SMITHFIELD, Va. – Meat processor Smithfield Foods returned to a profit in the third quarter, partly due to strength in its packaged meats business and higher sales overseas.
Smithfield, like many meat companies, has been gradually recovering from a mix of high feed prices, low demand and industry consolidation.
Earnings were $37.3 million, or 22 cents per share, for the period ended Jan. 31. That compares with a loss of $105.7 million, or 74 cents per share, in the same quarter a year ago.
Results beat analysts forecast for a profit of 19 cents per share.
Revenue dropped 14 percent to $2.88 billion from $3.35 billion. Wall Street projected $3.28 billion in revenue.