WASHINGTON (dpa-AFX) - Smithfield Foods Inc. (SFD) reported net income of $120.7 million or $0.74 per share for the second quarter, a decline from $143.7 million or $0.86 per share reported a year ago. Adjusted earnings per share declined to $0.76 per share from $0.80 per share in the comparable quarter a year earlier.
On average, 17 analysts polled by Thomson Reuters expected the company to earn $0.71 per share for the quarter. Analysts' estimates typically exclude special items.
Sales for the three-month period grew to $3.31 billion from $3 billion in the prior year, driven by higher average unit selling prices and volumes in the Pork segment. Twelve analysts had a consensus revenue estimate of $3.21 billion for the quarter.
Going ahead, Larry Pope, president and chief executive officer, said, 'Moving into the second half of fiscal 2012, we anticipate that global demand for pork will remain robust, which should fuel strong fresh pork profitability. At the same time, we expect to sustain solid fundamentals in our hog production business. Our international business is trending in the right direction, and we expect to see better results in that segment going forward.'
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