US hog and pork producer Smithfield Foods posted a US$1.03bn third-quarter loss today (12 March) hurt by high feed and restructuring costs.
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The company’s loss amounted to 72 cents per share for the period ended 1 February, compared with a profit of $54.5m, or 41 cents per share, a year earlier.
Sales rose to $3.3bn from $3.1bn in the previous year. Revenue climbed 7% to reach $3.35bn.
“Our results indicate that, despite the difficult environment and losses we have sustained in swine production, many parts of Smithfield are performing extremely well,” said Larry Pope, president and CEO.
The company said it expects the fourth quarter to be “another difficult quarter” with continued substantial losses in hog production.
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By GlobalData“However, I am reasonably optimistic about fiscal 2010 in spite of the current recession,” Pope added.
He cited a decline in raising costs, an improvement in the packaged-meats business and benefits from the pork-group restructuring as reasons for his outlook.
