Smithfield Foods Inc. (SFD), while reporting higher first-quarter profit and slightly higher revenues, on Tuesday reaffirmed fiscal 2026 forecast.
The company continues to expect total Company sales to be up low-single-digits compared to fiscal year 2025, and adjusted operating profit between $1.325 billion and $1.475 billion.
The company still projects adjusted operating profit in Packaged Meats segment of $1.10 billion to $1.20 billion, Fresh Pork segment of $200 million to $260 million, and Hog Production segment of $150 million to $200 million.
Capital expenditures are projected between $350 million and $450 million. Capital expenditures include investments in profit improvement projects as well as projects for maintenance and repair.
Smithfield Foods' outlook for 2026 includes 53 weeks of results, and excludes the impact of the proposed Nathan's Famous acquisition and investment in the new processing facility in Sioux Falls, South Dakota.
In its first quarter, net income attributable to Smithfield came in at $246 million or $0.62 per share, compared with $224 million or $0.57 per share last year.
Adjusted earnings were $251 million or $0.64 per share for the period, compared to $0.58 per share a year ago.
Operating profit of $333 million grew 3.4 percent from last year, and adjusted operating profit of $339 million increased 4 percent.
Operating margin was 8.7 percent, up from 8.5 percent in the first quarter of 2025. Adjusted operating margin was 8.9 percent, higher than 8.6 percent last year.
The company's net sales for the period rose 0.8 percent to $3.800 billion from $3.771 billion last year.
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