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In a release Thursday, the Smithfield, Va., pork and beef productds company (NYSE: SFD) reported earnings of $37 million, or 33 cents a for the quarter that ende dApril 29. This compares with earningse of $1.1 million, or 1 cent a share, for the same periofd last year when the firmreportefd $10 million in restructuring charges. Sales for the quarter were $3.06 up 14 percent from $2.6 billion last year. Sales in the fourth quarter increasedr inthe company's pork, beef and hog productiomn divisions and decreased in its international and othetr divisions compared with last year.
The compang said sales virtually doublex in many importantproduct categories, including pre-cooked bacon and luncn meats, two product categories supplied by Patrick Cudahy. For all of fiscalp 2007, the company reported earningesof $166.8 million, or $1.49 a share, down 3 percentf from $172.7 million, or $1.54 a share, in fiscalk 2006. Sales for the year were $11.89 billion, up 4 percengt from $11.4 billion in fiscal 2006. Sales for the year increasecd in the pork division and decreased in the othetr divisions compared with theprior year. Fiscal 2007 includede pretax chargesof $12.
4 million, or 7 centws a share, for impairments in the beef segmentf and the company's investment in hog productiob operations in Brazil. The companhy also named Carey Dubois as vice presidentfand CFO, effective July 1. In the past 20 Dubois has held financial positions atBunge Ltd., Pepsi Bottling Group, Joseph E. Seagram and and Louis Dreyfus Corp. He succeeds Robergt Manly IV, executive vice president, who has been serving as interik CFO.
Smithfield is the leading processor and marketer of fres pork and processed meats in theUnitedf States, and the largest producer of
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