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Smithfield Foods Reports First Quarter Results

SMITHFIELD, Va., Sept. 4, 2012 (GLOBE NEWSWIRE) -- Smithfield Foods, Inc. (NYSE:SFD) today reported fiscal 2013 first quarter results. All comparisons are to the first quarter of fiscal 2012.

Highlights
  • Net income was $61.7 million, or $.40 per diluted share
  • Packaged meats operating profit +29% to first quarter record $130.6 million
  • Packaged meats volume +4% - Core brands volume +7%
  • Continued aggressive share repurchases
  • Repurchased 7.4 million shares for $145 million in first quarter
  • Repurchased 17.4 million shares, or more than 10% of the company, for $350 million in just over a year
  • Reduced interest expense 12%
  • Refinanced balance sheet; redeemed $694 million of debt subsequent to quarter end
  • Dramatically improved debt maturity profile
  • Eliminated all secured term debt
  • Increased liquidity
  • Lowered borrowing costs

Following are the company's sales, operating profit and margin by segment (dollars in millions):
  Three Months Ended
  July 29, 2012 July 31, 2011
Sales:        
Pork        
Fresh Pork  $ 1,261.0    $ 1,254.2  
Packaged Meats  1,338.6    1,343.1  
Total Pork   2,599.6    2,597.3  
Hog Production   728.8    749.8  
International   346.8    375.0  
Total segment sales  3,675.2    3,722.1  
Intersegment   (583.9)    (627.9)  
Consolidated  $ 3,091.3    $ 3,094.2  
         
Operating profit and margin %:        
Pork        
Fresh Pork  $ (12.0)  (1)%  $ 35.4  3%
Packaged Meats  130.6  10%  101.3  8%
Total Pork   118.6  5%  136.7  5%
Hog Production   23.1  3%  69.7  9%
International   15.8  5%  --   0%
Corporate   (25.7)    (33.2)  
Consolidated  $ 131.8  4%  $ 173.2  6%

Sales for the first quarter of fiscal 2013 were $3.1 billion, steady with the prior year. Net income was $61.7 million ($.40 per diluted share) in the first quarter, compared to net income of $82.1 million ($.49 per diluted share) last year. Last year's first quarter included noteworthy items that negatively impacted results by $.20 per share, primarily related to the anticipated settlement of the company's Missouri litigation.

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