Smithfield Foods (NYSE:SFD) said Wednesday it swung to an in-line profit in its fiscal first quarter, but the hog and pork producer’s sales failed to meet Wall Street’s expectations.

The company, which is based in Smithfield, Va., said it earned $76.3 million, or 46 cents a share, compared with a year-earlier loss of $107.7 million, or 75 cents a share. Analysts had been anticipating the 46-cent-a-share profit.

However, Smithfield, which owns the John Morrell and Farmland brands, said its revenue rose just 7% to $2.9 billion, coming in shy of the Street’s view of $2.9 billion. Packaged meat sales totaled $1.26 billion, while fresh pork sales came in at $1.15 billion.

“Fiscal 2011 is off to a great start with record first quarter earnings. The business environment was very favorable in the Pork segment and sharply improved in the Hog Production segment in the first quarter,” CEO C. Larry Pope said in a statement. “All indications are that fiscal 2011 will be an excellent year for Smithfield." 

Shareholders didn’t punish Smithfield for the revenue miss, bidding the company’s stock up 1.84% to $16.60. The company’s shares have rallied almost 10% over the past month and 28% from a year ago.