Smithfield Foods Q2 Profit Drops, Inline With Estimates

(RTTNews) - Smithfield Foods (SFD) reported a profit for second quarter that Drops, from the same period last year in line with the Street estimates.

The company's bottom line came in at $188 million, or $0.48 per share. This compares with $301 million, or $0.79 per share, last year.

Excluding items, Smithfield Foods reported adjusted earnings of $217 million or $0.55 per share for the period.

Analysts on average had expected the company to earn $0.55 per share. Analysts' estimates typically exclude special items.

The company's revenue for the period rose 11.0% to $3.786 billion from $3.412 billion last year.

Smithfield Foods earnings at a glance (GAAP) :

-Earnings: $188 Mln. vs. $301 Mln. last year. -EPS: $0.48 vs. $0.79 last year. -Revenue: $3.786 Bln vs. $3.412 Bln last year.

Looking ahead, for the full year, the company has reaffirmed its sales growth and capital expenditure guidance.

Smithfield Foods still expects its sales to increase in the low-to-mid-single-digit percent range from fiscal 2024. For comparability purposes, this outlook range excludes the impact from Hog Production segment sales to recently formed Murphy Family Farms and VisionAg.

The company still projects annual capital expenditure of $400 million to $500 million.

SFD was down by 2.98% at $24.42 in the pre-market trade on the Nasdaq.