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.
calendar icon 24 August 2007
clock icon 1 minute read
For the first quarter ended on July 29, profit increased to $54.5 million, or 41 cents a share, from $24.6 million, or 22 cents a share, a year earlier.

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
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