Pork processor's profit falls on glut

US - Shares of Smithfield Foods Inc. dipped more than 3 percent Thursday after the world's largest pork processor reported its fourth-quarter profit fell sharply on a domestic meat glut.
calendar icon 9 June 2006
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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.

Source: Daily Breeze

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