US food company Hormel reported rising sales and revenues, as it focuses on moving up the value chain, buying up specialist products and selling out of its pork business.
On Monday Hormel announced the sale of its pork bands Farmer John and Saag's brands, along with three hog farms, to Smithfield Foods, for $145m.
Hormel said the deal would free up the company to focus on higher-growth food products.
"While the businesses have performed well, they no longer align with our company's growth strategies," said Jim Snee, Hormel's chief executive, in a statement.
Hormel has been pursuing a strategy of focusing on specialist and premium food production.
This year, Hormel bought an organic nut butter and snack company Justin's for $286m, while last year the company bought the organic meat company Applegate Farms for $775m.
On Tuesday Hormel reported net sales of $2.63bn, up 9.4% year-on-year, in line with analyst expectations, thanks to rising volumes.
The company reported diluted earnings per share of $0.45, in line with expectations.
Higher returns from the refrigerated foods brand, and the Jenny-O turkey brand, rose thanks to "growth coming from value-added, branded products and improved market conditions", said Mr Snee.
But the company struggled with a tougher market in China, where consumer demand has been weaker.
"Our international segment had a tough quarter as the team continues to work through challenging market conditions in China," Mr Snee said.
"High pork raw material costs and soft retail demand continue to weigh on the China meat business."
Sales in the speciality food declined due primarily to the divestiture of some brands this year, and earnings in the segment took a hit from higher advertising.
By William Clarke