WASHINGTON (dpa-AFX) - Smithfield Foods, Inc. (SFD), a food company, on Tuesday announced that first quarter net income increased compared with last year.
Quarterly net income attributable to Smithfield increased to $224 million from $156 million last year.
Earnings per share were $0.57 versus $0.30 last year.
On an adjusted basis, net income from continuing operations attributable to Smithfield increased to $227 million from $123 million in the previous year's quarter.
Adjusted earnings per share were $0.58 versus $0.32 last year.
Six Analysts, on average, had expected the company to report a profit of $0.47 per share. Analysts' estimates typically exclude special items.
Income from continuing operations before income taxes climbed to $304 million from 152 million last year.
Sales increased to $3.77 billion from $3.44 billion last year.
Looking ahead, the company reaffirmed its outlook as previously announced on March 25.
The company projects sales to increase in the low-to-mid-single digit percent range compared to fiscal year 2024. And adjusted operating profit is expected of between $1. 10 billion and $1. 30 billion.
The company expects the Packaged Meats segment adjusted operating profit of between $1. 050 billion to $1. 150 billion, while fresh pork segment adjusted operating profit of between $150 million and $250 million.
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