Smithfield executives schedule outlook meeting
April 21, 2010
by Meat&Poultry staff
SMITHFIELD, VA. – Larry Pope, president and chief executive officer of Smithfield Foods Inc., and Robert W. Manly, executive vice president and chief financial officer, plan to conduct investor meetings April 21-22 in Boston, Mass. The meetings intend to provide more information to investors regarding Smithfield’s long-term outlook as a result of its strategic focus on driving profitable growth via its consumer packaged meats business and new cost-savings opportunities and improved commodity pricing in its Hog Production segment.
Smithfield executives previously stated the company anticipates solid results in its Pork segment in the fourth quarter of fiscal 2010, but fresh pork and packaged meats margins will reflect the impact of higher raw material costs versus a year ago.
Smithfield also does not expect its fourth quarter Hog Production segment results to reflect the benefits of the recently and dramatically improved live hog production environment because of significant mark-to-market losses on a portion of its lean hog hedged position. These losses are the result of the sizeable and unexpected run-up in the futures curve for lean hogs for the summer and fall months of 2010, the company noted. At the same time, the company reiterated its favorable outlook for this segment in fiscal 2011.
The investor presentation to be used during the meetings can be accessed on Smithfield's Web site at http://investors.smithfieldfoods.com/events.cfm. Smithfield will report fourth quarter earnings on June 17