Smithfield Foods posts smaller-than-expected loss

[June 16, 2009]  SMITHFIELD, Va., (AP) -- Smithfield Foods, the nation's largest hog producer and pork processor, posted a smaller-than-expected fiscal fourth-quarter loss as pork sales remained stable. Smithfield says the swine flu outbreak had no significant impact on results.

The Smithfield, Va.-based company said Tuesday it lost $78.8 million, or 55 cents per share, in the three months ended May 3. That compares with a profit of $2.4 million, or 2 cents per share, a year ago. The loss was smaller than the 60 cents per share loss analysts expected.

Smithfield Foods Inc. says overall revenue dipped 1 percent to $2.85 billion and pork sales edged up slightly to $2.46 billion.

Analysts forecast higher overall sales of $3.06 billion.

[Associated Press]

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