Smithfield sales rise but earnings dip
- December 9, 2011
Smithfield-based Smithfield Foods reported that second-quarter sales rose 10 percent but adjusted earnings per share declined slightly.
The company, the world’s largest pork processor and hog producer, had net income of $120.7 million, or 74 cents per diluted share, on sales of $3 billion during the second quarter of its 2012 fiscal year.
During the same period last year, the company’s net income was $143.7 million, or 86 per diluted share.
The 2012 second quarter results included a 2 cents per share charge for the early extinguishment of debt. Excluding this charge, the company had adjusted earnings per share of 76 cents.
Last year’s adjusted second-quarter earnings per share were 80 cents.
Packaged meats sales rose 7 percent while volume increased 1 percent.