Smithfield Foods Inc (SFD) SEC Filing 10-K Annual report for the fiscal year ending Sunday, April 29, 2007

Exhibit 99.1

FOR IMMEDIATE RELEASE

Contact:

Jerry Hostetter

Smithfield Foods, Inc.

(212) 758-2100

jerryhostetter@smithfieldfoods.com

Smithfield Foods Reports Fourth Quarter Results

Names New Chief Financial Officer

Smithfield, Virginia (June 7, 2007)—Smithfield Foods, Inc. (NYSE: SFD) announced today that income from continuing operations for the fourth quarter was $39.9 million, or $.35 per diluted share, versus income from continuing operations last year of $6.3 million, or $.06 per diluted share. Sales were $3.1 billion versus $2.7 billion a year ago.

In the current quarter, Smithfield incurred a pretax charge of $8.2 million, or $.04 per diluted share, to impair the value of certain assets within the beef segment. Also in the current quarter, certain foreign tax benefits resulted in a decrease in the company’s annual tax rate, which reduced income taxes for the quarter by $5.7 million, or $.05 per diluted share. Last year’s fourth quarter included pretax charges of $10.0 million, or $.05 per diluted share, related to the ongoing restructuring of the company’s east coast pork processing operations.

Net income for the quarter, including Quik-to-Fix Foods and Smithfield Bioenergy, which are classified as discontinued operations, was $37.0 million, or $.33 per diluted share, versus $1.1 million, or $.01 per diluted share, in the previous year. During the fourth quarter, the company decided to sell its bioenergy operations and assets. In addition, the company recognized a loss of $1.8 million, net of tax, on the post-closing settlement of the sale of Quik-to-Fix.