Smithfield, Va.-based hog processor Smithfield Foods has announced earnings of US$24.9m for the Q4 of fiscal 2002, ended 28 April, down from US$48.5m year on year. Including one-time, after-tax gains of US$5m, Q4 2001 reported net income totalled US$53.5m, or US$0.49 per diluted share. For FY 2002, Smithfield Foods reported record earnings of US$195.7m, or US$1.77 per diluted share, compared to US$174.9m, or US$1.59 per diluted share, prior to unusual items. Including the impact of unusual items in both periods, fiscal 2002 earnings were US$196.9m, or US$1.78 per diluted share, versus US$223.5m, or US$2.03 per diluted share, in 2001. FY 2001 unusual items included gains on the sale of IBP stock and a Canadian plant totalling US$48.6m, or US$0.44 per diluted share.