UPDATE: Smithfield Foods Q1 Net Profit Down 25%

Smithfield Foods

reported a 25% drop in its first-quarter profit. Smithfield's quarterly net income declined to $61.7 million, or $0.40 per share, versus $82.1 million, or $0.49 per share, in the year-ago period. Its net sales came in at $3.09 billion. Smithfield shares dropped 2.33% to $18.87 in pre-market trading.