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 September 6, 2013, announcing the Registrant's results for the first quarter of fiscal 2014, which ended July 28, 2013. |
SMITHFIELD FOODS, INC. | ||
Date: September 6, 2013 | /s/ Michael H. Cole | |
Michael H. Cole | ||
Vice President, Chief Legal Officer and Secretary |
Exhibit 99.1 | Press release, dated September 6, 2013, announcing the Registrant's results for the first quarter of fiscal 2014, which ended July 28, 2013. |
• | Net income was $39.5 million |
• | Diluted EPS was $.27 |
• | Sales of $3.4 billion, up 10% |
• | Total Pork operating profit was $61.4 million |
◦ | Fresh Pork operating loss was $(36.5) million |
◦ | Packaged Meats operating profit was $97.9 million |
• | Hog Production operating profit was $66.5 million |
• | International operating profit was $1.9 million |
SMITHFIELD FOODS, INC. AND SUBSIDIARIES | ||||||||||||||
SALES AND OPERATING PROFIT BY SEGMENT | ||||||||||||||
(in millions) | ||||||||||||||
Three Months Ended | ||||||||||||||
July 28, 2013 | July 29, 2012 | |||||||||||||
Sales: | ||||||||||||||
Pork | ||||||||||||||
Fresh Pork | $ | 1,363.4 | $ | 1,261.0 | ||||||||||
Packaged Meats | 1,487.0 | 1,338.6 | ||||||||||||
Total Pork | 2,850.4 | 2,599.6 | ||||||||||||
Hog Production | 872.4 | 728.8 | ||||||||||||
International | 376.0 | 346.8 | ||||||||||||
Total segment sales | 4,098.8 | 3,675.2 | ||||||||||||
Intersegment | (705.5 | ) | (583.9 | ) | ||||||||||
Consolidated | $ | 3,393.3 | $ | 3,091.3 | ||||||||||
Operating profit and margin %: | ||||||||||||||
Pork | ||||||||||||||
Fresh Pork | $ | (36.5 | ) | (3 | )% | $ | (12.0 | ) | (1 | )% | ||||
Packaged Meats | 97.9 | 7 | % | 130.6 | 10 | % | ||||||||
Total Pork | 61.4 | 2 | % | 118.6 | 5 | % | ||||||||
Hog Production | 66.5 | 8 | % | 23.1 | 3 | % | ||||||||
International | 1.9 | 1 | % | 15.8 | 5 | % | ||||||||
Corporate | (32.5 | ) | (25.7 | ) | ||||||||||
Consolidated | $ | 97.3 | 3 | % | $ | 131.8 | 4 | % |
SMITHFIELD FOODS, INC. AND SUBSIDIARIES | ||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||
(In millions, except per share data) | ||||||||
Three Months Ended | ||||||||
July 28, 2013 | July 29, 2012 | |||||||
(unaudited) | ||||||||
Sales | $ | 3,393.3 | $ | 3,091.3 | ||||
Cost of sales | 3,089.1 | 2,759.1 | ||||||
Gross profit | 304.2 | 332.2 | ||||||
Selling, general and administrative expenses | 205.2 | 201.1 | ||||||
(Income) loss from equity method investments | 1.7 | (0.7 | ) | |||||
Operating profit | 97.3 | 131.8 | ||||||
Interest expense | 41.8 | 42.5 | ||||||
Income before income taxes | 55.5 | 89.3 | ||||||
Income tax expense | 16.0 | 27.6 | ||||||
Net income | $ | 39.5 | $ | 61.7 | ||||
Net income per share: | ||||||||
Basic | $ | .28 | $ | .40 | ||||
Diluted | $ | .27 | $ | .40 | ||||
Weighted average shares outstanding: | ||||||||
Basic | 139.0 | 154.3 | ||||||
Effect of dilutive shares | 4.9 | 1.0 | ||||||
Diluted | 143.9 | 155.3 |
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