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Smithfield Foods profit jumps 340 percent

Staff writer |
Smithfield Foods reported record financial results for last year. Profit for the fourth quarter ended December 28 skyrocketed 340 percent to $152.6 million from $34.7 million in Q4 2013.

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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.

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