Low Smithfield earnings with weak hog prices
Smithfield Foods experienced a cut in its earnings forecasts and stock recommendations this week due to increasing hog supplies and lower prices.
BB & T analyst Heather Jones commented that “following a number of record profitable quarters, hog production has fallen into a loss-making business and a quick recovery is not in sight.”
She stated further that pork packaging margins, which benefit from lower hog prices, have not increased enough to counteract hog production losses as product pricing come under immense pressure due to surplus supplies.
Related websites:
• Smithfield Foods
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