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Smithfield Foods 2nd quarter profit slides 16 percent, despite revenue gain
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.