Smithfield 4Q tumbles 94 pct on grain costs
SMITHFIELD, Va. - Pork producer Smithfield Foods says fourth-quarter profits fell 94 percent, hurt by the rising cost of grain and falling prices for hogs.
The Smithfield, Va., company says profit for the quarter ended April 27 was $2.4 million, or 2 cents per share, compared with a profit of $37.1 million, or 33 cents per share a year ago.
Revenue is up 20 percent to $2.87 billion from $2.39 billion last year.
Thomson Financial says analysts predicted a profit of 7 cents per share on revenue of $3.55 billion.
The company says strong results in its pork operations were offset by weak hog production results.
Hog production is suffering from lower live hog prices and sharply higher grain costs.
The Smithfield, Va., company says profit for the quarter ended April 27 was $2.4 million, or 2 cents per share, compared with a profit of $37.1 million, or 33 cents per share a year ago.
Revenue is up 20 percent to $2.87 billion from $2.39 billion last year.
Thomson Financial says analysts predicted a profit of 7 cents per share on revenue of $3.55 billion.
The company says strong results in its pork operations were offset by weak hog production results.
Hog production is suffering from lower live hog prices and sharply higher grain costs.