NEW YORK (MarketWatch) -- Smithfield Foods Inc. said Thursday its third-quarter net income rose to $37.3 million, or 22 cents a share, from a loss of $105.7 million, or 74 cents a share, in the year-ago period. Adjusted net income was 22 cents a share in the latest period. The meat producer's sales fell to $2.88 billion from $3.35 billion. Wall Street analysts expected earnings of 19 cents a share and revenue of $3.2 billion, according to a survey by FactSet Research. Looking ahead, the Smithfield, Va. company said it expects fresh pork margins to improve as hog slaughter levels continue to decline and its Sioux City plant is closed in April. It's also pursuing opportunities to boost pork sales to China and Russia.

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