Smithfield Foods Q2 Profits Slump
US meat producer Smithfield Foods is today reporting a 76% slump in Q2 2008 FY profits, citing sharply higher grain prices as eating into it's earnings.
Profits fell to $4.2 million, or 3 cents per share, from year-ago profit of $17.4 million, or 13 cents per share, the company reports.
Year on year sales rose to $3.15 billion from $2.75 billion, but spiralling corn and soybean costs trimmed profits, the company said.
Profits fell to $4.2 million, or 3 cents per share, from year-ago profit of $17.4 million, or 13 cents per share, the company reports.
Year on year sales rose to $3.15 billion from $2.75 billion, but spiralling corn and soybean costs trimmed profits, the company said.