UPDATE: Smithfield Posts Drop In FQ4 Profit

Smithfield Foods

reported a drop in its fiscal fourth-quarter profit. Smithfield's quarterly profit declined to $29.7 million, or $0.21 per share, versus $79.5 million, or $0.49 per share, in the year-ago period. Its sales rose 3% to $3.32 billion from $3.31 billion. Smithfield shares fell 0.03% to $32.81 in pre-market trading.