Smithfield Foods has recorded rising full-year profits as the US company’s European operations rebounded from losses a year ago.
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The company yesterday (7 June) posted underlying profits of US$188.4m for the 12 months to 29 April, from $185.2m a year earlier. Smithfield’s turnover rose 4% to $11.9bn.
In Europe, Smithfield said its venture established after the acquisition of Sara Lee’s continental meats business had recorded a “consistently strong margin performance”.
The company said its operations in Poland had continued its turnaround, while its Romanian business remained profitable.
President and CEO Larry Pope said he was “very pleased” with Smithfield’s performance, especially with grain prices rising.
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By GlobalData“The acquisitions that we made this past year have been immediately accretive to earnings,” Pope said. “We are reshaping the company through integrating these acquisitions, both branded packaged meats businesses, and executing a strategy to realign and rationalize our manufacturing capacities.”
