Smithfield Foods (NYSE:SFD) posted a profit of $79.5 million during its fiscal fourth quarter, down 19% from $98.4 million reported during the same time last year.
Adjusted EPS came in at 43 cents. That disappointed Wall Street which had expected adjusted EPS of 53 cents, Reuters noted.
The company noted that sales for the quarter rose 3% compared to last year, hitting $3.2 billion. That also fell short of analysts’ estimate of $3.26 billion in revenue for the quarter.
Investors were disappointed by the results and hammered Smithfield shares which dropped more than 7% in Thursday afternoon trading.
For the year, Smithfield’s sales rose 7% to $13.1 billion. Earnings for fiscal 2012 came in a $361.3 million, down from $521 million last year.
The company noted that fiscal 2011 had been a record year for company earnings and that fiscal 2012 was the second-best earnings year in company history.
Smithfield also announced that it will repurchase $250 million of its shares over two years.