Smithfield Foods' net income skyrockets
Jun 9, 2004 1:17 PM, from staff and wire reports
Smithfield Foods Inc, a Smithfield VA-based processor and marketer of fresh pork and processed meats, announced net income of $122.7 million for the fourth quarter of fiscal 2004 ended May 2, versus net income of $5.1 million for the same period in 2003. Fourth-quarter 2004 sales were $2.5 billion compared with $1.8 billion a year earlier.
For the full-year fiscal 2004, the firm reported net income of $227.1 million, versus $26.3 million a year ago. Sales for 2004 totaled $9.3 billion compared with $7.1 billion the year before.
In related news, Smithfield Foods has agreed to purchase French firm Jean Caby and related companies for about euro 27.4 million (US $33.2 million) plus assumption of certain liabilities. The company will merge with Smithfield’s French unit, SBS, creating a processed meat company in France with sales of approximately euro 380 million (US $466 million). The combined company will operate under the Jean Caby name.
This transaction, subject to regulatory approval, is expected to close before the end of July 2004.
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