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


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

rss feed

Latest Stories

article imageDefensive Sectors Lead Hesitant Market, But Traders Honor Long-standing Bullish Support

Last week, the major indexes fell back below round-number thresholds that had taken a lot of effort to read on...

article imageWill Janet Yellen's Outlook Prevail?

Federal Reserve Chairwoman Janet Yellen told the crowd last week that rate hikes are coming. The rise will read on...

article image3 Deep Value Stocks That Could Mount A Turnaround

Although the market action was a bit choppy in the first quarter of 2015, one fact is inescapable: the read on...

article imageFrenzied Speculative Activity In China's Equity Markets

It's time to take another look at the recent developments in China's equity markets as major indices hover read on...

Popular Articles

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.