Smithfield Foods Inc. reported fiscal 2012 second quarter results. Sales for the second quarter of fiscal 2012 were $3.3 billion, up 10%, resulting from higher average unit selling prices and volumes in the Pork segment. The company reported net income in the current quarter of $120.7 million ($.74 per diluted share) compared to net income of $143.7 million ($.86 per diluted share) last year.
"Our business is thriving and we are proud to deliver yet another quarter of quality and consistent earnings to our shareholders led by strong results in our Pork segment," said C. Larry Pope, president and CEO. "Importantly, we were able to grow the top line in our packaged meats business in the second quarter — while exhibiting strong pricing discipline to maintain margins in the normalized range — by leveraging our closely coordinated sales and marketing platform to expand share and distribution. Our Farmland, Smithfield, Armour and Curly's brands all achieved double-digit retail sales and volume growth in the quarter."