Smithfield Foods' Quarterly Profit Falls
Smithfield Foods, the world's largest pork processor, said its second-quarter profit fell nearly 12 percent because of one-time restructuring charges, and it announced it is closing a processing plant in Salem, Va., that is among its oldest.
Profit was $51.6 million (46 cents a share) in the quarter ended Oct. 30, down from $58.4 million (52 cents) in the comparable quarter last year. The latest quarter included pretax charges of $16.3 million (9 cents), from restructuring of the company's East Coast pork processing operations.
Revenue rose 7 percent, to $2.9 billion, helped by a 30 percent increase in beef sales. Analysts surveyed by Thomson Financial expected earnings per share of 56 cents on revenue of $2.87 billion.
Smithfield's shares fell 76 cents, or 2.5 percent, to $29.23 on the New York Stock Exchange.
Access National Plans 2-for-1 Stock Split
Access National of Reston, the holding company for Access National Bank and its subsidiaries, announced a 2-for-1 stock split for shareholders as of Dec. 12, payable Dec. 23. Shares closed at $19.64, up $1.01 or 5.4 percent.
Fannie Mae Still Decreasing Portfolio
Fannie Mae continued to scale back its portfolio of mortgages and mortgage-backed assets in October. The District-based housing finance company's mortgage portfolio decreased to $717.3 billion from $727.8 billion. The portfolio has shrunk 24.3 percent so far this year, partly because the company had to sell assets to boost the amount of capital it kept on hand under orders from its regulator after an accounting scandal. Fannie Mae also has been buying fewer mortgages and mortgage-related assets lately because high demand for such assets has made them less attractively priced.
Convera of Vienna, a provider of advanced information-searching technologies to businesses and government agencies such as the FBI, lost $2.5 million (5 cents a share) in its third quarter ended Oct. 31, compared with a loss of 4.5 million (13 cents) in the same period a year earlier. Revenue fell 26 percent, to $4.5 million, which the company attributed to delays in the timing of expected government work in the United States and Britain.
Compiled from staff and news service reports.