Smithfield Foods, Inc. reported fiscal third-quarter operating profit of $127 million, down 59% from $310 million a year earlier, as lower sales and a loss in its Fresh Pork segment weighed on results.
For the quarter ended Sept. 27, sales fell 8.3% to $3.437 billion, according to the company's earnings release filed Oct. 27. Fresh Pork posted an $89 million operating loss, compared with $10 million in profit in the year-earlier quarter. Packaged Meats operating profit edged up to $230 million from $226 million.
Adjusted operating profit, a non-GAAP measure, was $145 million, compared with $310 million a year earlier. Diluted earnings per share fell to $0.23 from $0.63.
Smithfield President and CEO Shane Smith said weaker pork markets weighed on upstream operations, while Packaged Meats delivered the stronger segment result. The company said softer fresh pork and hog markets may continue to pressure upstream results in the fourth quarter. It also said Packaged Meats is on track to exceed $1 billion in operating profit for a fifth consecutive year.
Smithfield's fiscal 2026 outlook projects adjusted operating profit of $900 million to $1 billion and a low single-digit percentage decline in sales from fiscal 2025. The company expects Fresh Pork's adjusted operating result to range from a $50 million loss to break-even.
The outlook includes 53 weeks of results and about two months of Nathan's Famous results after Smithfield completed its acquisition on Oct. 26.
