Smithfield, VA - Smithfield Foods Inc, the nation's largest producer and marketer of fresh pork and processed meats, said second-quarter net income rose 19 percent, to $18.5 million (47 cents per share), compared with $15.5 million (39 cents) for the same period in 1997. Second-quarter revenue dropped 11 percent, to $874.4 million.
Smithfield management attributed the decline in revenue to lower unit selling prices for the company's products because of lower prices for hogs and other raw materials. But officials said the company was able to post record second-quarter profit because of improved operations at Smithfield's meat- processing group.
Meat Industry Insights News Service
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