100-Dollar-Ideas
SMITHFIELD, Va., Sept. 8, 2010 (GLOBE NEWSWIRE) -- Smithfield Foods, Inc. (NYSE:SFD) today reported fiscal 2011 first quarter results. Highlights -- Net income was $76.3 million, or $.46 per diluted share, an improvement of $184.0 million, or $1.21 per diluted share, from the first quarter of fiscal 2010 -- Consolidated operating profit improved $252.4 million versus a year agoPork segment operating profit increased $12.3 million, or 12% -- Fresh pork operating profit improved $51.0 million -- Packaged meats results remained strong at $67.3 million, or $.11 per pound -- Pork segment produced record first quarter earnings for the fourth time in a rowHog Production returned to profitability, improving by $244.0 million Other segment results rose $5.8 million -- Generated first quarter cash flow from operations in excess of $100 million -- Repurchased more than $52 million of debt subsequent to the end of the first quarter -- Protein supplies tightened in the U.S.; July pork freezer stocks at 72% of previous year levels -- Domestic meat prices rose to keep pace with higher grain costs
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The 2010 Pro Farmer Midwest Crop Tour kicked off this morning, with crop scouts leaving Sioux Falls, S.D. on the western leg and Columbus, Ohio on the eastern leg