Smithfield Foods Inc., the nation's leading processor of pork and packaged meats, today reported sharply reduced income for the quarter ending Oct. 26.
Income was $4.2 million, or 3 cents per diluted share, for the second quarter, compared to $17.4 million, or 13 cents per diluted share, a year ago.
Sales were $3.1 billion, compared to $2.7 billion a year ago.
The company said hog production operations and turkey investments suffered losses under the weight of record high feed costs as grain costs peaked.
"Our pork business continued to perform exceptionally well, even though raw material costs were 15 percent higher than a year ago," said C. Larry Pope, Smithfield's president and chief executive officer.
Pope said the company's outlook remains strong for the remainder of the recession.
"In tough economic times, people tend to cook at home by shopping at their local grocer," he said. "This is our core business and, as such, we should be better positioned than many as this recession takes hold."
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