Smithfield Foods Inc. Earnings Cheat Sheet: Rise in Profit

Smithfield Foods Inc. (NYSE:SFD) reported its results for the first quarter. Smithfield Foods, Inc. is a hog producer and pork processor, which produces and markets a number of fresh meat and packaged meats products both domestically and internationally.

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Smithfield Foods Earnings Cheat Sheet for the First Quarter

Results: Net income for Smithfield Foods Inc. rose to $82.1 million (49 cents per share) vs. $76.3 million (46 cents per share) in the same quarter a year earlier. This marks a rise of 7.6% from the year earlier quarter.

Revenue: Rose 6.6% to $3.09 billion from the year earlier quarter.

Actual vs. Wall St. Expectations: SFD reported adjusted net income of 69 cents per share. By that measure, the company beat the mean estimate of 68 cents per share. Analysts were expecting revenue of $3.15 billion.

Quoting Management: “The record performance of our business for the past five quarters is the direct result of the successful execution of our strategy to position Smithfield as a leading packaged meats company by increasing customer-focused marketing of our core brand portfolio, improving our overall cost structure and fortifying our balance sheet, plus the benefit of favorable industry conditions,” said C. Larry Pope, president and chief executive officer.

Key Stats:

The company has now topped analyst estimates for the last four quarters. It beat the mark by 3 cents in the fourth quarter of the last fiscal year, by 18 cents in the third quarter of the last fiscal year, and by 25 cents in the second quarter of the last fiscal year.

Revenue has risen the past four quarters. Revenue increased 7.1% to $3.12 billion in the fourth quarter of the last fiscal year. The figure rose 10.5% in the third quarter of the last fiscal year from the year earlier and climbed 11.4% in the second quarter of the last fiscal year from the year-ago quarter.

Competitors to Watch: Hormel Foods Corporation (NYSE:HRL), Tyson Foods, Inc. (NYSE:TSN), ZHONGPIN INC. (NASDAQ:HOGS), Pilgrim’s Pride Corp. (NYSE:PPC), Seaboard Corporation (AMEX:SEB), ConAgra (NYSE:CAG) and Monsanto (NYSE:MON).

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(Source: Xignite Financials)