Smithfield Foods has seen its quarterly losses narrow as better profits from its packaged meats business offset a weaker showing from the US meat processor’s hogs division.
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The company booked a second-quarter loss from continuing operations of US$26.4m for the three months to 1 November. Last year, the figure stood at $34.2m.
Sales slipped by more than 14% to $2.69bn as revenues across all of Smithfield’s divisions fell.
However, packaged meats profits more than tripled on volumes that fell 4%. “Our packaged meats business continued to deliver record profits in the second quarter. This is the part of the business we have focused on and it is repeatedly delivering superior results,” said president and CEO Larry Pope.
Meanwhile, Smithfield said “strong profits” in Poland helped drive up earnings from its business outside the US.
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By GlobalDataLosses from Smithfield’s hog division almost tripled as over-supply hit the sector.
Click here for the full Q2 earnings filing from Smithfield and check back later for post-conference call comment.
