Sales up, income down for Smithfield Q4, year-end results
Smithfield Foods Inc. reported fiscal 2012 fourth quarter and full year results. All comparisons are to the fourth quarter and full fiscal year 2011. Sales for the fourth quarter of fiscal 2012 were $3.2 billion, up 3%. Net income was $79.5 million ($.49 per diluted share) in the fourth quarter, compared to net income of $98.4 million ($.59 per diluted share) last year. Results for the fourth quarter include $16.8 million, or $.06 per diluted share, for expected insurance reimbursements related to an anticipated settlement of the company's Missouri litigation. The fourth quarter of fiscal 2011 included a pre-tax charge on the early retirement of debt of $71.1 million, or $.26 per diluted share.
Fiscal 2012 sales increased 7% to $13.1 billion. Net income was $361.3 million ($2.21 per diluted share) in fiscal 2012, compared to net income of $521.0 million ($3.12 per diluted share) last year.