Despite mad cow, Smithfield income rises
Feb 24, 2004 12:00 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 $46.1 million for the third quarter of fiscal 2004 ended February 1, versus net income of $5.3 million for the same period a year earlier.
Results in the quarter were adversely affected by $11 million in costs and inefficiencies in the beef segment related to the market impact of a reported case of mad cow disease in Washington state. Higher earnings were due to improved results at the company's hog production operations and inclusion of the financial results of Farmland Foods, which Smithfield acquired in 2003.
Third-quarter sales were $2.7 billion, compared with $1.8 billion a year earlier.
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