Smithfield falls on weaker Q3 outlook
SFD•Smithfield cuts Q3 outlook on pork market weakness
- Shares of pork producer Smithfield Foods
SFD.Ofall 3.5% to $21.3 premarket. - The company forecasts a Q3 adjusted operating loss of $70 million-$90 million in its fresh pork segment, compared with a $10 million profit a year earlier.
SFDsees Q3 adjusted operating income of $115 million-$175 million, below the year-ago level of $310 million.- "The change in our outlook is driven by external market conditions within portions of the pork value chain," said CEO Shane Smith.
- Five of six brokerages rate the stock "buy" or higher, and one "hold"; their median PT is $28, according to LSEG-compiled data.
- As of the last close,
SFDstock was up 0.5% year to date.
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