Hormel Foods Posts 15% Rise in Profit

Hormel Foods Corp. said fiscal third-quarter profit rose 15% as gains in grocery products such as Spam luncheon meat offset weaker turkey and pork sales caused by excess supplies.

Net income for the three months ended July 27 rose to $38.3 million, or 27 cents a share, from $33.2 million, or 24 cents, a year earlier, the company said. Sales fell 4.4% to $933.8 million from $977 million. The results matched analysts’ expectations.

Austin, Minn.-based Hormel’s shares rose 3 cents to $21.50 in NYSE trading.