Smithfield Foods Q3 Tops But Pork Margins Seen Down
Smithfield Foods (SFD) reported a jump in third-quarter revenue and sales Thursday, but pork margins could be a concern for the rest of the year. The pork and packaged meats company said Q3 EPS climbed 35% to 58 cents, beating analyst estimates by 8 cents. Sales rose 3% to $3.6 billion, above expectations of $3.5 billion. Shares jumped 11.1% to 24.77 in the stock market today. Smithfield's fresh pork operating margins fell to 4% or $7 per head.