Smithfield Foods, Inc. (NASDAQ:SFD), an American food company and an industry leader in value-added packaged meats and fresh pork, today provided a third-quarter update in advance of its participation in the Barclays Global Consumer Staples Conference. The update reflects continued compression in the industry fresh pork market spread and lower hog prices.

Since the Company reported second quarter results on August 11, 2026, two external market developments have moved beyond the assumptions embedded in its prior outlook:

  • For Fresh Pork, the USDA pork cutout has declined further since the Company’s August outlook, compressing the near-term Fresh Pork industry market spread beyond the levels contemplated in that outlook.
     
  • For Hog Production, market hog prices have declined, leading the Company to a more conservative view of segment profitability.

Company Outlook

  • Fresh Pork. The Company now expects to report a Fresh Pork third quarter adjusted operating loss in the range of $70 million to $90 million, primarily driven by industry spread compression.
     
  • Hog Production. The Company now expects to report Hog Production third quarter adjusted operating profit in the range of $25 million to $45 million, primarily driven by lower hog prices.
     
  • Packaged Meats. The Company is reaffirming its outlook for Packaged Meats fiscal 2026 adjusted operating income of between $1,075 million to $1,150 million, unchanged from the prior range, reflecting continued branded volume share gains, expanded distribution, and disciplined execution in a cautious consumer environment.
     
  • Total Company. The Company expects to report third quarter total company adjusted operating income in the range of $115 million to $175 million.
     

The Company expects to provide updated full-year Fresh Pork, Hog Production and total company adjusted operating profit guidance when it reports third-quarter results.