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.

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