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Analyst sees Smithfield Farms solidly on course for 2014 profits
Story Date: 1/17/2013
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Source: Chris Scott, MEATINGPLACE, 1/16/13
Smithfield Farms Inc. is “best positioned” to thrive in among protein industry players in 2014, according to BMO Capital Markets analyst Jeffrey Zaslow.
Despite expected weakness in pork in the near term, Zaslow contends that Smithfield will exceed expectations in fiscal 2014, which ends in April of next year.
He estimates that Smithfield will post net income of $2.84 a share for 2014 and net income of $2.20 for fiscal 2013. The nation’s largest pork producer has already posted sales of $6.3 billion in the first two quarters of the current fiscal year, with third-quarter consensus estimates set at 51 cents a share. That report is scheduled to be released on March 7.
Zaslow is basing his “outperform” outlook on current favorable beef-pork spreads, lower international hog supplies (especially in Europe), strong export demand and continuing internal operational improvements.
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