8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 30, 2003

SMITHFIELD FOODS, INC.

(Exact name of registrant as specified in its charter)

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)

Registrant’s telephone number, including area code: (757) 365-3000

Item 7. Financial Statements and Exhibits.

(c) Exhibits.

Exhibit Number	Description
99.1	Press release, dated as of July 30, 2003

Item 12. Results of Operations and Financial Condition.

On July 30, 2003, Smithfield Foods, Inc. issued a press release commenting on expected earnings for its first quarter of fiscal 2004, ended July 27, 2003, and the proposed Farmland Foods acquisition. A copy of this press release is furnished as Exhibit 99.1.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	SMITHFIELD FOODS, INC.
Date: August 5, 2003	/s/    DANIEL G. STEVENS
	Daniel G. Stevens Vice President and Chief Financial Officer

EXHIBIT INDEX

Exhibit 99.1 Press Release issued July 30, 2003.

EX-99.1

EXHIBIT 99.1

Smithfield Foods Comments on First Quarter Earnings

And Proposed Farmland Foods Acquisition

Smithfield, Virginia (July 30, 2003) – Smithfield Foods, Inc. (NYSE: SFD) said today that the company expects earnings per share for its first quarter of fiscal 2004, ended July 27, to be in the range of $.18-$.21 per diluted share. The company reported $.11 per diluted share in the first quarter of fiscal 2003. Smithfield has approximately109 million shares outstanding.

The company attributes the improvement in earnings to dramatically improved results in the hog production group as a result of a 25 percent increase in live hog prices during the quarter. Live hog market prices were about 20 percent, or about $18 per head, above the first quarter of fiscal 2003 and the hog production group will report a substantial profit after three consecutive quarters of losses.

Improved hog production results are being substantially offset by continuing weak margins on fresh pork as a result of increased live hog prices and the seasonal impact historically associated with pork operations in summer months.

The company’s beef operations continue to experience strong margins with profits well above last year, in spite of higher cattle costs. International results are below those of a year ago.

The company noted that market conditions in pork processing are slowly improving and that frozen inventories of all proteins are below year-ago levels. Indications point toward production of all proteins to be lower in calendar 2003, suggesting improving fresh meat prices. The company noted that it continues to believe that earnings in fiscal 2004 will be well above those in fiscal 2003.

On July 29, the United States Bankruptcy Court for the Western District of Missouri approved Farmland Industries, Inc.’s motion to establish bid procedures for the sale of its pork assets. Under the court’s order, Smithfield has been officially designated the “stalking horse” bidder in a process in which additional bids for Farmland’s pork assets will be solicited for a period of 45 days. As the stalking horse bidder, Smithfield will be entitled to receive a $10 million breakup fee if a superior bid is selected. Should the company be successful in purchasing Farmland, closing is anticipated to occur in late September or early October.

With annualized sales of $8 billion, Smithfield Foods is the leading processor and marketer of fresh pork and processed meats in the United States, as well as the largest producer of hogs. For more information, please visit www.smithfieldfoods.com.

This news release may contain “forward-looking” information within the meaning of the federal securities laws. The forward-looking information may include statements concerning the company’s outlook for the future, as well as other statements of beliefs, future plans and strategies or anticipated events, and similar expressions concerning matters that are not historical facts. The forward-looking information and statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, the statements. These risks and uncertainties include availability and prices of livestock, raw materials and supplies, livestock costs, livestock disease, food safety, product pricing, the competitive environment and related market conditions, ability to make and successfully integrate acquisitions, operating efficiencies, access to capital, the cost of compliance with environmental and health standards, adverse results from ongoing litigation and actions of domestic and foreign governments.

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Contact:

Jerry Hostetter

Smithfield Foods, Inc.

(212) 758-2100

jerryhostetter@smithfieldfoods.com

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