Smithfield, VA - Smithfield Foods Inc., a producer of meat products, said that it expects its earnings momentum to continue into fiscal year 1999 after it reported record fiscal year results for the period ended May 3, 1998.
This marked the second consecutive year of record earnings, the company said in a statement.
Excluding a nonrecurring charge, net income for fiscal 1998 increased to $66.0 million, or $1.66 per diluted share, from $44.9 million, or $1.17 per diluted share, in fiscal 1997. The nonrecurring charge, which was taken in the fiscal first quarter, reflects civil penalties imposed against the company by the U.S. District Court in a civil action brought by the U.S. Environmental Protection Agency, said Smithfield, which is appealing the judgment.
Smithfield said that its record results reflected sharply improved profitability in fresh pork and processed meats, due to lower hog prices and improved productivity at its North Carolina plant.
Meat Industry Insights News Service
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