NEWS
Smithfield 2Q Earnings Plummet
Thu Dec 6, 2012 07:15 AM CST

(Dow Jones) -- Smithfield Foods Inc.'s (SFD) fiscal second-quarter earnings plummeted 91% as the pork producer recorded a large debt-extinguishment charge, while revenue edged down.

However, stripping out the charge, earning topped Wall Street estimates.

Smithfield -- whose brands also include John Morrell, Armour and Farmland -- has come under pressure recently from higher supplies and feed costs and weak domestic retail demand, although the company has maintained that exports have remained strong.

The largest U.S. pork producer by volume, Smithfield has taken positions in futures markets to control its costs for feed and, to a lesser extent, revenue from ...

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