Smithfield Foods Inc. reported record fiscal 2011 fourth quarter and full year results. Sales for the fourth quarter of fiscal 2011 were $3.1 billion, up 7%. Fiscal 2011 sales increased 9% to $12.2 billion. The increase in both periods is primarily attributable to higher average unit selling prices in the Pork segment and higher live hog market prices.
The company reported net income in the fourth quarter of $98.4 million ($.59 per diluted share) compared to a net loss of $(4.6) million ($(.03) per diluted share) last year, an improvement of $103.0 million. For fiscal 2011, the company reported net income of $521.0 million ($3.12 per diluted share) compared to a net loss of $(101.4) million ($(.65) per diluted share) last year, an improvement of $622.4 million.