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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.
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