BUZZ - Smithfield Foods shares fall in premarket trading after cutting annual sales forecast

October 27 - Shares of the U.S. meat processing company Smithfield Foods SFD.O fell about 4% in pre-market trading, quoted at $17.60

** The company expects (link) full-year total sales to decrease by a low single-digit percentage, compared to the previous forecast of remaining roughly flat, citing current macroeconomic challenges including weakness in the fresh pork and hog commodity markets.

** Annual adjusted operating results for the fresh pork business segment are expected to be between a $50 million loss and breakeven, compared to the previous forecast for adjusted operating profit of $180 million to $240 million.

** The hog production segment's full-year adjusted operating results are expected to be between a $25 million loss and a $25 million profit, compared to the previous forecast for adjusted operating profit of $75 million to $125 million.

** The company's third-quarter sales and profits both missed expectations.

** "We expect the upstream business to continue facing pressure from the commodity markets in the fourth quarter," said CEO Shane Smith.

** As of the previous trading day's close, the company's share price had declined 18% year-to-date.

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