Smithfield Foods expects its fresh pork segment to post an adjusted operating loss of $70 million to $90 million in the third quarter, reversing a $10 million profit a year earlier. The company also forecast adjusted operating profit of $25 million to $45 million for its hog production business, down from $89 million in the same period last year. Shares fell nearly 2% in extended trading. Smithfield attributed the weaker outlook to lower USDA pork cutout and hog prices, a shrinking industry market spread and cautious spending. It maintained its fiscal 2026 adjusted operating income forecast of $1.08 billion to $1.15 billion for packaged meats, its largest segment, while projecting total company adjusted operating income of $115 million to $175 million for the three months ending September, compared with $310 million a year earlier. The company cut its annual total sales and adjusted operating profit forecasts last month and is scheduled to participate in the Barclays Global Consumer Conference on Thursday.