Smithfield Foods posts first-quarter loss of $108 million
Low hog prices and weaker export demands blamed for loss.
Smithfield Foods posted a first-fiscal-quarter loss of $108 million, or 75 cents a share, on September 8. These results compare with a loss of $13 million, or 10 cents a share, during the same period last year, MarketWatch reported.
Sales at the firm, which is the largest U.S. pork producer, declined to $2.72 billion from $3.14 billion.
The wider loss and decline in sales was attributed to low hog prices which hit the firm's production business. "The sharply lower hog prices reflect the impact of the [H1N1] outbreak at the end of the prior quarter and softer export demand," said C. Larry Pope, Smithfield's CEO.