Smithfield Foods Inc. reported record fiscal 2012 first quarter results. All comparisons are to the first quarter of fiscal 2011. The company reported a record year-over-year results for fifth consecutive quarter led by record first quarter packaged meats profits, in spite of higher raw material costs.
Sales for the first quarter of fiscal 2012 were $3.1 billion, up 7%, resulting from higher average unit selling prices in the Pork segment and higher live hog market prices. The company reported net income in the current quarter of $82.1 million ($.49 per diluted share) compared to net income of $76.3 million ($.46 per diluted share) last year.