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Higher prices push Smithfield Foods 1Q profit up
Smithfield Foods 1Q profit climbs on higher prices; sells more packaged meats
By The Associated Press

SMITHFIELD, Va. (AP) ' Smithfield Foods Inc. says its fiscal first-quarter net income rose 8 percent, as the world's biggest hog producer charged higher prices and sold more packaged meats.

The Smithfield, Va., company, whose brands include Armour, Farmland and its namesake, also cautioned Thursday that high feed costs will remain a problem but that fiscal 2012 should be "another very good year."

Smithfield earned $82.1 million, or 49 cents per share, for the three months ended July 31. That's up from $76.3 million, or 46 cents per share, a year earlier.

Removing a charge tied to a lawsuit and other items, earnings were 69 cents per share.

This topped the 68 cents per share analysts expected.

Revenue increased 7 percent to $3.09 billion from $2.9 billion, but missed Wall Street's $3.14 billion.

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