Smithfield Foods Business Looks Good Moving Into New Year
Despite a 4.2-million dollar second quarter loss - Agri-Pulse reports Smithfield Foods President and CEO Larry Pope says the base business is fine. Pope says the numbers involved in the loss are a bit messy - and he believes this should be put aside until the beginning of 2014 when numbers become clearer and easier to understand. The company blames weak results in its pork division and 52-million dollars in expenses from its recent acquisition by Shuanghui International for the loss. Pope says Smithfield's fresh pork business has been weak the entire fiscal year from closed markets in Russia and somewhat in China - and the yen-dollar exchange rate in Japan - which he says has significantly impacted the Japanese business. Packaged beef is very solid - according to Pope. He says 2014 looks very bright - and he expects hog production to have a strong year. Despite this loss - Pope says Smithfield Foods is in very good shape moving into 2014.
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