Smithfield Foods Inc. reported fiscal 2014 first quarter results. Sales for the first quarter of fiscal 2013 were $3.4 billion, up 10% from last year. Net income was $39.5 million in the first quarter, compared to net income of $61.7 million last year. The Fresh Pork segment suffered an operating loss of $(36.5) million, while Packaged Meats operating profit was $97.9 million.
"The key driver of our business continues to be packaged meats where we achieved solid margins, while growing volume, as well as market share and distribution across a number of our core brands and product categories in the first quarter," said C. Larry Pope, president and CEO.