What guidance did Smithfield Foods's management provide for the next earnings period?

What is Smithfield Foods's gross profit margin?

Did Smithfield Foods beat or miss consensus estimates last quarter?

What does Smithfield Foods do and what are its main business segments?

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What factors drove the changes in Smithfield Foods's revenue and profit?

What is the revenue and EPS growth rate for Smithfield Foods year over year?

- **Record Q3 Profit**: $310 million adjusted operating profit, +8.5% YoY, driven byPackaged Meats and Hog Production.
- **Packaged Meats Resilience**: $226 million profit (+9.1% YoY) despite 12% raw material cost increase.
- **Hog Production Growth**: Segment profit doubles YoY, with 2025 outlook raised to $125 million-$150 million.
- **Liquidity Strength**: $3.1 billion liquidity and 0.8x net debt/EBITDA ratio.
- **SNAP Risk**: Potential 7.5% revenue impact if SNAP benefits delayed, but pork affordability mitigates risk.

**【CEO Summary Section】**
- Delivered record Q3 adjusted operating profit of $310 million, up 8.5% YoY, driven byPackaged Meats and Hog Production segments.
- Packaged Meats segment achieved $226 million in adjusted operating profit, up 9.1% YoY, despite higher raw material costs.
- Fresh Pork segment mitigated 50% of industry market spread compression through operational efficiency and channel diversification.
- Hog Production segment adjusted operating profit doubled YoY, benefiting from cost optimization and higher hog prices.
- Raised 2025 adjusted operating profit outlook by $25 million to $1.225 billion-$1.321 billion.

**【CFO Financial Commentary】**
- Consolidated sales of $3.7 billion, up 12.4% YoY, driven by Hog Production and Packaged Meats growth.
- Adjusted EPS of $0.58, up 9.4% YoY, reflecting strong profitability across segments.
- Capital expenditures expected at $350 million-$400 million, with 50% allocated to growth initiatives.
- Balance sheet remains strong with $3.1 billion liquidity and net debt/EBITDA ratio of 0.8x.

**【Q&A Highlights】**
- Packaged Meats volumes flat Q3 but gaining market share through innovation (e.g., Smithfield Prime Fresh lunchmeat up double digits).
- Hog Production target to reduce self-sufficiency to 30% by resizing to 10 million hogs annually.
- SNAP delays could impact low-income consumers, but pork affordability remains key competitive advantage.
- Beef trim costs expected to remain elevated through 2026, with no material recovery in beef supply until 2027.

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