Smithfield 4th-Quarter Net Income Soars 70%
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Smithfield Foods Inc., the largest U.S. hog producer, said fiscal fourth-quarter profit surged 70% to $48.5 million, or 90 cents a share, as it sold more fresh pork and increased profit margins on processed meats. Sales rose 7.8% to $1.51 billion.
Smithfield said it benefited from increased sales of meat packaged as Lean Generation Pork and other brands, which are more profitable than the bulk meat it sells to supermarkets. Brand-name products make up 38% of Smithfield’s raw pork sales, up from 31% last year.
Smithfield shares rose 28 cents to close a $37.98 on the NYSE.
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