Smithfield Foods Inc. (SFD) reported third quarter net income of $0.58 per share Thursday morning, up from $0.49 per share last year. The consensus estimate was for EPS of $0.51. Quarterly sales grew 3 percent to $3.58 billion, helped by higher volumes in all segments. Sales also exceeded analysts' estimate of $3.53 billion.
Smithfield Foods rose sharply during the first half hour of trade Thursday, but settled into a range for the remainder of the session. Shares finished up by 2.38 at $24.68 on the highest volume of the year. The stock broke out past resistance and set a new high for the year.
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