UPDATE: Smithfield Posts Lower Q1 Profit

Smithfield Foods

reported a drop in its first-quarter profit. Smithfield's quarterly profit dropped to $39.5 million, from $61.7 million, in the year-earlier period. Its earnings per share fell to $0.27 from $0.40. Its revenue climbed to $3.4 billion from $3.1 billion. Analysts were expecting a profit of $0.47 per share. Smithfield shares fell 0.24% to $33.88 in pre-market trading.