Smithfield Foods reported a loss of $72 million in its second quarter, which the company attributes to measures it took in the face of the pandemic.
Smithfield Foods reported a loss of $72 million in its second quarter, which the company attributes to measures it took in the face of the pandemic.
The loss compares to a $180 million profit in the second quarter of 2019. The company said in a statement that the COVID situation was “a tale of two tapes” and that it had spent $350 million on worker protection and other pandemic-related expenses.
This $350 million breaks down as:
$195 million for “people-related costs,” including additional hazard compensation and pay for workers quarantining at home;
$125 million for “facility-related costs,” including adding personal protective equipment and slowing lines down;
$30 million in product contributions to food banks.
The pandemic forced Smithfield to temporarily close its pork processing facility in Sioux Falls, S.D., in April.
"Going forward, we expect performance to rebound in the fall, as our COVID-19 related costs, some of which were one-time or short-term in nature, are declining," CEO Kenneth Sullivan said in a statement.
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