Smithfield Foods profit jumps 340 percent
For 2014, Smithfield Foods reported a record $556.1 million annual profit, up 361 percent from $120.7 million in 2013.
Sales in the fourth quarter of 2014 totaled nearly $4.1 billion, an increase of 5 percent from the same period in 2013. For the year, Smithfield reported $15 billion in sales, up 8 percent from 2013.
"Our record earnings underscore Smithfield's evolution into a branded packaged-meats company," C. Larry Pope, the company's president and CEO, said.
"Sales of packaged meats hit a record $7.2 billion last year. Bacon sales, Pope said, were "particularly robust."
The Smithfield-based company was purchased in 2013 by WH Group of China for $7.1 billion, including debt. Since the acquisition Smithfield has reduced debt by $856 million.
Looking ahead, Pope said: "We are sharply focused on growth and believe that Smithfield is in an ideal position to continue to achieve strong results in 2015."
The company reported a record $556.1 million annual profit - an increase of 361 percent from $120.7 million in 2013. ■