Smithfield 2Q Net Income Falls
RICHMOND, Va. (AP) — Smithfield Foods Inc. says its net income fell in the second quarter on charges for a loss on early extinguishment of debt, but its adjusted earnings beat Wall Street expectations.
The Smithfield, Va.-based company, whose brands include Armour, Farmland and its namesake, said Thursday it earned $10.9 million, or 7 cents per share, for the period ended Oct. 28. That's down from $120.7 million, or 74 cents per share, a year ago.
The world's biggest pork producer's early debt buyback resulted in a charge of $120.7 million. Adjusted earnings were 61 cents per share, beating analyst expectations of 45 cents per share.
Revenue fell about 3 percent to $3.23 billion as higher volumes, particularly in its packaged meats business, were offset by lower meat and hog prices. Analysts expected $3.31 billion.