SFD FY 2010 Earnings Report — Smithfield Foods, Inc. Revenue & Financial Results | Market Cap Arena

Smithfield Foods, Inc.SFD

FY 2010 Earnings

Reported June 17, 2011

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2010	Prior Q	FY 2009	QoQ Change	YoY Change
Revenue	$12.2B	—	$11.2B	—	8.9%
Op. Income	$1.1B	—	$63M	—	1643.6%
Gross Margin	14.0%	—	6.5%	—	7.5pp
Net Margin	4.3%	—	-0.9%	—	5.2pp
EPS (Diluted)	$3.12	—	$-0.65	—	580.0%
Free Cash Flow	$440M	—	$84M	—	426.5%

Revenue Flow

Item	Amount
REVENUE	$12.2B
Cost of Revenue	$10.5B
GROSS PROFIT	$1.7B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$790M
Other Expenses	-$171M
Operating Expenses	$619M
Cost & Expenses	$11.1B
OPERATING INCOME	$1.1B
Interest Income	$0
Interest Expense	$245M
Other Income/Expenses	-$338M
INCOME BEFORE TAX	$757M
Income Tax Expense	$236M
Net Income from Continuing Ops	$521M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$521M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$521M
D&A	$232M
EBIT	$1.0B
EBITDA	$1.2B
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$12.2B
Cost of Revenue	$10.5B
GROSS PROFIT	$1.7B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$790M
Other Expenses	-$171M
Operating Expenses	$619M
Cost & Expenses	$11.1B
OPERATING INCOME	$1.1B
Interest Income	$0
Interest Expense	$245M
Other Income/Expenses	-$338M
INCOME BEFORE TAX	$757M
Income Tax Expense	$236M
Net Income from Continuing Ops	$521M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$521M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$521M
D&A	$232M
EBIT	$1.0B
EBITDA	$1.2B
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$521M
Depreciation & Amortization	$232M
Stock-Based Compensation	$0
Deferred Income Tax	$158M
Other Non-Cash Items	-$208M
Change in Working Capital	-$87M
OPERATING CASH FLOW	$616M
Capital Expenditure	-$177M
Acquisitions (Net)	$262M
Purchases of Investments	$0
Sales/Maturities of Investments	$121M
Other Investing Activities	$49M
NET CASH FROM INVESTING	$254M
Net Debt Issuance	-$923M
Common Stock Repurchased	$0
Common Dividends Paid	$0
Other Financing Activities	-$24M
NET CASH FROM FINANCING	-$946M
FREE CASH FLOW	$440M
Net Change in Cash	-$77M

Balance Sheet

Item	Amount
Cash & Equivalents	$375M
Short-Term Investments	$0
Net Receivables	$710M
Inventory	$2.0B
Other Current Assets	$0
TOTAL CURRENT ASSETS	$3.3B
PP&E (Net)	$2.3B
Goodwill	$793M
Intangible Assets	$387M
Long-Term Investments	$583M
Tax Assets	$0
Other Non-Current Assets	$202M
TOTAL NON-CURRENT ASSETS	$4.3B
TOTAL ASSETS	$7.6B
Account Payables	$434M
Short-Term Debt	$144M
Deferred Revenue	$0
Other Current Liabilities	$520M
TOTAL CURRENT LIABILITIES	$1.2B
Long-Term Debt	$2.0B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$857M
TOTAL NON-CURRENT LIABILITIES	$2.8B
TOTAL LIABILITIES	$4.1B
Common Stock	$83M
Additional Paid-In Capital	$1.6B
Retained Earnings	$2.1B
Treasury Stock	$0
Accum. Other Comp. Income	-$169M
Other Equity	-$67M
TOTAL STOCKHOLDERS' EQUITY	$3.5B
Minority Interest	$3M
TOTAL EQUITY	$3.5B
TOTAL LIABILITIES & EQUITY	$7.6B
Total Debt	$2.1B
Net Debt	$1.7B