Joseph W. Luter, III, chairman, president and chief executive officer of Smithfield Foods, Inc. (NYSE: SFD – news) today issued the following statement: “Smithfield Foods is having an extremely strong first quarter. This strength in earnings is the result of our vertical integration strategy. As a result, I fully expect the Company will report at least a five-fold increase in earnings per share over the comparable period last year.”
Smithfield Foods reported fully diluted earnings per share of $.15 in the first quarter of fiscal year 2000. The Company’s first quarter ends July 30, 2000.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
DESCRIPTION OF COMPANY
Smithfield Foods is the largest vertically integrated producer and marketer of fresh pork and processed meats in the United States. The Company’s brands include Smithfield Lean Generation Pork(TM), Smithfield Premium, Gwaltney, John Morrell, Patrick Cudahy, Schneiders, Krakus, Lykes, Esskay, Kretschmar, Valleydale, Jamestown, Dinner Bell, Sunnyland, ReaLean, Patrick’s Pride, Great, Tobin’s First Prize, Peyton’s, Rodeo, IQM, Curly’s, Ember Farms and others.
In addition, the Company has operating subsidiaries in Canada, France and Poland and participates in joint ventures in Canada, Brazil and Mexico. The French subsidiaries produce and sell processed meats while the Canadian and Polish subsidiaries have slaughter operations and sell fresh pork, processed meats and other related food products. The joint ventures are involved in all aspects of the pork business including hog production and slaughter as well as the sale of fresh and processed meats.
FORWARD LOOKING INFORMATION
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThis 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. The risks and uncertainties include availability and prices of live hogs and raw materials, product pricing, the competitive environment and related market conditions, operating efficiencies, access to capital, the cost of compliance with environmental and health standards and actions of domestic and foreign governments.
