Smithfield Foods yesterday [Thursday] reported that fiscal 2002 Q3 net income rose 46% to US$54.5m, or US$.48 per diluted share, excluding the impact of a non-recurring gain in the prior year. In the Q3 of fiscal 2001 the company reported a non-recurring gain, net of expenses, of US$43.6m, or US$.39 per diluted share, from the sale of IBP common stock. Including the gain on sale of common stock, reported net income was US$80.8m, or US$.73 per diluted share, for the Q3 last year.