Smithfield sales rise but earnings dip

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Smithfield-based Smithfield Foods reported that second-quarter sales rose 10 percent but adjusted earnings per share declined slightly.

The company, the world’s largest pork processor and hog producer, had net income of $120.7 million, or 74 cents per diluted share, on sales of $3 billion during the second quarter of its 2012 fiscal year.

During the same period last year, the company’s net income was $143.7 million, or 86 per diluted share.

The 2012 second quarter results included a 2 cents per share charge for the early extinguishment of debt. Excluding this charge, the company had adjusted earnings per share of 76 cents.

Last year’s adjusted second-quarter earnings per share were 80 cents.

Packaged meats sales rose 7 percent while volume increased 1 percent.

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