Smithfield Posts Loss, Bids for Butterball Stake
June 17, 2010
MarketWatch reports pork producer Smithfield Foods said it lost $4.6 million, or 3 cents a share, in the fiscal fourth quarter, compared to the $81.2 million, or 57 cents a share, loss in the prior-year period. Sales rose to $2.91 billion from $2.85 billion, and excluding the impact of mark-to-market positions on open derivatives and other one-time items, it would have earned 18 cents a share. The company said it''s likely to return to profitability in hog production. Also, Smithfield announced that it has made an offer to purchase its joint venture partner''s 51-percent ownership interest in Butterball, LLC and its partner''s related turkey production assets for approximately $200 million.