Smithfield Foods Earnings: Here’s Why the Stock is Down Now
Smithfield Foods Inc. (NYSE:SFD) delivered a profit and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 0.24%.
Smithfield Foods Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 32.5% to $0.27 in the quarter versus EPS of $0.40 in the year-earlier quarter.
Revenue: Rose 9.76% to $3.39 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Smithfield Foods Inc. reported adjusted EPS income of $0.27 per share. By that measure, the company missed the mean analyst estimate of $0.47. It beat the average revenue estimate of $3.19 billion.
Quoting Management: “The key driver of our business continues to be packaged meats where we achieved solid margins, while growing volume, as well as market share and distribution across a number of our core brands and product categories in the first quarter,” said C. Larry Pope, president and chief executive officer.
Key Stats (on next page)…