Hormel Foods Reports Strong First-Quarter Earnings, Shares Surge

The packaged food giant's earnings beat estimates with broad-based volume growth across all business segments, driving a significant stock price increase.

Hormel Foods reported a first-quarter profit of $218.9 million, with earnings per share of $0.41, surpassing Wall Street expectations.
Sales volumes increased across all Hormel's business segments, including popular brands like Spam, Skippy, and Planters.
The company's stock price rose by up to 15%, reaching its highest level since October, despite a more than 15% decline over the past year.
Hormel reiterated its full fiscal 2024 guidance, with mid-range earnings and revenue forecasts above analysts' expectations.
Innovations such as Skippy brand peanut butter cones and new flavors of Planters cashews are part of Hormel's strategy to drive sales growth.