Smithfield Foods Inc. swung to a fiscal first-quarter loss Tuesday as rising pork exports weren’t enough to counter higher costs to raise hogs.
Smithfield said it lost $12.6 million, or 9 cents a share, in the first quarter, hurt by hedging losses on feed-grain and live hog contracts and asset disposals from a joint venture in Spain. A year ago, the pork producer earned $54.6 million, or 41 cents a share. Wall Street had expected Smithfield to earn 1 cent a share, according to the average consensus in a FactSet Research analyst survey.
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