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Hormel Foods

Skippy, Bacon Demand Lifts Hormel's 1Q Profit

Hormel Foods (NYSE:HRL) continued to get a boost from its acquisition of Skippy peanut butter, reporting an 18% increase in its first-quarter earnings.The maker of packaged foods said Thursday its profit rose to $153.3 million from $129.7 million in the same period a year earlier. On a per-share basis, earnings checked in at 57 cents versus 48 cents. Sales grew 6% to $2.24 billion, as volume improved 2%.The results fell just short of Wall Street expectations for both the top and bottom lines. Analysts were looking for per-share earnings of 58 cents and revenue of $2.25 billion.Hormel's earnings have been lifted in recent quarters after the Austin, Minn., company bought Skippy for $700 million in a deal with Unilever (NYSE:UL) last year.In the latest period, sales of grocery products surged 20% but would have declined 2% excluding Skippy. The segment's operating profit was up 13%.Refrigerated foods, the largest top-line contributor, logged a 6.1% increase in sales, and operating profit ...

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