Thread: Smithfield Foods earnings fall, miss estimates

CHICAGO (Reuters) - Top U.S. hog and pork producer Smithfield Foods Inc. (SFD.N: Quote, Profile, Research) reported lower-than-expected quarterly earnings on Thursday due to a weak market for fresh meat and higher hog production costs.

The Smithfield, Virginia-based company, which has been rapidly buying other meat companies, said profit fell to $44.7 million, or 40 cents per share, in the second quarter that ended October 29, from $51.6 million, or 46 cents per share, a year ago.

Wall Street analysts on average expected 46 cents per share, according to Reuters Estimates.

"Fresh pork and packaged meats margins remained weak even as we entered the fall period, traditionally the best time of the year," Chief Executive Larry Pope said in a statement. "In addition, difficulties in the beef industry persist."

Meat companies have been hurt by an excess of meat and low meat prices due in part to increased production and lingering export disruptions from mad cow disease two years ago and bird flu overseas earlier this year.

Two weeks ago, Tyson Foods Inc. (TSN.N: Quote, Profile, Research), the nation's largest meat company, said an excess of meat was partly to blame for its fiscal fourth-quarter loss.

Smithfield's revenue for the period was $2.81 billion, compared with $2.87 billion a year ago.


Smithfield Foods earnings fall, miss estimates

Looks like the two of the biggest Illegal alien employers are having a little problem. But that couldn't be because Americans are wising up and not buying their food could it? Nah, we'll just believe what they said is the reason.

Looks like the two of the biggest Illegal alien employers are having a little problem. But that couldn't be because Americans are wising up and not buying their food could it?

HAAA.....of course not.