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Smithfield Foods' Net Sinks 91% on Debt Charge

Smithfield Foods Inc.'s (SFD) fiscal second-quarter earnings plummeted 91% as the pork producer recorded a large debt-extinguishment charge, while revenue edged down.However, stripping out the charge, earnings topped Wall Street estimates.Smithfield--whose brands also include John Morrell, Armour and Farmland--has come under pressure recently from higher supplies and feed costs and weak domestic retail demand, although the company has maintained that exports have remained strong.The largest U.S. pork producer by volume, Smithfield has taken positions in futures markets to control its costs for feed and, to a lesser extent, revenue from sales. The company previously said improving fresh pork results combined with robust packaged meats profitability and higher packaged meats volumes, as well as strong international segment profitability, should fuel strong results in fiscal 2013.On Thursday, Chief Executive C. Larry Pope characterized the quarter's results as "solid." He noted that "in a...

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  1. Smithfield Suffers 25% Slide in 1Q Net

    Hit by slipping demand for pork, meat producer Smithfield Foods (NYSE:SFD) posted a deeper-than-expected 25% tumble in fiscal first-quarter earnings on Tuesday.Smith...

  2. Smithfield Earnings Fall 25% on Higher Costs

    Smithfield Foods Inc.'s (SFD) fiscal first-quarter earnings dropped 25% as the pork producer saw weaker results from its fresh pork business and higher costs weigh o...

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  4. Smithfield to sell stake in Butterball

    (Recasts, adds details)CHICAGO(Reuters) - Pork producer Smithfield FoodsInc said Friday it will sell its 49 percent stakein turkey producer Butterball LLC to its joi...

  5. Smithfield on verge of exiting Butterball business

    CHICAGO (Reuters) - Pork producer Smithfield FoodsInc said Wednesday it expects it will sell its 49percent stake in Butterball turkeys, a brand it has partiallyowned...

  6. Smithfield profitable, sees more profits for hogs

    * Shares hit highest level since June; up 2 pct midday (Revises first sentence, adds company comments, updates shareprice)By Bob BurgdorferCHICAGO (Reuters) - Pork p...

  7. Smithfield Foods Swings to Profit, Misses Expectations

    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 Stree...

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