logo
  Join        Login             Stock Quote

Smithfield Foods (SFD) Q2 Earnings Top Estimates; Sales Off, Volumes Up

 December 06, 2012 06:53 AM
 


(By Balachander) Smithfield Foods Inc. (NYSE: SFD) reported quarterly earnings that topped market expectations as volumes grew, while sales trailed consensus amid lower meat and live hog prices.

Non-GAAP earnings per share (EPS) of 61 cents beat Wall Street projections of 45 cents for the second quarter.

Including a pre-tax early debt extinguishment charge of $120.7 million, second-quarter net income was $10.9 million, compared with $120.7 million in the year-ago quarter.

The Smithfield, Virginia-based company's sales fell 2.7 percent to $3.22 billion versus consensus estimate of a drop of 0.30 percent.

[Related -Futures Point To Higher Open; Tesla Motors Inc (TSLA) Rises]

Total volume rose 2 percent.

Consolidated operating margins were a positive 6 percent, compared with positive 7 percent in the same period of last year.

Fresh pork margins were 8 percent versus 7 percent a year ago and Hog production margins were a negative 4 percent compared with positive 8 percent last year.

Operating margins at the company's International segment were a positive 11 percent, mainly due to robust results its Eastern European hog production operations, Smithfield Foods said.

"Looking forward, fiscal 2013 should be another very strong year for company," said CEO Larry Pope. "The future growth prospects for our company are strong and we are optimistic that the best is yet to come."

The stock, which has been trading in the 52-week range between $17.55 and $25.12, closed Wednesday's regular trading at $22.90.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageWinter is Coming! Here's My Favorite Seasonal Trade

Over the years, I've been successful trading weather patterns as they relate to commodities such as crude read on...

article imageHow To Avoid 5 Common Investing Mistakes

When it comes to successful investing, the field of behavioral finance has shown that sometimes the worst read on...

article imageSector Detector: Bulls Go Down Swinging, Refusing To Give Up Much Ground

Although the stock market displayed weakness last week as I suggested it would, bulls aren’t going down read on...

article imageThe Bumpy Road Ahead To Policy Normalization

When the dust clears from tomorrow’s Fed announcement, the crowd’s expecting that the slow but persistent read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.