Hormel Foods said its prices will go up, after rising costs for meat, nuts and other goods cut into its profit.

Take pork bellies: The company, which makes Spam, Jennie-O turkey and Planters nuts, said Thursday that the cost of bellies used in bacon products have gone up 30% compared with last year. Wholesale pork in general was 10% higher.

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“That run-up in commodity markets was both sudden, and it was major,” said Jeff Ettinger, Hormel’s interim chief executive, on a conference call Thursday. “To address commodity inflation, we are taking targeted pricing actions.”

Hormel is the latest company to warn in recent days that consumers will likely see higher prices for food and household goods. Ace Hardware this week said that rising costs from Trump administration tariffs will likely push up prices at thousands of Ace stores across the country, and food giant J.M. Smucker, maker of Folgers and Café Bustelo, said prices will continue to climb for its coffee products.

Hormel on Thursday reported quarterly profit below analysts’ expectations, while rising commodity costs led it to reduce its profit outlook for the rest of the year. Shares of Hormel tumbled about 13%, putting the stock on track for its lowest close in a decade.

Meatpacking companies have been slowing the number of hogs slaughtered at their plants after the industry struggled with a glut of pigs for years. Beef prices are also at a record high due to a shortage of cattle, and tree nut and peanut costs also ticked up in June, according to government data.

Hormel executives said Thursday that declining restaurant business hurt its sales volumes to food service customers, which fell by more than 4%. “Traffic is still declining,” Ettinger said.

For the three-month period ended July 27, the Austin, Minn., company posted a profit of $183.7 million, or 33 cents a share, compared with $176.7 million, or 32 cents a share, a year earlier.

Stripping out certain one-time items, earnings were 35 cents a share. Analysts polled by FactSet expected 40 cents a share.

Sales rose 4.6% to $3.03 billion and topped the $2.98 billion that Wall Street modeled.

In May, Hormel Foods lowered the top end of its per-share earnings guidance by a few cents for the year, and said that tariffs could dent its top line by 1 cent to 2 cents a share in the back half of the year. At the same time, the company raised the low end of sales guidance slightly, as executives expected a strong second half to its fiscal year from several parts of its food empire.

Ettinger, who served as Hormel’s CEO from 2005 to 2016, returned this summer on an interim basis after former CEO Jim Snee announced his retirement. Ettinger’s comeback follows years of profit declines and earnings disappointments, following the company’s $3 billion acquisition of the Planters business from Kraft Heinz in 2021.

Hormel’s stock has fallen roughly 50% from the start of 2022.

Write to Patrick Thomas at patrick.thomas@wsj.com and Connor Hart at Connor.Hart@wsj.com

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