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Hormel hands out $15.8 million in profit-sharing checks
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Hormel Foods Corp., maker of Spam, on Wednesday announced the largest profit-sharing distribution ever made to its employees.
More than $15.8 million is being distributed to eligible hourly and salaried employees in a Thanksgiving Eve tradition that began in 1938. Last year's amount was $15.4 million, then a record.
Details on distribution of the money were withheld.
"We don't typically provide the number of employees who receive profit-sharing or how much employees receive and how that is calculated," spokeswoman Jessie Dienst said.
According to its website, Hormel employs 18,100 people. If all were to share equally in the payout, that would come to $873 each.
According to a filing Oct. 1 with the Securities and Exchange Commission, this is the last year of profit-sharing for top executives who are covered by the Executive Deferred Income Plan II.
Among Hormel's other well-known products are Dinty Moore stew and Jennie-O turkey.
This week, Hormel reported broad increases in fourth-quarter sales and profits, beating estimates and raising its dividend. Sales jumped 7 percent to $1.66 billion in the fourth quarter, ending Oct. 28, over the same period last year. Earnings rose 12 percent to $101.2 million.
PAUL WALSH, MATT MCKINNEY
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