Smithfield also said it has offered $200 million for its joint venture partner's 51 percent stake in Butterball LLC and the partner's related turkey production assets, Reuters reports.
The company reported a net loss in the current quarter of $4.6 million compared to a net loss of $81.2 million last year, an improvement of $76.6 million. For the full fiscal year, the net loss totaled $101.4 million compared to a net loss of $198.4 million in the prior fiscal year, an improvement of $97.0 million. Last year's net loss included income from discontinued operations, net of tax, of $52.5 million, or $.37 per diluted share.