Packaged pork and meat products maker Smithfield Foods, Inc. (SFD) posted a sharp fall in fourth-quarter net income to $29.7 million, or $0.21 a share, from $79.5 million, or $0.49 a share, a year before. On average, 12 analysts polled by Thomson Reuters expected earnings per share of $0.43 for the quarter. Analysts' estimates typically exclude one-time items. The company said the fourth quarter of fiscal 2012 included a $16.8 million benefit, or $0.06 per share, attributable to insurance reimbursements on the settlement of the company's Missouri litigation.
The firm clocked sales of $3.32 billion for the recent quarter, up 3% from the prior year's $3.21 billion, while 10 analysts estimated revenues of $3.27 billion for the quarter.
Smithfield Foods added, "Driven by both top and bottom line growth in packaged meats, these earnings reflect our continued transformation into a more value-added consumer packaged meats company.
Looking forward, the company said it would continue to execute its strategic growth plan to improve its earnings stream and migrate Smithfield further towards a consumer packaged meats company.
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