This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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.

1 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs