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 AUSTIN, Minn. (AP) - Hormel Foods Corp., maker of Spam and Jennie-O Turkey, said Thursday its fiscal second-quarter earnings climbed 20 percent, beating Wall Street estimates, driven by gains from its refrigerated and specialty foods segments.
Hormel also raised its full-year guidance, despite difficulty in its turkey business.
Net income in the three months ended April 30 rose to $67.3 million, or 48 cents per share, from $56 million, or 40 cents per share, in the year-ago period. Sales rose to $1.4 billion from $1.3 billion a year ago.
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