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Smithfield Profits Jump
NEW YORK - Aug 26/04 - SNS -- Smithfield Foods, Inc. reports net income for the first quarter of its 2005 fiscal year jumped from $17. million last year to $54.9 million, or $.49 per diluted share. Sales were $2.7 billion, compared with $2 billion a year ago.
The company said earnings in the quarter reflected improved profitability in the hog production segment combined with strong results in pork. The strong performance in live production and pork was moderated by lower earnings in the beef segment.
Earnings in the company’s hog production segment rose more than 70%, reflecting the impact of a 29% increase in live hog prices compared with the first quarter of last year.
Smithfield declared commodity futures contracts for live hogs reduced hog production earnings by $47 million for the quarter.
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