Smithfield 4Q tumbles 94 pct on grain costs

SMITHFIELD, Va. - Pork producer Smithfield Foods says fourth-quarter profits fell 94 percent, hurt by the rising cost of grain and falling prices for hogs.

The Smithfield, Va., company says profit for the quarter ended April 27 was $2.4 million, or 2 cents per share, compared with a profit of $37.1 million, or 33 cents per share a year ago.

Revenue is up 20 percent to $2.87 billion from $2.39 billion last year.

Thomson Financial says analysts predicted a profit of 7 cents per share on revenue of $3.55 billion.

The company says strong results in its pork operations were offset by weak hog production results.

Hog production is suffering from lower live hog prices and sharply higher grain costs.