Smithfield Foods sees $300M-$350M in annual CapEx going forward Says corn prices have declined somewhat since the highs that were reached during last summer but remain at elevated levels. Says while it is difficult to forecast hog production results for 2014, it is actively working to mitigate commodity risk in that section and sees improved margins y/y. Commenting on its growth plans, Smithfield said it sees $300M-$350M in annual CapEx going forward to fund investment in business, sees continued higher investment in direct to consumer marketing programs. Sees FY tax rate in the mid-20% range, FY CapEx approximately $300M. Comments made on the Q3 earnings conference call.
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