Pork processor's profit falls on glut

Smithfield is mostly in the pork, hog and beef businesses, but it got socked because dampened overseas demand for chicken bloated inventories of other meat products in the United States and depressed prices.

"Looking into next year, it will take some time to work through the excess protein in the marketplace," said Joseph W. Luter III, Smithfield's chief executive officer.

Smithfield, based in Smithfield, Va., said it earned $1.1 million, or 1 cent per share, in its fiscal fourth quarter ended April 30. That is sharply down from $85.4 million, or 76 cents per share, in the year-earlier period.

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Source: Daily Breeze

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