NEW YORK (TheStreet) -- Shares of Hormel Foods (HRL) - Get Report are higher by roughly 5%, following a top- and bottom-line earnings beat. TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, took a closer look. 

On CNBC's "Cramer's Mad Dash" segment, he points out that refrigerated foods, such as bacon and Jennie-O Turkey, are performing well for the company as input costs drop.

Input costs are falling in part because of declining raw material costs, like lower grain prices, Cramer explained. 

And although Tyson Foods (TSN) - Get Report recently purchased Hillshire Brands (HSH) , Cramer suggested Hormel Foods is likely working hard to stay independent. 

Hormel has a great dividend, is a fabulously well-run company and finds a way to deliver favorable results even when conditions are unfavorable, Cramer concluded. 

- - Written by Bret Kenwell in Petoskey, Mich.

Follow @BretKenwell

At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.