Business Services Industry
Smithfield Foods' Third-Quarter Profits Bear Brunt of Pig Glut.
Knight Ridder/Tribune Business News, February, 2003
By Peter Dujardin, Daily Press, Newport News, Va. Knight Ridder/Tribune Business News
Feb. 26--SMITHFIELD, Va.--Low hog prices sent Smithfield Foods Inc.'s third-quarter profits plunging 90 percent to $5.3 million, an anticipated downturn that was the third straight quarter of declining finances for the world's largest pork company.
The profits for the three months that ended Jan. 26 came to 5 cents a diluted share, compared to earnings of $54.5 million, or 48 cents a share, for the same quarter a year ago.
A nationwide pig glut, which began when farmers raised more hogs over the last three years to take advantage of higher hog prices, is now in full force.
With the number of hogs in the nation's farms exceeding consumer...
Most Recent Business Articles
- Multiple criteria evaluation and optimization of transportation systems
- Multi-criteria analysis procedure for sustainable mobility evaluation in urban areas
- A two-leveled multi-objective symbiotic evolutionary algorithm for the hub and spoke location problem
- Multi-criteria analysis for evaluating the impacts of intelligent speed adaptation
- The development of Taiwan arterial traffic-adaptive signal control system and its field test: a Taiwan experience
Most Recent Business Publications
Most Popular Business Articles
- 7 tips for effective listening: productive listening does not occur naturally. It requires hard work and practice - Back To Basics - effective listening is a crucial skill for internal auditors
- FAS 109: a primer for non-accountants - Financial Accounting Standards Board's "Statement 109: Accounting for Income Taxes"
- LIFO vs. FIFO: a return to the basics
- Design a commission plan that drives sales - Sales Commissions
- Too Young to Rent a Car? - 25-years-old the minimum age for car renting - Brief Article
