Smithfield returns to a profit in fiscal first quarter helped by higher prices for pork

Smithfield reports 1st-quarter profit

SMITHFIELD, Va. — Smithfield Foods Inc. says higher selling prices for pork and improvement in hog market prices helped it return to a profit in its fiscal first-quarter.

CEO C. Larry Pope said the business environment was “very favorable in the pork segment and sharply improved in the hog production segment.”

The meat producer reported net income of $76.3 million, or 46 cents per share, for the three months beginning Aug. 1. That matched analyst expectations.

A year ago, the Smithfield, Va., company lost $107.7 million, or 75 cents per share, in the same quarter.

Revenue rose 7 percent to $2.9 billion. Analysts expected higher revenue of $3.07 billion.