Smithfield Foods Inc, the U.S. pork producer that has agreed to a $4.7 billion takeover by China's Shuanghui International Holdings, reported a 36 percent fall in quarterly profit, hurt by lower exports to key international markets such as Japan, China and Russia.Fresh pork operating margins fell to negative 3 percent in the first quarter due to higher hog costs."The operating environment in fresh pork and our international business was difficult in the first quarter," Chief Executive C. Larry Pope said in a statement."Normal seasonal weakness in fresh pork was exacerbated by declines in key export markets."
Smithfield Foods, Inc. produces and markets a variety of fresh meat and packaged meats products both domestically and internationally. Shares of SFD fell by 0.12% or $-0.04/share to $33.92. In the past year, the shares have traded as low as $19.17 and as high as $34.74. On average, 3321220 shares of SFD exchange hands on a given day and today's volume is recorded at 2101158.
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