Smithfield Foods ( SFD) third-quarter profit declined 27%, as operating profits in the hog production segment declined. The company earned $71 million, or 63 cents a share, compared with $97.5 million, or 87 cents a share, a year ago. Analysts surveyed by Thomson First Call were expecting earnings of 62 cents a share in the most recent quarter. Higher pork processing margins were overshadowed by the substantial decline in operating profits in the hog production segment, the company said. Revenue for the third quarter declined 3.7% to $2.95 billion. Analysts were expecting revenue of $3.07 billion in the quarter. Operating profits from hog production segment declined 55% to $64.7 million from the same quarter last year, as live hog market prices fell 21%. "This year's third quarter demonstrated once again the value of our integrated model in pork," the company said. "As hog production profits declined, pork processing margins rebounded, delivering a solid quarter." Looking forward to the fourth quarter, the company expects good results in processed meats and solid profitability in hog production.