Smithfield Foods Inc (SFD) SEC Filing 10-K Annual report for the fiscal year ending Sunday, April 29, 2012

Earnings Press Release
10-K Annual Report
10-K YoY Changes
Smithfield Foods Inc
Ticker: SFD CIK: 91388

FOR IMMEDIATE RELEASE

Smithfield Foods Reports Fourth Quarter and Full Year Results,

Authorizes New $250 Million Share Repurchase Program and

Increases Normalized Range in Packaged Meats

SMITHFIELD, Virginia (June 14, 2012)-Smithfield Foods, Inc. (NYSE: SFD) today reported fiscal 2012 fourth quarter and full year results. All comparisons are to the fourth quarter and full fiscal year 2011.

Fourth Quarter Highlights


•	Net income was $79.5 million, or $.49 per diluted share


•	Adjusted EPS was $.43 per diluted share


•	Sales increased 3% to $3.2 billion


•	Packaged meats operating profit +36%


•	Export shipments +13%


•	Reduced interest expense 17%


•	Repurchased $79 million of stock during quarter; purchased additional $52 million subsequent to quarter end

Full Year Highlights


•	Net income was second best in company history


•	Net income was $361.3 million, or $2.21 per diluted share


•	Adjusted EPS was $2.59 per diluted share


•	Record sales of $13.1 billion, up 7%


•	Packaged meats sales +5% and operating profit +16%


◦	Core brands volume +2%


•	Export sales +35% and volume +24%


•	Reduced interest expense by nearly $70 million, or 28%


•	Repaid $138 million of bonds


•	Repurchased $189 million of stock


•	Share repurchases to date total 11.8 million shares, or 7% of company

Following are the company's sales, operating profit and margin by segment (dollars in millions):



	Three Months Ended										Twelve Months Ended
	April 29, 2012					May 1, 2011					April 29, 2012					May 1, 2011
Sales:
Pork
Fresh Pork	$	1,239.6				$	1,206.4				$	5,089.4				$	4,542.7
Packaged Meats	1,488.6					1,481.2					6,003.6					5,721.2
Total Pork	2,728.2					2,687.6					11,093.0					10,263.9

Hog Production	755.7					700.3					3,052.6					2,705.1
International	340.2					339.1					1,466.7					1,340.7
Other	—					—					—					74.7
Total segment sales	3,824.1					3,727.0					15,612.3					14,384.4
Intersegment	(614.9		)			(610.6		)			(2,518.0		)			(2,181.7		)
Consolidated	$	3,209.2				$	3,116.4				$	13,094.3				$	12,202.7

Operating profit and margin %:
Pork
Fresh Pork	$	11.9		1	%	$	116.8		10	%	$	222.0		4	%	$	406.5		9	%
Packaged Meats	108.0			7	%	79.6			5	%	401.7			7	%	346.9			6	%
Total Pork	119.9			4	%	196.4			7	%	623.7			6	%	753.4			7	%

Hog Production	39.1			5	%	84.5			12	%	166.1			5	%	224.4			8	%
International	19.3			6	%	12.8			4	%	42.8			3	%	115.9			9	%
Other	—			N/A		—			N/A		—			N/A		(2.4		)	(3	)%
Corporate	(24.1		)			(27.1		)			(110.0		)			3.7
Consolidated	$	154.2		5	%	$	266.6		9	%	$	722.6		6	%	$	1,095.0		9	%

The following information was filed by Smithfield Foods Inc (SFD) on Thursday, June 14, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Smithfield Foods Inc's financial trajectory

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