Smithfield Foods Raises Annual Profit Outlook On Hog Segment Strength

Smithfield Foods, Inc. (NASDAQ:SFD) shares are trading lower on Tuesday.

The company reported second-quarter adjusted earnings per share of 55 cents, in line with the analyst consensus estimate. Quarterly sales of $3.786 billion (+11% year over year) outpaced the Street view of $3.630 billion.

Adjusted operating profit of $298 million, higher than $248 million in the year-ago period. Adjusted operating margin expanded to 7.9%, compared with 7.3% in the year-ago period.

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Adjusted EBITDA from continuing operations totaled $381 million in the quarter under review, compared with $333 million in the year-ago period.

Adjusted EBITDA margin from continuing operations expanded to 10.1% from 9.7%.

“Through our iconic and diversified brand portfolio, our Packaged Meats segment is delivering on consumers’ needs for quality protein at a great value,” said ...