Smithfield Foods Hit By Weak Hog Prices

SMITHFIELD, VA. (TheStreet) -- Smithfield Foods(SFD Quote) reported a wider-than-expected loss in its first quarter due to hefty charges and lower hog prices.

During the quarter, the company lost $107.7 million, or 75 cents a share, compared with a loss of $13.2 million, or 10 cents a share, in the year-ago period.

Excluding hog-product impairment charges of $34.1 million and debt extinguishment charges of $7.4 million, the company lost 56 cents a share -- a penny lower than analysts expected.

Revenue declined 14% to $2.72 billion from $3.14 billion.

Going forward, the company will continue to reduce production, which management said should help offset weaker hog demand.

Last month, Smithfield rival Hormel Foods(HRL Quote) said its third-quarter profit nearly doubled due to lower costs, but the company still saw shoppers limit spending on higher-priced products.

And Tyson Foods(TSN Quote) reported a better-than-expected third-quarter, as earnings soared to $134 million, or 35 cents a share, compared with $9 million, or 3 cents a share, a year earlier.

-Reported by Jeanine Poggi in New York.

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