Hormel Foods Profits Rise

Hormel Foods said their second quarter profits rose 14 percent. This was helped by falling pork prices and strong Spam sales. Because the first half of the year shaped up stronger than it had expected, Hormel said it was sticking by its full year guidance despite rising energy expenses. Hormel plans to cut turkey production by 5 percent because of energy and feed costs. They have been raising prices but it has ben hard to keep up with feed and fuel costs.