Smithfield net income drops more than 90% on debt charge in Q2 results
Smithfield Foods Inc. reported fiscal 2013 second quarter results. All comparisons are to the second quarter of fiscal 2012. Sales for the second quarter of fiscal 2013 were $3.2 billion, down 3%, as higher volumes in all segments were more than offset by lower meat and live hog prices. Net income was $10.9 million ($.07 per diluted share) compared to net income of $120.7 million ($.74 per diluted share) last year.
In the second quarter, the company completed the following actions to refinance its balance sheet, thereby lowering borrowing rates, dramatically improving its debt maturity profile and eliminating all long term secured debt obligations: