Smithfield Foods, Inc., a wholly owned independent subsidiary of WH Group Limited, today reported record 2014 first quarter results. All comparisons are to the first quarter of 2013. Sales for the first quarter of 2014 were $3.4 billion, up 3%. Net income was $105.3 million, compared to net income of $18.2 million last year.
"We are pleased to report a record first quarter with strong margin gains across all segments of our business. Our results reflect outstanding execution at the operating level, better markets and an improved export environment owing, in good measure, to our strategic combination with WH Group. On that front, we are opportunistically pursuing exciting growth opportunities in the enormous and rapidly growing Chinese pork market that we expect will yield dividends for years to come," said C. Larry Pope, president and chief executive officer.