UPDATE: Smithfield FQ3 Earnings Up 3.2%

Smithfield Foods

reported a 3.2% rise in its fiscal third-quarter earnings. Smithfield's quarterly profit climbed to $81.5 million, or $0.58 per share, from $79 million, or $0.49 per share, in the year-ago quarter. Its sales rose 3% to $3.58 billion. However, analysts were expecting earnings of $0.50 per share on sales of $3.53 billion. Its gross margin declined to 9.2% from 10.9%, while total pork sales rose 0.3%. Smithfield shares closed at $22.30 yesterday.