date:Sep 05, 2012
Suddenly our hedge positions make us look like we were all geniuses, CEO C. Larry Pope said during the conference call.
I promise you we were not. We can't predict the future and don't try.
Smithfield alsosees gains from its move to build up its packaged-food business--profit jumped 29% amid a 4% volume increase, Pope added.
We continue to believe that we still have significant upward potential in this business, he said.
But overall earnings slumped 25% amid weakness elsewhere at the company