Smithfield Foods quarterly sales, profit rise on steady demand for meat

(Reuters) -Smithfield Foods posted a jump in third-quarter revenue and profit on Tuesday, as the U.S. pork processor benefited from resilient demand for higher-priced packaged meats and fresh pork.

The company, the biggest U.S. pork processor, has been working to rein in expenses amid a spike in raw material costs and cautious consumer spending.

Strong results at Smithfield Foods reflect sustained demand for protein-rich staples like pork and processed meats, as consumers continue to prioritize home-cooked meals amid persistent inflation and still-high cost-of-living.

“Despite persistent higher raw material costs and cautious consumer spending, our Packaged Meats segment posted the second best third quarter profit on record,” CEO Shane Smith said.

Meanwhile, higher prices from Presiden