J.P. Morgan Comments On Smithfield Foods Healthy Beat

In a report published by J.P. Morgan, Smithfield Foods SFD reported a pro forma $0.84 3Q11 (Jan.) this morning, a healthy beat versus the Street's $0.69.

J.P. Morgan said that it had estimated $0.74. “The beat was clean, in our view, as neither interest expense ($60MM) nor the tax rate (32%) was out of line with consensus expectations. We expect a strong day for the SFD shares and will know more after the 9am ET conference call with management. 800-230-1096.”

Smithfield Foods closed yesterday at $22.75.