Pork producer Smithfield Foods says third-quarter profits fell about 10 percent, mainly because of lower live hog prices and a higher tax rate.

The pork producer says net income dropped to $54.6 million, or 41 cents per share, from $60.4 million, or 54 cents per share.

The Smithfield, Va.-based company says it earned 44 cents per share once discontinued operations are excluded.

Thomson Financial says analysts expected earnings of 21 cents per share.

The company says the acquisition of a smaller rival helped its pork segment bit that its estimated effective tax rate increased significantly, drawing off about 6 cents in per-share earnings.

The company reports its revenue rose 16 percent to $3.79 billion from $3.28 billion. Analysts predicted $3.63 billion.

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AP Business Writer Lauren Shepherd in New York