February 16, 2007

Smithfield Foods sees Q3 profit lower as hog production results fall

Smithfield Foods, the world's largest pork producer expects a decline in its Q3 profit because of a drop in hog production earnings.

The company anticipates net income in a range of 53 cents to 56 cents a share for the quarter ended Jan 28. Earnings were 63 cents per share a year ago.

Analysts expect profit of 41 cents per share.

Smithfield said the current quarter's results reflected a significant drop in hog production earnings partially offset by increased earnings in its international segment and about 4 cents per share in tax-related adjustments.