Hormel Foods has posted a 5% rise in first-half profits thanks to earnings growth across the business.
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The US group booked a 4.9% rise in first-half net income for the six months to 29 April. Profits reached US$143.3m on the back of a 8% increase in sales to $3bn.
Chairman, president and CEO Jeffrey Ettinger said: “Our microwaveable meals continued their exceptional growth trend. We also enjoyed strong sales results from other key products such as Hormel chili, Hormel Natural Choice deli sandwich meats, and Hormel party trays.”
Ettinger added: “The only disappointment in the quarter was that Jennie-O Turkey Store was not able to pass on higher grain costs through pricing as quickly or as thoroughly as we had hoped.”
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