September 8, 2010

Smithfield Foods' shares trade lower ahead of earnings

Shares of Smithfield Foods, Inc. are trading lower by -1.67% ahead of its quarterly earnings release, which is set to be released on Wednesday (Sep 8).

Wall Street Analysts consensus calls for a profit of US$0.45 a share on US$3.04 billion revenue.

Smithfield Foods estimates have a range of US$0.34 a share. The high estimate calls for profit of US$0.59 a share and the low estimate is calling for a profit of US$0.25 a share, a year ago for the quarter the company reported US$-0.56 a share.

Earlier, Russia reinstated Smithfield Foods' Tar Heel and Clinton, North Carolina, pork plants as eligible exporters, according to reports. However, after August 26, Smithfield's Farmland Foods facilities in Milan, Missouri, and Denison, Iowa will no longer be eligible to export to Russia.