Smithfield Foods' profit falls about 63 percent

RICHMOND, Va. Pork producer Smithfield Foods (SFD) says its net income fell nearly 63 percent in the fourth quarter as it experienced lower hog prices, higher feed costs and a decline in exports to China and Russia.

The results come amid the company's pending $4.72 billion takeover by the majority shareholder in China's largest meat processor.

• Chinese meat processor Shuanghui buying Smithfield Foods for about $4.72B
• Smithfield Foods-Shuanghui deal: China "just needs the food," expert says

The Smithfield, Va.-based company, whose brands include Armour, Farmland and its namesake, said Friday it earned $29.7 million, or 21 cents per share, for the period ended April 28. That's down from $79.5 million, or 49 cents per share, a year ago, when its results included a $16.8 million benefit from insurance reimbursements.

Smithfield Foods Inc. reported revenue rose 3 percent to $3.3 billion.

Analysts expected earnings of 42 cents per share on revenue of $3.27 billion.