US meat processor Swift & Company has reported a rise in first-quarter net income, driven by solid performances by its US beef and pork units.
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The company posted net income of US$34.7m, for the first quarter to 24 August, a 57% increase over the year-ago period.
The company’s net sales rose 16% to $2.48bn, while first-quarter earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 87% to $95.2m.
The company’s Swift Beef unit posted first-quarter operating income up 42% to $62.1m, while Swift Pork posted an 187% rise in operating income to $14.7m.
“We continue to focus on our core business model. We are a three-segment diversified protein processing business,” John Simons, president and chief executive of Swift & Co, said.
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By GlobalData“Swift operates in all U.S. distribution channels and has a significant focus on the international and foodservice market segments. Our industry-leading Australian beef business continues to provide us with global diversification and a strong platform for continued growth in the Pacific Rim marketplace. We have also recently formed a food processing team to focus exclusively on expanding our presence and brand in all value-added distribution channels,” he added.
