Smithfield Foods Q4 Sales Increase
Smithfield Foods, a processor and marketer of pork and packaged meats in the US, has reported consolidates sales of $2.91bn for the fourth quarter ended May 2, 2010, compared to $2.85bn for the same quarter last year.
Operating loss for the quarter was $39.3m, compared to operating loss $91.9m in the previous year quarter. Net loss for the quarter was $4.6m, or $0.03per diluted share, an improvement of $76.6m, or $.54 per share from the prior year's fourth quarter.
Sales for the Fresh Pork segment for the quarter was $1.10m, compared to $1.15m in the last year quarter. Sales for the Packaged Meats posted $1.32m, compared to $1.30m in the previous year quarter. For the International segment sales was $317.3m, compared to $257.2m in the same quarter prior year.
Sales in the hog production was $742.9m, compared to $615.8 in the corresponding quarter last year. Sales in the Other segment was $28.1m, compared to $63.8m in the last year quarter.
For the fiscal 2010, consolidated sales were $11.20bn, compared to $12.48bn in the last year. Operating profit for the fiscal year was $62.8m, compared to operating loss of $223.9m in the previous year.
Net loss for the fiscal year was $101.4m or $0.65 per diluted share, an improvement of $97m or $.76 per share from the prior year.
Larry Pope, president and chief executive officer of Smithfield, said: The contributing factors - global recessionary conditions, unfounded fears about A(H1N1) and the resultant closures of some key export markets, spiking grain prices and extended low hog prices tied to a significant oversupply of live hogs - are all well documented.
“These factors, combined with the extremely slow pace of herd liquidation in spite of mounting industry losses, all conspired to make for one of the longest and deepest downturns ever in live hog production.”
Mr Pope added, We look forward to the return to profitability in the Hog Production segment. We do not see significant herd expansion on the horizon, which should stabilize hog supplies at healthier price levels. Corn prices have remained below $4 a bushel without much upward pressure; however, the EPA has indicated that they will announce their decision on increasing ethanol blending rate from 10% to 15% in July. An increase will pressure corn pricing.”
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