of the fiscal year of $80.4 million, or 59 cents per share, according to a Reuters article.

"It came a quarter early," said Hormel chief executive Jeffrey Ettinger of the increased profit. "The turnaround in the Jennie-O Turkey Store worked its way through the system a little quicker than we anticipated."

Advertisement

On an operating basis, the Jennie-O unit earned $16.68 million, up 42% from last year’s earnings, according to the article.

"Now our anticipation is that we will have up quarters in Q3 and Q4,” said Ettinger, who estimated about a 15 cent-per-share growth in earnings for the second half of its fiscal year.