Smithfield Foods (SFD) Tops Q1 Views
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Smithfield Foods (NYSE: SFD) reports a Q1 loss of $0.02 per share, ex-items, versus the consensus of a $0.04 loss. Revenues came in at $3.14 billion, versus the consensus of $2.87 billion.
Smithfield Foods, Inc., together with its subsidiaries, engages in the processing of pork and production of hog in the United States and internationally.
CEO C. Larry Pope said, "We continue to be challenged by high input costs across all the businesses. Certainly a portion of this increase is the result of the current ethanol policy in place." He also said, "Looking forward to the remainder of fiscal 2009, the future is uncertain. Even as hog prices recently have risen and grain markets have moderated somewhat, the delayed impact of grain costs will result in continued elevated raising costs."
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