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News Summary: Smithfield Foods' 4Q profit falls

The Associated Press

PROFIT DROPS: Pork producer Smithfield Foods Inc.'s fourth quarter profit sank nearly 63 percent to $29.7 million as feed costs rose even as consumers resist price hikes, and hog prices and exports fell.

MIXED SALES: Revenue rose more 3 percent to $3.32 billion. Sales of packaged meats rose 6 percent, while sales of fresh pork fell 3 percent as it saw a decline in exports to China, Russia and Japan. Its cost of sales rose 6 percent.

BUYOUT PENDING: Smithfield agreed last month to a $4.72 billion takeover offer from the majority shareholder in China's largest meat processor.