Earnings nearly evaporated in Smithfield Foods'(SFD Quote) fourth quarter, due to a glut of pork and beef in the U.S. and rising raw materials prices.
Smithfield earned $1.1 million, or 1 cent a share, in the quarter, compared with $85.4 million, or 76 cents a share, a year ago. On a continuing operations basis, Smithfield earned 4 cents a share, including a 5-cent charge. Adjusted earnings of 9 cents a share were 2 cents better than the Thomson First Call consensus estimate.
Sales were $2.68 billion, down from $2.90 billion a year ago. Analysts were looking for sales of $2.80 billion in the most recent quarter. By segment, pork sales were $1.73 billion in the latest quarter, down from $1.9 billion a year ago, while beef sales fell to $591.4 million from $607.1 million. ...
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