(Reuters) -Smithfield Foods posted a jump in third-quarter revenue and profit on Tuesday, as the U.S. pork processor benefited from resilient demand for higher-priced packaged meats and fresh pork.
The company, the biggest U.S. pork processor, has been working to rein in expenses amid a spike in raw material costs and cautious consumer spending.
Strong results at Smithfield Foods reflect sustained demand for protein-rich staples like pork and processed meats, as consumers continue to prioritize home-cooked meals amid persistent inflation and still-high cost-of-living.
“Despite persistent higher raw material costs and cautious consumer spending, our Packaged Meats segment posted the second best third quarter profit on record,” CEO Shane Smith said.
Meanwhile, higher prices from President Donald Trump’s sweeping tariffs have further dampened sentiment.
In August, Smithfield Foods said it resumed exports to China that had been crippled by import duties. In China, imports of U.S. pork face a 57% tariff, according to industry data.
Sales in its largest Packaged Meats segment jumped 9.1%, while Fresh Pork saw a 12% rise in sales during the quarter.
The Virginia-based meatpacker raised the midpoint of its adjusted operating profit in the range of $1.23 billion to $1.33 billion. It maintained its 2025 sales forecast of a low-to-mid-single-digit percentage rise from a year earlier.
Its sales rose 12.4% to $3.75 billion in the quarter ended September 28.
On an adjusted basis, it earned a profit of 58 cents per share from continuing operations, compared with 53 cents a year earlier.
(Reporting by Savyata Mishra in Bengaluru and Tom Polansek in Chicago; Editing by Sriraj Kalluvila)
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