Hormel Foods Corporation (NYSE: HRL) reported a revenue beat in its third-quarter results due to broad-based strength due to the balance of its portfolio, company CEO Jim Snee said Tuesday on "Mad Money."

What Happened: Hormel is perhaps best known for its Spam brand but the company has a very diverse line up of food brands at the center of the store and around the perimeter, Snee said.

At a time when consumers have been stocking up shelf-stable items like Spam or Skippy peanut butter, the company's third-quarter performance made it clear it is far from a "one-trick pony," he said. Sales of refrigerated or frozen items like Black Label Bacon were just as strong and brings a much-needed balance to the company.

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Why It's Important: Hormel understands it owns iconic brands but that is no reason to sit back and not engage with customers and innovate through product extensions, the CEO said. In fact, the company introduced three new peanut butter varieties, including a squeezable bottle, a no sugar added option, and a protein-added product.

"Those are the kinds of things that keep brands fresh and new with consumers," he said. "And that's why we believe peanut butter is only going to continue to grow and we saw that in our results."

What's Next: Hormel gained millions of new consumers amid the COVID-19 pandemic and management is very focused on understanding who they are and how to transform to long-term customers.

"We have an obligation to make sure that we are keeping as many of these new households in our franchise for the long-term," Snee said.