Smithfield Foods Inc. says it lost money in the second quarter on continued weak prices in its hog business, which offset improvements in its pork and packaged-meat businesses.
The nation's largest hog producer and processor has been hurting because of weak demand and volatile commodity prices that squeezed margins. It has been working to cut hog production in an attempt to boost prices.
The company, based in Smithfield, Va., lost $26.4 million, or 17 cents per share, for the quarter.
Excluding a higher tax rate and other items, Smithfield lost 26 cents per share. Analysts expected a bigger loss of 39 cents per share on revenue of $2.71 billion.
Sales fell 15 percent to $2.69 billion.
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