Smithfield Foods, Inc. (SFD) said Larry Pope, President and Chief Executive Officer, and Robert Manly, Executive Vice President and Chief Financial Officer, will be conducting investor meetings in Boston, Massachusetts on April 21-22, 2010.
The meetings are intended to provide additional information to investors regarding the company's long term outlook as a result of its strategic focus on driving profitable growth via its consumer packaged meats business and new cost savings opportunities and improved commodity pricing in its Hog Production segment.
In advance of the investor meetings, the company stated that it anticipates solid results in its Pork segment in the fourth quarter of fiscal 2010, but remarked that fresh pork and packaged meats margins will reflect the impact of higher raw material costs versus a year ago.
Smithfield also indicated that it does not expect its fourth quarter Hog Production segment results to reflect the benefits of the recently and dramatically improved live hog production environment because of significant mark-to-market losses on a portion of its lean hog hedged position. Smithfield noted that these losses are the result of the sizeable and unexpected run-up in the futures curve for lean hogs for the summer and fall months of 2010. At the same time, the company reiterated its favorable outlook for this segment in fiscal 2011.
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