Smithfield Profits From Higher Pork Prices

Smithfield Foods said fiscal second-quarter earnings jumped to $143.7 million, or 86 cents a share, from a year-earlier loss as pork prices rose.
By Joseph Woelfel ,

SMITHFIELD, Virginia (

TheStreet

) --

Smithfield Foods

(SFD)

, the pork processor, said fiscal second-quarter earnings jumped to $143.7 million, or 86 cents a share, from a year-earlier loss as pork prices rose.

A year earlier, Smithfield reported a loss of $26.4 million, or 17 cents a share.

Sales rose 11.4% to just under $3 billion on higher average unit selling prices in the pork segment and higher live hog market prices.

Analysts expected Smithfield to earn 56 cents a share on sales of $3.2 billion.

The company said operating profit in its pork segment rose 8.8% in the second quarter.

-- Written by Joseph Woelfel

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