SFDS. Smithfield Foods, Inc another one of our earnings plays report, beats estimates and is up over 5% on an otherwise lackluster day.
Smithfield Foods Reports Record Third Quarter
SMITHFIELD, Va., Feb. 25 /PRNewswire/ -- Smithfield Foods, Inc. (Nasdaq: SFDS - news) today reported record third quarter
earnings in fiscal 1999. Net income in the quarter ended January 31, 1999 increased to $55.0 million, or $1.31 per diluted share,
from $23.7 million, or $.60 per diluted share, in the same quarter a year ago.
Net income in the first nine months of fiscal 1999 increased to $68.1 million, or $1.69 per diluted share, from net income of $32.7
million, or $.82 per diluted share, in the nine-month period a year ago. The net income in the first nine months of fiscal 1998
included a nonrecurring charge of $12.6 million ($.32 per diluted share), which reflected penalties imposed against the Company in
a case brought by the U.S. Environmental Protection Agency. The judgement has been appealed. Excluding the nonrecurring
charge, the Company had net income of $45.3 million, or $1.14 per diluted share, in the first nine months of fiscal 1998. |
