December 11, 2008
Smithfield Foods 2Q net income down
Smithfield Foods' second quarter net income fell to US$4.2 million compared to US$17.4 million on-year, a loss was posted from continuing operations of US$30.0 million.
Smithfield completed the sale of its beef processing and cattle feeding operations for US$580 million, recording a pre-tax gain on the sale of US$95.2 million.
Smithfield's hog production operations and turkey investments were hit by high feed costs and grain costs. Pork segment operating profits amounted US$93.4 million while pork exports increased 29 percent, fetching higher fresh pork earnings.