Smithfield Lifts Full-Year Outlook as Hog Unit Returns to Profit
US hog prices have risen this year amid tight supplies, helping lift profits for suppliers already benefiting from low feed costs. Virginia-based Smithfield has streamlined its own pig production to focus on its more profitable packaged food business, shutting down unprofitable farms and transferring part of its farming operations to a new venture.
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The manufacturer of Farmland bacon and Farmer John sausages has been able to minimize the impact of China tariffs on US pork exports by tapping alternative markets, while subsequently resuming shipments to the Asian nation, according to Chief Executive Officer Charles Shane Smith.
'While we are not immune to the impacts of tariffs, we have built flexibility into our system and established multiple outlets for our fresh pork products,' Smith said during a conference call with analysts.
The return to profit for hog operations was a major driver for the company's improved outlook. Smithfield is now projecting adjusted operating profit to range from $1.15 billion to $1.35 billion in 2025, an increase of $50 million at the midpoint from the prior guidance, according to a Tuesday statement.
Shares of Smithfield dropped 0.7% as of 10:19 a.m. in New York, extending a retreat after reaching an all-time high last week.
(Updates share move.)
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