Hormel, whose colleagues include Kraft (NYSE: KFT) and ConAgra Foods (NYSE: CAG), said that revenues in Q2 were essentially flat. Hormel earned 59 cents per diluted share, a measly 5% increase. On a dollar basis, total segment operating profit rose a little under 2%.

The Wall Street Journal points out that the bottom-line performance benefited from a gain in other income. That's key to note, especially when you look at the somewhat weak results from the line devoted to operating profit. Also of interest is the cash flow. The company generated a good amount of cash from operations in the last six months.

I'd say this was, in an overall sense, a solid enough (if not stellar) quarter for Hormel given the economic background. Wall Street seemed to like it; estimates were beat. The stock closed higher on Thursday by over 2% on very active volume, and this was on a down day.

I think a lot of investors are probably looking at Hormel as a useful vehicle that can serve not only as a dividend-paying defensive play in case things go south, but also as a way of safely exposing an investment account to the eventual recovery. Hormel, like Kraft, has a lot of interesting brands in its portfolio. In fact, Hormel has the famous Spam product that I've heard so much about over the years. Never had it, though.

Hormel should do well over time. Short-term, the business will have to contend with what every big-brand food company is contending with: competition from private-label items, cost-cutting initiatives, currency issues, and marketing challenges. Nevertheless, I'm sure Hormel will be around for years. I do hope, however, that management continues to watch the top line and gets it growing as best it can.

If you've had your heart set on adding Hormel to your portfolio one of these days, I'd probably wait until the stock sees a pullback, preferably below the $30 level. Give yourself a little room for safety. It's always advisable.

Disclosure: I don't own any company mentioned; positions can change without notice.