Would you believe teriyaki Spam?
Sales of Hormel's signature meat-in-a-can Spam increased in the U.S. and around the globe, said company Chairman and CEO Jeffrey Ettinger.
Spam was especially strong overseas, he said on "Squawk Box" Tuesday, after Hormel's release of better-than-expected earnings. "We enjoyed double-digit increases in [Spam] sales internationally," especially in Asian countries. Spam was introduced in China about three years ago.
Ettinger also talked about "rolling out a new variety of Spam, a teriyaki Spam" in Hawaii, to capitalize on the Aloha State's fascination with the products, which traces its roots back to World War II, when the luncheon meat was served to American GIs.
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Seven million cans of Spam are sold every year in Hawaii. "It's the largest per capita market for us. But on a percentage wise, it would be under 5 percent," Ettinger explained.
Hormel Foods, maker of Spam and other meat and food products, said Tuesday it earned 58 cents a share in its fourth quarter—4 cents above estimates. Revenue of $2.32 billion also beat Wall Street expectations.
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The company raised its quarterly dividend nearly 18 percent to 20 cents a share.