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Hog producer Smithfield Foods (SFD) reported weak second-quarter results Thursday as live hog prices plummeted because of lower export demand, especially from China. The company said weak prices and squeezed margins offset improvements in its pork and packaged-meat businesses.
Smithfield said it lost $26.4 million, or an adjusted 26 cents per share, for the quarter. Sales fell 15% form a year ago to $2.69 billion. Analysts surveyed by Thomson Reuters had expected a loss of 39 cents per share on revenue of $2.71 billion.
"Our packaged meats business continued to deliver record profits in the second quarter," said C. Larry Pope, Smithfield's president and chief executive officer. "The restructuring plan is in full swing and achieving benefits that are ahead of schedule. ... We expect this plan will deliver the targeted $55 million of profit improvement this year."
"On the export front, we are pleased that China has announced its intent to lift its ban on imports of pork from the U.S. and we hope to resume business with them in the near term," Pope also stated.
After initially surging to $17.46 in early trading (near the 52-week high of $17.62), shares fell to $16.02 Thursday morning. Shares rose about 13% in the past three months.
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