Smithfield Foods net income drops 8 percent in Q1 2015

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  Andrea Gantz

  Pork company Smithfield Foods saw its net income drop about 8 percent during the first quarter of fiscal year 2015.

  From WATTAgNet:
  Smithfield Foods saw its net income drop about 8 percent during the first quarter of fiscal year 2015. The period ended on March 29.
  The largest pork company in the United States, Smithfield Foods on April 29 reported a net income of $97 million during the quarter, down from the $105.3 million reported during the first quarter of fiscal year 2014.
  The highlight for Smithfield Foods’ first quarter was sales for its packaged meats division, which increased 10 percent to $1.7 billion.
  While the first quarter of fiscal year 2015 saw a drop in net income, the company just completed a hugely successful year. Smithfield Foods recorded a net income of $556.1 million during fiscal year 2014, more than quadrupling its fiscal year 2013 net income. Its sales increased 8 percent, reaching 15 percent.
  Since the conclusion of the first quarter, Smithfield Foods has launched two new expansion projects. Those include a new $12 million Patrick Cudahy bacon slicing plant in Cudahy, Wisconsin, and an expansion at its Curly’s plant in Sioux City, Iowa. The Curly’s facility produces precooked ribs and other barbecue products. Both expansion projects are expected to be completed before the end of 2015.
  Smithfield Foods is a wholly-owned subsidiary of Chinese pig producer and pork processing company WH Group. WH Group’s acquisition of Smithfield Foods was finalized in September 2013.