US pork producer Smithfield Foods has said it expects its fiscal second-quarter earnings to beat analysts’ consensus estimate due to improved hog production results and higher beef margins.
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Such improvements more than offset lower fresh pork and processed meat margins, which were hit by increased raw material prices, reported Dow Jones News Service.
Smithfield said it expects earnings of around 33 cents a share for the quarter to 26 October, compared with 4 cents a share a year earlier.
Excluding results from Schneider Corp, which the company agreed to sell to Maple Leaf Foods, Smithfield expects earnings from continuing operations of 29 cents a share, beating analysts’ consensus estimate of 26 cents a share.
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