Packaged meat profit up, fresh pork down in Smithfield Q1 results
Smithfield Foods Inc. reported fiscal 2013 first quarter results. Packaged meats operating profit was up 29%, to a first quarter record $130.6 million. The Fresh pork segment reported a $12 million loss.
Sales for the first quarter of fiscal 2013 were $3.1 billion, steady with the prior year. Net income was $61.7 million ($.40 per diluted share) in the first quarter, compared to net income of $82.1 million ($.49 per diluted share) last year.