Friday, February 29, 2008

Pope Promises Ongoing Focus On China For Smithfield (SFD). And: Smithfield Beats Forecasts

Not that Pope.
From Cattle Network:

After traveling to China in late January, Smithfield Foods President and CEO C. Larry Pope is optimistic about the processor's prospects there, promising to send a team to the country over the next two quarters to continue exploring opportunities.

"We are just starting the process there," Pope said during Smithfield's third-quarter earnings conference call Thursday. "This is a market we need to pay attention to going forward."

Smithfield made headlines last summer after inking a deal to sell 60 million pounds of pork to a Chinese trading company. (See
Smithfield to sell pork to Chinese trading company on, Aug. 27, 2007.)

Pope noted the size of the Chinese pork market, stating that China consumes half the world's pork, and that two-thirds of the country's protein diet consists of pork....

Pick your spin on the 3rd quarter earnings
(all these stories are based on the same numbers!)

Smithfield Foods Beats Forecasts
Smithfield beats estimates, helped by pork exports
Cost to Feed Hogs Drags Smithfield 3Q
Smithfield profit down 10% on higher hog costs
UPDATE: Smithfield 3Q Net Drops 9.6% On Lower Hog Prices
Smithfield Profit Falls 9.6% on Surging Feed Costs (Update1)