CEO Jeffrey Ettinger

CHICAGO (Reuters) - U.S. food makers H.J. Heinz Co <HNZ.N> and Hormel Foods Corp <HRL.N> said they expect sales to rise in the coming months as consumers stick to more frugal habits such as eating meals at home instead of going out. Heinz, which makes ketchup and Ore-Ida frozen potatoes, posted a lower quarterly profit on Tuesday, hurt by sales declines in North America and Europe. But it said it is optimistic about sales heading into the second half of its fiscal year and raised its full... Read Full Story

Hormel Foods Corp. reports results for its fiscal fourth quarter on Tuesday before the market opens. The following is a summary of key developments and analyst opinion related to the period. OVERVIEW: Hormel, based in Austin, Minn., continues to see gains as its foods like Spam, Dinty Moore stews and Chi-Chi's Mexican products resonate with budget-conscious shoppers. Consumers continue to limit their spending and eat at home in response to the recession, and that benefits food makers like... Read Full Story

CHICAGO (Reuters) - Hormel Foods Corp <HRL.N> posted a 53 percent jump in quarterly profit, aided by lower hog prices and stronger sales of its namesake chili, and said earnings should rise in the current fiscal year. The company, which also makes Spam luncheon meat, Dinty Moore canned stew and Jennie-O turkey, raised its annual dividend by 10.5 percent to 84 cents per share. Hormel earned $103.9 million, or 77 cents a share, for the fourth quarter ended October 25, up from $67.8 million, or... Read Full Story

Hormel Foods Corp. noted that sales of its microwavable meals, including the Compleats brand, were weak in the quarter. Consumers are limiting their spending on expensive items amid the recession, and that's hurting products like microwavable meals. CEO Jeffrey Ettinger said the category is seeing competition on pricing as companies seek to keep wooing shoppers. He discussed the issue in the company's third-quarter earnings conference call with analysts on Thursday. QUESTION: Talk about your... Read Full Story

CHICAGO (Reuters) - Packaged food makers H.J. Heinz Co <HNZ.N> and Hormel Foods Corp <HRL.N> both posted better-than-expected quarterly profits as consumers bought more items like ketchup and Spam as they increasingly ate at home to save money. Heinz, which makes its namesake ketchup and Ore-Ida potatoes said on Thursday that it also benefited from strength in emerging markets and price increases, although the stronger U.S. dollar cut into sales outside the United States, causing net income... Read Full Story

CHICAGO (Reuters) - Hormel Foods Corp <HRL.N> raised its fiscal 2009 earnings forecast on Monday, citing a stronger-than-expected third quarter. The maker of Spam lunch meat said the third quarter benefited from a strong performance in refrigerated foods, improvement at Jennie-O turkey and solid results in grocery products. Hormel also benefited from better investment performance in its "rabbi trust" investment trust, Chairman and Chief Executive Jeffrey Ettinger said in a statement. Hormel... Read Full Story

Hormel Foods says it is boosting its 2009 profit guidance because of strong performance from its refrigerated foods segment. Hormel Foods Corp., which makes Spam, chili and Jennie-O Turkey products, says it now expects to post a profit of $2.36 to $2.42 per share for the year. The company had previously projected a profit of between $2.15 and $2.25 per share. Analysts polled by Thomson Reuters expect a profit of $2.29 per share for the year. Austin, Minn.-based Hormel also credited improved... Read Full Story

CHICAGO (Reuters) - Commodity costs may be off their record highs and consumers may be struggling, but that doesn't mean food manufacturers are about to slash prices. Many companies such as Campbell Soup Co and Hormel Foods Corp are still locked into contracts struck when prices of ingredients such as wheat, corn, beef, pork and packaging materials were at sky-high levels. Added to that, companies such as Campbell that rely on exports or factories overseas for a large part of their revenue... Read Full Story

Price is paramount as consumers pare back even their food purchases. Nestle SA, the world's largest food company, and Hormel Foods Corp., the maker of pork-in-a-can icon Spam, said Thursday they plan to keep pushing low-cost products as consumers trim their budgets amid the deepening recession. Since May, Spam sales have been growing by double-digit percentages as consumers flock to the value they see in the brand, said Chief Executive Jeffrey Ettinger. Hormel's plants have boosted... Read Full Story

Hormel Foods Corp., the maker of Spam and other food products, said Thursday that its fiscal first-quarter profit fell 8 percent in part because of higher-than-expected hog costs, but the showing easily beat analyst estimates. And the sales of brands like the iconic Spam, a pork product in a can, Dinty Moore stews and Hormel chili rose as consumers focus on value in the recession, said Chief Executive Jeffrey M. Ettinger. The Austin, Minn.-based company, also known for its chili and Jennie-O... Read Full Story