CEO Jeffrey Ettinger

NEW YORK (MarketWatch) — Hormel Foods Corp. said on Wednesday that its fiscal second quarter profit rose to 7.9 million, or 48 cents a share, compared to 9.6 million, or 41 cents a share a year ago. Net sales at Hormel rose to .01 billion, from .96 billion a year ago. Analysts polled by FactSet Research had expected the company to earn 42 cents a share, on .04 billion of net sales. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com...Read Full Story

Hormel Foods Corp., the maker of Spam, Hormel chili and other foods, reports its third-quarter results before the market opens on Friday.WHAT TO WATCH FOR: The company's guidance for the remainder of the year and 2011.Wall Street expects the company to post a profit for the quarter that ended in July. And Hormel raised its full-year guidance during its last quarterly report, saying it expects the strength of its brands to carry its business.But Hormel has been facing major price fluctuations...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) - 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-year profit...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

The compensation of Hormel Foods Inc.'s chief executive fell 17.5 percent in 2009 to $6.3 million, according to an Associated Press calculation of figures filed with regulators.Jeffrey M. Ettinger's incentive compensation fell, and he received smaller stock and options grants in a year when the maker of Spam and Hormel chili saw sales fall 3 percent but its profit rise as ingredient costs fell and its turkey unit improved.Ettinger's salary was about $956,000, 4.8 percent more than in fiscal...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 production...Read Full Story

Hormel Foods Corp. said strong sales of its grocery products such as Hormel Chili helped its net income rise 11 percent in the third quarter despite higher commodity costs.The maker of Spam, Dinty Moore and other foods on Friday raised its earnings guidance for the year on the results.Net income rose to $85.4 million, or 63 cents per share. That's up from $77.2 million, or 57 cents per share, last year. Analysts polled by Thomson Reuters, on average, expected a smaller 60 cents per share...Read Full Story

Hormel Foods Corp. is acquiring the Shedd's Country Crock side-dish line from Unilever United States Inc., a move that adds potato and pasta side dishes to Hormel's product line that includes meat and poultry entrees.Terms were not disclosed Monday for the deal, which is expected to close by next month.The products in the Country Crock side-dish line include mashed potatoes and macaroni and cheese. The business generated about $50 million in revenue last year for Unilever, based in Englewood...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