Smithfield, VA - Joseph W. Luter, III, chairman and chief executive officer of Smithfield Foods, Inc., stated that “earnings for the Company's fiscal 1999 second quarter ended November 1, 1998 will show about a 20% increase in earnings from those in the corresponding quarter of fiscal 1998.”
“Business in the first two weeks of November has been very strong, and if the current pace of business continues for the rest of the quarter, fiscal 1999 third quarter earnings should set a record, despite sizeable losses in the Company's hog production operations,” Luter said.
Smithfield Foods is the largest vertically integrated producer and marketer of fresh pork and processed meats in the United States. The Company's brands include Smithfield Lean Generation Pork, Smithfield Premium, Gwaltney, Patrick Cudahy, John Morrell, Lykes, Esskay, Kretschmar, Valleydale, Jamestown, Dinner Bell, Realean, Patrick's Pride, Great, Tobin's First Prize, Peyton's and others.
This news release may contain “forward-looking” information within the meaning of the federal securities laws. The forward-looking information may include, among other information, statements concerning Smithfield Foods' outlook for the future. There may also be other statements of beliefs, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. The forward-looking information and statements in this news release are subject to risks and uncertainties, including availability and prices of raw materials, product pricing, competitive environment and related market conditions, operating efficiencies, access to capital and actions of governments, that could cause actual results to differ materially from those expressed in or implied by the information or statements.
Meat Industry Insights News Service
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Northport, NY 11768
Phone: 631-757-4010
Fax: 631-757-4060
E-mail: sflanagan@sprintmail.com
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