Smithfield Foods' 3Q net income up on higher sales

Smithfield Foods' 3Q net income up on higher sales

Credit: Smithfield Foods

Smithfield Foods' 3Q net income up on higher sales

Print
Email
|

Associated Press

Posted on March 7, 2013 at 10:55 AM

RICHMOND (AP) -- Smithfield Foods says its net income rose more than 3 percent in the third quarter as the world's biggest pork producer was helped by higher sales of its packaged meat products.

The company, with brands that include Armour, Farmland and its namesake, said Thursday it earned $81.5 million, or 58 cents per share, for the period ended Jan. 27. That's up from $79 million, or 49 cents per share, a year ago.

Excluding a charge for early debt extinguishment and its share of consolidation costs at Spain's Campofrio, adjusted earnings were 69 cents per share. Analysts expected earnings of 50 cents per share.

Smithfield Foods Inc. reported revenue rose 3 percent to $3.6 million. Analysts expected $3.53 billion.

AP-WF-03-07-13 1336GMT

Print
Email
|