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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