Smithfield Foods 2Q net income falls on charges

Smithfield Foods 2Q net income falls on charges

Credit: Smithfield Foods

Smithfield Foods 2Q net income falls on charges

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Associated Press

Posted on December 6, 2012 at 9:59 AM

RICHMOND (AP) -- Smithfield Foods Inc.says its net income fell in the second quarter on charges for a loss on early extinguishment of debt, but its adjusted earnings beat Wall Street expectations.

The Smithfield-based company, whose brands include Armour, Farmland and its namesake, said Thursday it earned $10.9 million, or 7 cents per share, for the period ended Oct. 28. That's down from $120.7 million, or 74 cents per share, a year ago.

The world's biggest pork producer's early debt buyback resulted in a charge of $120.7 million. Adjusted earnings were 61 cents per share, beating analyst expectations of 45 cents per share.

Revenue fell about 3 percent to $3.23 billion as higher volumes, particularly in its packaged meats business, were offset by lower meat and hog prices. Analysts expected $3.31 billion.

AP-WF-12-06-12 1331GMT

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