Smithfield Foods profit dips, but beats Wall Street expectations
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Associated Press
Published: February 28, 2008
NORFOLK, Va. (AP) - Virginia pork producer Smithfield Foods said today that third-quarter profits fell about 10 percent on lower live hog prices and a higher tax rate, but results beat expectations handily.
Smithfield—the nation’s largest hog producer and pork processor—said net income dropped to 54.6 million dollars, or 41 cents per share, for the three months ended January 27th. That’s down from 60.4 million dollars, or 54 cents per share in the same quarter a year ago.
The company earned 44 cents per share excluding discontinued operations.
Thomson Financial said analysts expected earnings of 21 cents per share.
Packaged meats volumes were flat, but the company said precooked product categories continued to grow. Several lines showed double-digit growth, including precooked bacon, sausage, ribs and entrees.
President and CEO Larry Pope said Smithfield will continue to focus on “convenience-oriented products.“
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