The company blamed the African swine fever for culling China's pork herds which had an adverse effect on demand for their products. In turn, this prompted an increase in research and development spending from Phibro, which further weighed down on their profits. Phibro reported fiscal Q4 earnings of just $0.33 per share on $204 million in revenue, down from the $0.36 per share earnings and $206 million revenue expected by Wall Street.