Smithfield Foods stock fell 10.3% this week after the company lowered its full-year guidance despite beating second-quarter expectations. The company reported adjusted earnings of $0.62 per share, topping analyst estimates by $0.02, and sales of $3.7 billion, about $50 million above expectations but down 2.3% year over year. Smithfield now expects full-year revenue to be roughly flat, down from prior guidance of low-single-digit growth, and cut its adjusted operating income forecast to between $1.225 billion and $1.375 billion from a previous range of $1.325 billion to $1.475 billion. The packaged meats segment's operating margin declined to 13.1% from 14.5% a year earlier, contributing to the weaker outlook.
Smithfield Foods, Inc. Common StockLowered full-year guidance and reduced operating income forecast despite beating Q2 estimates.
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