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Smithfield solid on FY13 projections: J.P. Morgan analyst
Story Date: 3/28/2012
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Source: Chris Scott, MEATINGPLACE, 3/27/12
Smithfield Foods Inc. is right on track with its outlook for fiscal 2013 with fresh pork margins expected to reach the higher end of the normalized range, according to J.P. Morgan analyst Ken Goldman.
Smithfield is expected to make a presentation in New York today that also will project packaged meats reaching the high end of the normalized range with volume growth, normal hog production margins and higher international margins during the fiscal year that starts in April.
Goldman notes that the company’s guidance on fresh pork is solid, even though industry-wide fresh pork margins have been soft lately with pork prices falling faster than hog prices. He adds that the prediction of higher results in 2013 “should be interpreted as a modestly positive surprise.”
Goldman says Smithfield also reiterated its expectations for 2012 to include raising international margin guidance to normalized from the low end of normalized. Company officials earlier this month indicated a performance rebound in its international segment and expect continued strong results for its international operations for the balance of the year.
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