US pork producer Smithfield Foods has posted higher first-quarter earnings, helped by the increase in hog prices.

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The Smithfield, Virginia-based company reported earnings of US$22.1m, or 20 cents per share, for the first quarter to 27 July, compared to $11.8m, or 11 cents per share, in the year-ago period. In late July, the company forecast earnings of 18 to 21 cents per share for the first quarter.

Revenue for the quarter was $2.21bn, compared to $2.00bn a year earlier.

Smithfield said hog prices rose 22% in the first quarter compared to the year-ago period.

The company also said it expected fiscal 2004 results to be well ahead of the previous year, partly because of improvements in pork processing, reported Reuters.

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