Smithfield Foods' 4Q profit falls 63 percent
Source: AP-Excite
By MICHAEL FELBERBAUM
RICHMOND, Va. (AP) - Pork producer Smithfield Foods Inc.'s profit sank nearly 63 percent in the fourth quarter as feed costs rose even as consumers resist price hikes, hog prices fell and its exports to China and Russia declined.
The results reported Friday come only weeks after Smithfield agreed to a $4.72 billion takeover offer from the majority shareholder in China's largest meat processor.
The Smithfield, Va.-based company, whose brands include Armour, Farmland and its namesake, said Friday it earned $29.7 million, or 21 cents per share, for the period ended April 28. That's down from $79.5 million, or 49 cents per share, a year ago, when its results included a $16.8 million benefit from insurance reimbursements.
Revenue rose more 3 percent to $3.32 billion.
FULL story at link.
Read more: http://apnews.excite.com/article/20130614/DA6TJ0UG0.html
Maybe the China company will back out of the buyout?
In this May 29, 2013 file photo, hams and other memorabilia is displayed at a restaurant in Smithfield, Va. Pork producer Smithfield Foods says its net income fell nearly 63 percent in the fourth quarter as it experienced lower hog prices, higher feed costs and a decline in exports to China and Russia. (AP Photo/The Virginian-Pilot, Amanda Lucier, File)
= new reply since forum marked as read
That might be the cause
