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Smithfield Foods 2Q Profit Slides 16 Percent
SMITHFIELD, Va. (AP) -- Smithfield Foods Inc. says its fiscal second-quarter net income slid 16 percent compared with last year's quarter, when some market factors helped the pork producer firm up its prices.

The Smithfield, Va., company earned $120.7 million, or 74 cents per share, in the three months that ended Oct. 30. That compares to $143.7 million, or 86 cents per share, during the same period last year. Adjusted earnings were 76 cents per share.

Revenue climbed more than 10 percent to $3.31 billion.

The performance topped Wall Street expectations. Analysts expected adjusted earnings of 72 cents per share on revenue of $3.2 billion.

Smithfield's brands include Armour, Farmland and its namesake. In last year's quarter, a declining pork supply and booming exports helped the company's prices.

Smithfield owns and operates the Farmland Foods plant in Monmouth.

(Copyright 2011 by The Associated Press. All Rights Reserved. WGIL News contributed to this report.)
12 08 11 by Newsroom
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