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Smithfield Foods' Adjusted Operating Results Swing to Loss in Second Quarter Amid COVID-19 Pandemic

SMITHFIELD, Va., Aug. 11, 2020 /PRNewswire/ -- Smithfield Foods, Inc. announced today that it has spent $350 million to protect its team members and the American food supply during the COVID-19 pandemic, causing adjusted operating results to swing to a loss in the second quarter of 2020.
Smithfield Foods' Adjusted Operating Results Swing to Loss in Second Quarter Amid COVID-19 Pandemic
At Smithfield, the first half of 2020 was "a tale of two tapes": pre-pandemic and pandemic. Prior to the onset of COVID-19 in the U.S., Smithfield delivered record results in the first quarter of 2020, which were 190 percent higher than 2019. However, the impact of the pandemic weighed heavily on the company's second quarter, pushing adjusted operating results 140 percent below a year ago to a $72 million loss. Even when factoring in a benefit from risk management activities entered into before the pandemic, second quarter results were positive, but remained 54 percent, or $119 million, below a year ago. Following are the company's operating results for the second quarter of 2020 (U.S. GAAP in millions):






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