Smithfield Foods today (28 April) booked “record” underlying operating profits for the first quarter of its financial year.
The listed US pork major, still majority owned by China’s WH Group, pointed to a “strong performance” from its packaged meats business.
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“We delivered record first‑quarter results through disciplined execution across the business,” president and CEO Shane Smith said. “Adjusted operating profit reached a first‑quarter record, underscoring the strength of our vertically integrated model.”
In the first quarter, which ran to 29 March, Smithfield generated an operating profit of $333m, up 3.4% on a year earlier. Adjusted operating profit increased 4% to $339m.
Packaged meats, which accounts for a majority of Smithfield’s sales and profits, saw its operating profit grow 3.6% to $275m.
The group’s net sales inched up 0.8% to $3.8bn. Sales from packaged meats rose 6.2% to $2.15bn. However, Smithfield’s fresh-pork division saw its sales dip 1.1% to $2bn. Sales from hog production slid 17.5% to $769m.
Smithfield stuck to its outlook for its 2026 financial year, a set of forecasts it outlined last month. It is predicting its sales will rise at a “low-single-digit” rate this year compared to the $15.5bn in generated in 2025.
The company is forecasting its adjusted operating profit will be between $1.33bn and $1.48bn. Last year, that metric reached $1.37bn.
Smithfield’s outlook for 2026 includes 53 weeks of results and excludes both the impact of its proposed Nathan’s Famous acquisition and its investment in a new processing facility in South Dakota.
Smith added: “We are actively managing inflationary input costs and consumer spending trends, and our record first‑quarter results support our confidence in our outlook for 2026.”
