Smithfield: fourth quarter below expectations
US pig and pork producer Smithfield Foods forecast
fiscal fourth-quarter earnings below expectations due to higher production costs
for swine and also losses in cattle feeding.
Smithfield and other meat companies have been hurt this year by high prices
for maize, an important feed.
During the fourth quarter, Smithfield
had strong earnings in the pork segment and improved packaged meats margins.
International operations showed more profitability compared with a loss last
14 Million head
Virginia-based Smithfield, the
largest US hog producer, markets about 14 million head a year, and is co-owner
of the nation's largest cattle feeding operation.
It also the largest
US pork processor, processing about 27 million pigs annually, and is the fifth
largest US beef processor.
Earlier this month, it completed the
acquisition of smaller rival Premium Standard Farms.
will report its fourth-quarter results June 7.
â€¢ Smithfield Foods
â€¢ Premium Standard Farms
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