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Smithfield Foods Reports Fourth Quarter And Full Year Results

Stocks in this article: SFD

Fourth Quarter Highlights

  • Net income was $29.7 million
  • EPS was $.21
  • Sales of $3.3 billion, up 3%
  • Total Pork operating profit up 16% and sales up 1%
  • Fresh Pork operating profit up 109% and sales down 5%
  • Packaged Meats operating profit up 5% and sales up 6%

Full Year Highlights

  • Net income was $183.8 million
  • EPS was $1.26
  • Adjusted EPS was $1.80
  • Sales of $13.2 billion, up 1%
  • Total Pork operating profit second best in company history up 1% and sales in line with prior year
  • Fresh Pork operating profit down 27% and sales down 3%
  • Packaged Meats operating profit up 17% and sales up 2%
  • International operating profit up 153% and sales in line with prior year
  • Reduced interest expense 5%
  • Repurchased 19.1 million shares for $386 million

SMITHFIELD, Va., June 14, 2013 (GLOBE NEWSWIRE) -- Smithfield Foods, Inc. (NYSE:SFD) today reported fiscal 2013 fourth quarter and full year results, with its Pork segment delivering its second best year in company history. All comparisons are to the fourth quarter and full fiscal year 2012.

"Driven by both top and bottom line growth in packaged meats, these earnings reflect our continued transformation into a more value-added consumer packaged meats company. For the full year, packaged meats operating profit increased nearly $70 million, or 17%, year over year and volume was up 4%. Our core brand volume grew even more substantially, up 5%," said C. Larry Pope, president and chief executive officer.

Smithfield continued to deliver consistent growth in its packaged meats business in fiscal 2013, with increased volume and market share and broader distribution of its core brands. Packaged meats sales dollars and volume grew across all trade channels and in eight of the company's 12 core brands. "Double-digit gains were realized for Smithfield bacon, Armour dry sausage, and Smithfield and Farmland marinated pork. In the deli channel, our Eckrich deli meats also finished the year up double-digits," Mr. Pope commented.

Market share improved in bacon, cooked dinner sausage, dry sausage and marinated pork. In addition, the company broadened distribution of its core brands in a number of key product categories, including cooked dinner sausage, deli meats, dry sausage, marinated pork, packaged lunchmeat and portable lunches.

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