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 November 7, 2014, announcing the Registrant's results for the third quarter of 2014, which ended September 28, 2014. |
SMITHFIELD FOODS, INC. | ||
Date: November 7, 2014 | /s/ Michael H. Cole | |
Michael H. Cole | ||
Vice President, Chief Legal Officer and Secretary |
Exhibit 99.1 | Press release, dated November 7, 2014, announcing the Registrant's results for the third quarter of 2014, which ended September 28, 2014. |
• | Net income +340% to record $155.3 million |
• | Sales +11% to $3.7 billion |
• | Consolidated operating profit +218% to $250.1 million; earnings higher in every business segment |
◦ | Packaged Meats operating profit +43% |
◦ | Hog Production operating profit +188%; record high |
◦ | International operating profit +133% |
◦ | Fresh Pork results +$10.4 million |
• | Packaged meats volume +4%; continued market share and distribution gains |
• | Reduced debt by $377 million since WH Group merger |
◦ | Debt to adjusted EBITDA declined to 2.8x below 3.0x target |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
September 28, 2014 | September 26, 2013 | September 28, 2014 | September 26, 2013 | |||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||
Sales: | ||||||||||||||||||||||||||||
Fresh Pork | $ | 1,444.3 | $ | 1,296.7 | $ | 4,437.2 | $ | 3,808.3 | ||||||||||||||||||||
Packaged Meats | 1,733.8 | 1,508.7 | 5,010.5 | 4,553.7 | ||||||||||||||||||||||||
Hog Production | 803.2 | 840.0 | 2,509.7 | 2,531.4 | ||||||||||||||||||||||||
International | 439.3 | 395.4 | 1,240.0 | 1,128.5 | ||||||||||||||||||||||||
Total segment sales | 4,420.6 | 4,040.8 | 13,197.4 | 12,021.9 | ||||||||||||||||||||||||
Intersegment | (718.3 | ) | (703.6 | ) | (2,259.0 | ) | (2,020.0 | ) | ||||||||||||||||||||
Consolidated | $ | 3,702.3 | $ | 3,337.2 | $ | 10,938.4 | $ | 10,001.9 | ||||||||||||||||||||
Operating profit (loss) and margin %: | ||||||||||||||||||||||||||||
Fresh Pork | $ | (12.5 | ) | -1 | % | $ | (22.9 | ) | -2 | % | $ | 76.1 | 2 | % | $ | (20.0 | ) | -1 | % | |||||||||
Packaged Meats | 111.3 | 6 | % | 77.6 | 5 | % | 330.1 | 7 | % | 296.4 | 7 | % | ||||||||||||||||
Hog Production | 139.6 | 17 | % | 48.5 | 6 | % | 278.1 | 11 | % | 18.7 | 1 | % | ||||||||||||||||
International | 40.3 | 9 | % | 17.3 | 4 | % | 111.1 | 9 | % | 35.1 | 3 | % | ||||||||||||||||
Corporate | (28.6 | ) | (41.9 | ) | (88.7 | ) | (103.0 | ) | ||||||||||||||||||||
Consolidated | $ | 250.1 | 7 | % | $ | 78.6 | 2 | % | $ | 706.7 | 6 | % | $ | 227.2 | 2 | % | ||||||||||||
SMITHFIELD FOODS, INC. AND SUBSIDIARIES | |||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
(In millions) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 28, 2014 | September 26, 2013 | September 28, 2014 | September 26, 2013 | ||||||||||||
(unaudited) | |||||||||||||||
Sales | $ | 3,702.3 | $ | 3,337.2 | $ | 10,938.4 | $ | 10,001.9 | |||||||
Cost of sales | 3,248.3 | 3,048.6 | 9,619.2 | 9,148.1 | |||||||||||
Gross profit | 454.0 | 288.6 | 1,319.2 | 853.8 | |||||||||||
Selling, general and administrative expenses | 218.4 | 194.7 | 653.0 | 616.6 | |||||||||||
Merger related costs | — | 18.0 | — | 18.0 | |||||||||||
Income from equity method investments | (14.5 | ) | (2.7 | ) | (40.5 | ) | (8.0 | ) | |||||||
Operating profit | 250.1 | 78.6 | 706.7 | 227.2 | |||||||||||
Interest expense | 39.3 | 33.6 | 120.5 | 121.3 | |||||||||||
Non-operating gain | — | — | (1.1 | ) | — | ||||||||||
Income before income taxes | 210.8 | 45.0 | 587.3 | 105.9 | |||||||||||
Income tax expense | 55.5 | 9.6 | 183.8 | 19.9 | |||||||||||
Net income | $ | 155.3 | $ | 35.4 | $ | 403.5 | $ | 86.0 |
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