Business
SMITHFIELD FOODS REPORTS STRONG FOURTH QUARTER AND FISCAL YEAR 2024 RESULTS LED BY PACKAGED MEATS SEGMENT
SMITHFIELD, Va., March 25, 2025 /PRNewswire/ -- Smithfield Foods, Inc. (Nasdaq: SFD), an American food company and an industry leader in value-added packaged
About this update from Smithfield Foods, Inc.
[{"type":"text","content":"SMITHFIELD, Va., March 25, 2025 /PRNewswire/ -- Smithfield Foods, Inc. (Nasdaq: SFD), an American food company and an industry leader in value-added packaged meats and fresh pork, today reported results for its fourth quarter and fiscal year ended December 29, 2024. The Company also provided its financial outlook for fiscal 2025 and announced a quarterly dividend of $0.25 per share.\n Full Year Fiscal 2024 Financial Highlights\n Net sales of $14.1 billionOperating profit of $1.1 billion; adjusted operating profit of $1.0 billionOperating margin of 7.9%; adjusted operating margin of 7.2%Packaged Meats segment operating profit of $1.2 billion; adjusted operating profit of $1.1 billion - both recordsPackaged Meats segment operating profit margin of 14.0%; adjusted operating profit margin of 13.6%, up 70 basis points from 12.9% in fiscal 2023Net income from continuing operations per common share attributable to Smithfield of $2.06; adjusted net income from continuing operations per common share attributable to Smithfield of $1.88\n Fourth Quarter Fiscal 2024 Financial Highlights\n Net sales of $4.0 billionOperating profit of $335 million; adjusted operating profit of $315 million, up from adjusted operating profit of $230 million in the fourth quarter of 2023Operating margin of 8.5%; adjusted operating margin of 8.0%Packaged Meats segment operating profit of $313 million; operating profit margin of 12.7%Net income from continuing operations per common share attributable to Smithfield of $0.56; adjusted net income from continuing operations per common share attributable to Smithfield of $0.52\n CEO Perspective\n \"We are excited to return to the U.S. public markets as a leading packaged meats company with strong profitability and a solid balance sheet to support our future growth,\" said Smithfield President and CEO Shane Smith. \"In fiscal 2024, we delivered operating profit of more than $1.1 billion and adjusted operating profit of $1.0 billion, up nearly four times from adjusted operating profit of $258 million in 2023. This strong rebound reflects our resilient business model, led by another year of record profits in our Packaged Meats segment, our third consecutive year of profit growth in our Fresh Pork segment and a more than $600 million increase in Hog Production segment profitability.\"\n Smith continued, \"Looking ahe...