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Tuesday, November 10, 2009
AgFeed Industries Quarterly Net Income Drops
By Sarah Turner
MarketWatch Pulse
LONDON -- AgFeed Industries said that its third-quarter net comprehensive income fell to $3.1 million, or 7 cents a share, from $8.5 million, or 24 cents a share, a year ago. Analysts had been expecting earnings of 8 cents a share, according to data compiled by FactSet. Revenue rose to $45.1 million, from $49.4 million last year. The firm's primary operations are in China and include animal feed and hog production. "Earlier this year we announced our intention to adopt the Western model of hog production. We are well on our way to a full transition in 2009 to that model," it said.
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