Smithfield Foods to Split Stock 2-for-1

After the market close, Smithfield Foods (NYSE:SFD) announced that it plans to split its stock 2 for 1. The company said its directors agreed to recommend to shareholders at the company's annual shareholder meeting Aug. 29 that they approve an increase in authorized shares. If approved, the company said its board currently intends to declare a 2-for-1 stock split after the annual meeting. The company currently has 52.5 million shares outstanding.

Additionally, Smithfield said earnings for the fiscal fourth quarter ending April 29 will exceed 85 cents a share. This compares with 51 cents earned in the same quarter last year and 74 cents a share estimated by analysts polled by market research firm First Call.

Shares of Smithfield closed the day up $0.02 to $36.12.

About the Company:

Smithfield Foods, Inc. is a pork processor and hog producer. As a holding company, Smithfield Foods conducts its business through two groups, the Meat Processing Group and the Hog Production Group, each comprised of a number of subsidiaries. The Meat Processing Group produces domestically and internationally a wide variety of fresh pork and processed meat products, including hams, hot dogs, loins and ribs, and markets them nationwide and to over 25 foreign markets, including Canada, Poland, France, Japan and Mexico. The Meat Processing Group consists primarily of six domestic processing subsidiaries and four international pork processing entities.

View Profile for SFD

View Chart for SFD