Hormel Foods CEO Jim Snee told CNBC’s Jim Cramer on Thursday that his company is set up to do well as weight-loss drugs gain popularity, citing a varied “protein portfolio.”
“No matter how you think about our portfolio, you’re going to encounter protein, which is a really important part of any diet program and especially with these new weight-loss drugs that are all the rage,” Snee said.
Hormel Foods is known for brands like Planters, Skippy, Justin’s and Spam. After an earnings beat, shares closed up 14.56% Thursday as the S&P 500‘s top gainer.
According to Snee, Hormel’s protein products appeal to most consumers, as the company offers “affordable protein,” “indulgent protein,” “natural and organic protein,” as well as meat and “non-meat” protein.
Snee said a particular strength this quarter came from the Planters brand, as the company increased its advertising efforts and managed to gain distribution. New nut products like flavored cashews are drawing in younger consumers, he added.
Snee also claimed Spam is popular with consumers, noting its affordability. The company has a variety of flavored Spam products, with maple Spam as its newest iteration. In the past, Hormel has released other specialty Spam flavors like pumpkin spice and figgy pudding.
“We’ve got a couple of really neat flavors still yet to come in the next year or so,” Snee said. “The Spam team continues to do a great job, the Spam brand continues to resonate with consumers.”
