USA: Smithfield Foods Reports Third Quarter Earnings
Smithfield Foods, Inc. (NYSE: SFD) today reported earnings for the third quarter ended January 28, 2001 of $80.8 million, or $1.46 per diluted share, compared to $17.5 million, or $.36 per diluted share a year ago. Results in the quarter included a nonrecurring, pretax gain of $76.5 million from the sale of 6.7 million shares of IBP, inc. The company estimates that expenses incurred during the quarter related to the attempted merger and subsequent sale were $7.5 million. The after-tax gain on the sale, net of expenses, amounted to $43.6 million, or $.79 per diluted share. Excluding this nonrecurring gain, net income totaled $37.2 million, or $.67 per diluted share for the third quarter of fiscal 2001.
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