Smithfield Foods Inc. reported fiscal 2012 third quarter results. All comparisons are to the third quarter of fiscal 2011. Sales for the third quarter of fiscal 2012 were $3.5 billion, up 9%, resulting from higher average unit selling prices and volumes in the Pork segment. The company reported net income in the current quarter of $79.0 million ($.49 per diluted share) compared to net income of $202.6 million ($1.21 per diluted share) last year. For the first nine months of fiscal 2012, net income was $281.8 million ($1.72 per diluted share) compared to net income last year of $422.6 million ($2.53 per diluted share). It was the second best third quarter in company history, Smithfield reported.
Both current quarter and year to date operating profit and earnings per share included a number of noteworthy items. For the third quarter, EPS of $.49 included $.18 per diluted share for Campofrío charges, as well as a $.02 per diluted share charge for the early extinguishment of debt. Excluding these charges, adjusted EPS was $.69 on a non-GAAP basis. Similarly, after adjusting for noteworthy items for the first nine months, non-GAAP EPS was $2.16 in fiscal 2012 compared to non-GAAP EPS of $2.18 in fiscal 2011.