UPDATE: Smithfield Reports Upbeat FQ2 Results

Smithfield Foods Inc

reported better-than-expected fiscal second quarter results. Smithfield's quarterly net income dropped to $120.7 million, or $0.74 per share, from $143.7 million, or $0.86 per share, in the year-ago period. Its sales surged 10% to $3.3 billion. However, analysts were expecting earnings of $0.70 per share on sales of $3.21 billion. Smithfield shares fell 0.16% to close at $24.93 yesterday.