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Smithfield in The Red for Quarter
Published Wednesday, August 27, 2008 at 04:44 AM
Higher costs for corn to feed their hog herds put a significant amount of red ink in Smithfield Foods latest quarterly report. Smithfield reported a quarterly loss of 12.6- million dollars – or about nine cents per share. Smithfield reported earnings in pork processing that were more than doubled a year earlier, due to strong exports. But a quarterly loss in its hog unit, the nation’s largest, of nearly 30-million dollars brought out the red ink.

Revenue for the period was 2.58-billion. A year earlier the company reported a profit of 54.6 million.

The results included income from Smithfield's beef and cattle unit, which is in the process of being sold to Brazilian meat company JBS.

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