Virginia | 1-15321 | 52-0845861 | ||||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
200 Commerce Street Smithfield, Virginia | 23430 | |||
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 | Results of Operations and Financial Condition. |
Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits |
99.1 | Press release, dated March 7, 2013, announcing the Registrant's results for the third quarter of fiscal 2013, which ended January 27, 2013. |
SMITHFIELD FOODS, INC. | ||
Date: March 7, 2013 | /s/ Michael H. Cole | |
Michael H. Cole | ||
Vice President, Chief Legal Officer and Secretary |
Exhibit 99.1 | Press release, dated March 7, 2013, announcing the Registrant's results for the third quarter of fiscal 2013, which ended January 27, 2013. |
• | Net income was $81.5 million, or $.58 per diluted share |
• | Sales +3% to $3.6 billion |
• | Packaged meats operating profit +7% to $126 million |
• | Packaged meats volume +5% and core brand volume +6% |
• | International profitability strong with 11% margin |
• | Repurchased 8.2 million shares for $174 million in third quarter |
SMITHFIELD FOODS, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||
SALES AND OPERATING PROFIT BY SEGMENT | |||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
January 27, 2013 | January 29, 2012 | January 27, 2013 | January 29, 2012 | ||||||||||||||||||||||||
Sales: | |||||||||||||||||||||||||||
Pork | |||||||||||||||||||||||||||
Fresh Pork | $ | 1,245.2 | $ | 1,303.2 | $ | 3,743.5 | $ | 3,849.8 | |||||||||||||||||||
Packaged Meats | 1,757.9 | 1,689.5 | 4,580.1 | 4,515.0 | |||||||||||||||||||||||
Total Pork | 3,003.1 | 2,992.7 | 8,323.6 | 8,364.8 | |||||||||||||||||||||||
Hog Production | 837.9 | 761.8 | 2,300.7 | 2,296.9 | |||||||||||||||||||||||
International | 393.1 | 360.4 | 1,098.5 | 1,126.5 | |||||||||||||||||||||||
Total segment sales | 4,234.1 | 4,114.9 | 11,722.8 | 11,788.2 | |||||||||||||||||||||||
Intersegment | (650.8 | ) | (636.6 | ) | (1,822.4 | ) | (1,903.1 | ) | |||||||||||||||||||
Consolidated | $ | 3,583.3 | $ | 3,478.3 | $ | 9,900.4 | $ | 9,885.1 | |||||||||||||||||||
Operating profit and margin %: | |||||||||||||||||||||||||||
Pork | |||||||||||||||||||||||||||
Fresh Pork | $ | 54.0 | 4 | % | $ | 78.5 | 6 | % | $ | 136.7 | 4 | % | $ | 210.1 | 5 | % | |||||||||||
Packaged Meats | 125.9 | 7 | % | 117.4 | 7 | % | 356.1 | 8 | % | 293.7 | 7 | % | |||||||||||||||
Total Pork | 179.9 | 6 | % | 195.9 | 7 | % | 492.8 | 6 | % | 503.8 | 6 | % | |||||||||||||||
Hog Production | (64.5 | ) | (8 | )% | (6.6 | ) | (1 | )% | (74.0 | ) | (3 | )% | 127.0 | 6 | % | ||||||||||||
International | 43.7 | 11 | % | 6.2 | 2 | % | 100.4 | 9 | % | 23.5 | 2 | % | |||||||||||||||
Corporate | (22.8 | ) | (25.0 | ) | (72.8 | ) | (85.9 | ) | |||||||||||||||||||
Consolidated | $ | 136.3 | 4 | % | $ | 170.5 | 5 | % | $ | 446.4 | 5 | % | $ | 568.4 | 6 | % |
SMITHFIELD FOODS, INC. AND SUBSIDIARIES | |||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
(In millions, except per share data) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
January 27, 2013 | January 29, 2012 | January 27, 2013 | January 29, 2012 | ||||||||||||
(unaudited) | (unaudited) | ||||||||||||||
Sales | $ | 3,583.3 | $ | 3,478.3 | $ | 9,900.4 | $ | 9,885.1 | |||||||
Cost of sales | 3,254.5 | 3,098.5 | 8,862.1 | 8,678.6 | |||||||||||
Gross profit | 328.8 | 379.8 | 1,038.3 | 1,206.5 | |||||||||||
Selling, general and administrative expenses | 198.9 | 187.3 | 605.7 | 626.8 | |||||||||||
(Income) loss from equity method investments | (6.4 | ) | 22.0 | (13.8 | ) | 11.3 | |||||||||
Operating profit | 136.3 | 170.5 | 446.4 | 568.4 | |||||||||||
Interest expense | 40.6 | 42.3 | 124.6 | 134.6 | |||||||||||
Loss on debt extinguishment | — | 4.6 | 120.7 | 12.2 | |||||||||||
Income before income taxes | 95.7 | 123.6 | 201.1 | 421.6 | |||||||||||
Income tax expense | 14.2 | 44.6 | 47.0 | 139.8 | |||||||||||
Net income | $ | 81.5 | $ | 79.0 | $ | 154.1 | $ | 281.8 | |||||||
Net income per share: | |||||||||||||||
Basic | $ | .58 | $ | .49 | $ | 1.04 | $ | 1.73 | |||||||
Diluted | $ | .58 | $ | .49 | $ | 1.03 | $ | 1.72 | |||||||
Weighted average shares outstanding: | |||||||||||||||
Basic | 140.3 | 161.0 | 147.7 | 163.1 | |||||||||||
Effect of dilutive shares | 1.2 | 1.8 | 1.3 | 1.1 | |||||||||||
Diluted | 141.5 | 162.8 | 149.0 | 164.2 |
SMITHFIELD FOODS, INC. AND SUBSIDIARIES | |||||||||||||||||||
SCHEDULE OF (INCOME) LOSS FROM EQUITY METHOD INVESTMENTS | |||||||||||||||||||
(In millions) | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
Equity Investment | Segment | January 27, 2013 | January 29, 2012 | January 27, 2013 | January 29, 2012 | ||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||
Mexican joint ventures | International | $ | (0.6 | ) | $ | (6.4 | ) | $ | (6.1 | ) | $ | (11.3 | ) | ||||||
Campofrío Food Group (CFG) (1) | International | (5.8 | ) | 28.2 | (7.2 | ) | 24.0 | ||||||||||||
All other equity method investments | Various | — | 0.2 | (0.5 | ) | (1.4 | ) | ||||||||||||
(Income) loss from equity method investments | $ | (6.4 | ) | $ | 22.0 | $ | (13.8 | ) | $ | 11.3 | |||||||||
(1) | Third quarter of fiscal 2012 includes $38.7 million of charges related to CFG's consolidation plan. CFG prepares its financial statements in accordance with International Financial Reporting Standards. Our share of CFG’s results reflects U.S. GAAP adjustments. There may be differences between what we report for CFG and what CFG reports. |
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