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Article: Smithfield has sizeable losses.(Business)
- Article from:
- Feedstuffs
- Article date:
- December 8, 2008
- Author:
CopyrightCOPYRIGHT 2008 Miller Publishing Company, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SMITHFIELD Foods Inc. last week reported losses from its continuing operations for the fiscal 2009 second quarter and six months due to losses in its hog and turkey production businesses that more than offset record profits in its pork business. Smithfield said hog and turkey production "suffered under the weight of record-high feed costs," with "unprecedented adverse conditions" in hog production.
The company reported a net profit for its second quarter but a net loss for its six months.
Smithfield said its hog production business, Murphy-Brown, has liquidated 7% of its sow herd since February to balance demand and supply and indicated that more sows ...