000448 IBP Results Lifted By Fresh Meat UnitApril 22, 2000Dakota City, NE - Beef and pork producer IBP Inc. reported better-than- expected first quarter income before charges, on solid results in its fresh meat operations. The company earned $61 million, or 56 cents a share, on sales of $3.9 billion in the first quarter before a bad debt loss, one-time merger-related charges and a loss to extinguish debt. After the charges, the company's net income was $19.7 million, or 16 cents per share. For the year-ago quarter, the company reported restated earnings of $56.6 million, or 52 cents per share, on sales of $3.2 billion. Prior-year results were restated to reflect the acquisition of Corporate Brand Foods America Inc. Analysts expected IBP to earn 47 cents a share, according to a First Call/Thomson Financial consensus estimate of six analysts. “Our fresh meat operations flourished in the first quarter, particularly in the international marketplace,” said Robert Peterson, IBP chairman and chief executive officer. IBP said earnings from operations for the fresh meats division were up 22% in the first quarter to $103 million. Export sales increased 25% while export volume grew 2%, the company said. The Foodbrands America operation reported a $26 million operating loss, partly on “growing pains” within the former Thorn Apple Valley facilities, the company said.
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