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RICHMOND, Va. (AP) - Smithfield Foods Inc., the world's largest pork producer, said Thursday that it expects to report a decline in its fiscal third-quarter profit compared with a year ago on a drop in hog production earnings.
The company anticipates net income in a range of 53 cents to 56 cents per share for the quarter that ended Jan. 28. Earnings were 63 cents per share in the prior-year period. It expects to report third-quarter results March 1.
Smithfield said the third quarter results will reflect a significant drop in hog production earnings partially offset by increased earnings in its international segment and about 4 cents per share in tax-related adjustments.
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