Smithfield Foods Profit Jumps
From the Associated Press
Smithfield Foods said today its fiscal first-quarter profit more than doubled, largely because of higher pork and beef sales and a smaller loss from discontinued operations. (See the company's news release.)
The Smithfield, Va.-based company's earnings for the period ended July 29 increased to $54.5 million (41 cents a share), from $24.6 million (22 cents) in the comparable period last year. Analysts polled by Thomson Financial were expecting earnings of 42 cents per share.
The results included an $800,000 loss from discontinued operations. Earnings from continuing operations rose to $62 million, or 47 cents per share, compared with $39.9 million, or 36 cents per share, a year ago.
Revenue rose 21 percent to $3.36 billion from $2.77 billion in the previous year. That beat analysts' estimate of $3.25 billion.
"Given the challenges of higher grain costs and the continued adverse fresh pork environment, I am generally satisfied with our performance in the first quarter," Smithfield chief executive C. Larry Pope said in a statement.
Smithfield, the nation's largest hog producer and pork processor, sells beef and turkey and makes bacon, sausage, hot dogs and luncheon meats.
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