Smithfield Foods net income sets record in third quarter

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  Andrea Gantz

  Pig producer and pork processor Smithfield Foods' net income set a record in the third quarter of fiscal year 2014.

  From WATTAgNet:

  Smithfield Foods, a wholly owned subsidiary of WH Group, on November 7 reported record 2014 third quarter results, with a net income of $155.3 million, compared to a net income of $35.4 million during the third quarter of 2013. The pig producer and pork processor also reported sales of $3.7 billion, an increase of 11 percent when compared to the same quarter of 2013.

  The company’s consolidated operating profit rose 218 percent to $250.1 million, with earnings higher in every business segment. Those segments include Packaged Meats, Hog Production, International and Fresh Pork.

  "We continue to improve our operating performance across all business segments and our record results reflect the sustained progress the company is making to realize efficiencies and strengthen our market position. We are also benefitting from a favorable operating environment with tight supplies and strong demand both domestically and internationally," said C. Larry Pope, president and CEO of Smithfield Foods.

  "Most importantly, momentum in our value-added packaged meats business continues to accelerate. Margins were resilient in the face of extremely high raw material costs and we realized volume, market share and distribution gains across a number of our core brands and strategic product categories. These developments underscore the evolution of Smithfield into more of a branded packaged meats company. I am extremely proud of the progress we have made in this area and applaud our team for this ongoing achievement."