Smithfield Foods Reports Higher Quarterly Profit
US - Meat producer Smithfield Foods Inc. (SFD.N: Quote, Profile , Research) on Thursday reported higher quarterly earnings, as higher pork and beef sales, offset higher grain costs.Income from continuing operations rose to 47 cents a share from 36 cents.
Quarterly sales rose 21 percent to $3.36 billion, the Smithfield, Virginia-based company said in a statement.
Analysts, on average, had forecast earnings of 42 cents a share, on revenue of $3.28 billion, according to Reuters Estimates.
Smithfield has the largest U.S. hog herd and is the world's largest pork producer. It also produces beef and turkey and is part-owner of the nation's largest cattle feedlot.
The company also noted that its second and third quarters are seasonally good for pork sales, due to the fall holiday period.
Source: Reuters