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Smithfield Foods Reports $122.7 M Net
SMITHFIELD - Jun 9/04 - SNS -- Smithfield Foods, Inc. reported a net income of $122.7 million, or $1.09 per diluted share, on sales of $2,522 million for the fourth quarter ending May 2.
The is a massive improvement on the $5.1 million, or $.05 per diluted share, earned on sales of $1,750 million during the same quarter last year.
The results lift the company's fiscal year net profit to $227.1 million sales of $9,267 million; compared to just $26.3 million on sales of $7,135 million during fiscal 2003-03.
"The sharply higher earnings in the fourth quarter were due primarily to substantially improved results of the company’s hog production operations resulting from a 33% increase in live hog market prices, as well as the inclusion of the results of Farmland," the company said.
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