Smithfield Foods (NYSE:SFD) stock is popular in Tuesday’s trading after it posted first quarter profits that missed Wall Street’s estimates. The packaged food company posted EPS of 40 cents per share, lower than the 44 cents analysts were expecting. Revenue for the quarter came in at $3.09 billion, also below estimates of $3.15 billion. The company said the weak earnings was due to lower sales in its meat products which drives much of the company’s growth. The lower sales could be due to the higher prices of meat which was caused by higher crop costs due to the severe drought.
