Pork processor Smithfield Foods posts higher sales, profit on strong demand
(Reuters) -Smithfield Foods posted a rise in second-quarter sales and profit on Tuesday, helped by resilient demand for its packaged meats, including bacon, and fresh pork business.
Consumers grappling with rising costs of living and tariff volatilities have increasingly opted to cook meals at home over dining out, aiding the business of meat packers such as Smithfield and Tyson Foods (NYSE:TSN).
The Virginia-based company sells its pork, ham and sausages under brands, including Smithfield, priced between $5 and $17 at Walmart (NYSE:WMT). It also sells products under brands Eckrich and Nathan’s Famous.
Its sales rose 11% to $3.79 billion during the quarter. It posted adjusted profit of 55 cents per share, compared with 51 cents a year ago.
The U.S. pork processor also raised its annual operating profit forecast, betting on the benefits from its cost-savings measures, including workforce reduction and trimming down certain hog production business in the past quarters.
Smithfield Foods expects 2025 adjusted operating profit to be between $1.15 billion and $1.35 billion, compared with its prior range of $1.10 billion to $1.30 billion.
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