In an emailed statement, the company attributed the decline to the closure of its slaughtering plant in Vernon, California, in early 2023 and other strategic decisions to improve and optimize the hog production business unit.
Earlier this year, the Virginia-based firm also announced the separation of its European operations as it plans to list in the US, but it has not revealed a timeline yet.
"Smithfield's footprint has changed significantly as it has streamlined and optimized operations to focus on the North American market," the company said in a statement on greenhouse gas reporting.
It has reduced farm operations in Missouri, Utah, Arizona, California and the East Coast, it added.
Pork producers lost money last year as pig prices and consumer demand for pork struggled at a time of high costs for labor and other expenses, leading them to cut down supply.
Last year, Smithfield, owned by Hong Kong's WH Group, said it would end contracts with 26 farms in Utah, permanently close 35 farm sites in Missouri, and close a processing plant in North Carolina.
Tyson Foods, the biggest US meat company by sales, shut an Iowa pork plant this year.
thepigsite.com