USA: Smithfield Foods earnings to exceed expectations in fourth quarter; board votes to increase shares in anticipation of stock split; company to acquire beef processor Moyer Packing
Smithfield Foods, Inc. (NYSE: SFD) announced yesterday that earnings in the fourth quarter of fiscal 2001, which will end April 29, are expected to exceed $.85 per share, prior to unusual items, which is well above investor expectations. The company reported earnings of $.51 per share in the fourth quarter last year. In the fourth quarter the company will record unusual gains of about five cents per share on the sale of a processing plant in Canada and about three cents per share on the sale of IBP, inc. stock.
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