Meat processing giant Smithfield Foods is forecasting a drop in third-quarter earnings to between US$0.53 and $0.56 per diluted share, against $0.63 in the same quarter last year.
 
The company said that the drop in profits reflected a significant decline in hog production earnings, though this was partially offset by sharply higher earnings in its international segment and approximately $0.04 per diluted share in tax-related adjustments.
 
The company is scheduled to report its results for the third quarter to 28 January on 1 March.