Hormel Touts Increased Earnings at Annual Meeting

Updated: 01/28/2014 11:41 PM
Created: 01/28/2014 11:06 PM
By: John Doetkott

(ABC 6 News) -- Hormel Foods held its annual meeting Tuesday night at Austin High School, and there was plenty for shareholders to be happy about.

The company posted a 5 percent increase in earnings during the 2013 fiscal year.  Much of that growth was thanks to the acquisition of Skippy peanut butter.

Company leaders say they expect to continue that growth in new areas.

"In the long run we see Skippy as a great innovation platform," Hormel Foods CE Jeffrey Ettinger said.  "We'd like to see our team take the product out of the jar and find new vehicles to entice consumers to enjoy peanut butter."

He also said the company will look to promote Jenny-O Turkey more in the coming year after seeing the brand underperform last year.