Smithfield Spent $350 Million To Safeguard Workers At Plant
Smithfield Foods, Inc. announced this past week that the company spent 350 million dollars to safeguard its workers, as well as its food supply during the COVID- 19 pandemic. As a result, the company lost nearly 72 million in the second quarter of 2020.
The company spoke about what 2020 has been like, with its initial optimism, and then historic challenges in a press release:
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 in 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.
Also in the press release, Smithfield Foods, Inc. goes on to mention that the company sustained numerous expenses (both direct and indirect) in relation to the COVID-19 pandemic that cost them around 350 million in expenses in the second quarter of 2020 alone.
The company does seem optimistic about future earnings, though. Stating that they believe their performance will rebound in the fall.
Smithfield Foods, Inc. was forced to temporarily shut down in April due to a widespread COVID- 19 outbreak at its Sioux Falls location.
You can find more information on the Smithfield Foods website. You can also find a detailed article on the impact of Smithfield's 2nd quarterly losses on agriculture.com.
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