SFD FY 2011 Earnings Report — Smithfield Foods, Inc. Revenue & Financial Results | Market Cap Arena

Smithfield Foods, Inc.SFD

FY 2011 Earnings

Reported June 15, 2012

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2011	Prior Q	FY 2010	QoQ Change	YoY Change
Revenue	$13.1B	—	$12.2B	—	7.3%
Op. Income	$723M	—	$1.1B	—	-34.0%
Gross Margin	11.8%	—	14.0%	—	-2.2pp
Net Margin	2.8%	—	4.3%	—	-1.5pp
EPS (Diluted)	$2.21	—	$3.12	—	-29.2%
Free Cash Flow	$279M	—	$440M	—	-36.4%

Revenue Flow

Item	Amount
REVENUE	$13.1B
Cost of Revenue	$11.5B
GROSS PROFIT	$1.5B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$817M
Other Expenses	$10M
Operating Expenses	$827M
Cost & Expenses	$12.4B
OPERATING INCOME	$723M
Interest Income	$0
Interest Expense	$177M
Other Income/Expenses	-$189M
INCOME BEFORE TAX	$534M
Income Tax Expense	$172M
Net Income from Continuing Ops	$361M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$361M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$361M
D&A	$243M
EBIT	$710M
EBITDA	$953M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$13.1B
Cost of Revenue	$11.5B
GROSS PROFIT	$1.5B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$817M
Other Expenses	$10M
Operating Expenses	$827M
Cost & Expenses	$12.4B
OPERATING INCOME	$723M
Interest Income	$0
Interest Expense	$177M
Other Income/Expenses	-$189M
INCOME BEFORE TAX	$534M
Income Tax Expense	$172M
Net Income from Continuing Ops	$361M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$361M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$361M
D&A	$243M
EBIT	$710M
EBITDA	$953M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$361M
Depreciation & Amortization	$243M
Stock-Based Compensation	$0
Deferred Income Tax	$90M
Other Non-Cash Items	-$73M
Change in Working Capital	-$51M
OPERATING CASH FLOW	$570M
Capital Expenditure	-$291M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	-$284M
NET CASH FROM INVESTING	-$287M
Net Debt Issuance	-$153M
Common Stock Repurchased	-$190M
Common Dividends Paid	$0
Other Financing Activities	$14M
NET CASH FROM FINANCING	-$328M
FREE CASH FLOW	$279M
Net Change in Cash	-$50M

Balance Sheet

Item	Amount
Cash & Equivalents	$324M
Short-Term Investments	$0
Net Receivables	$625M
Inventory	$2.1B
Other Current Assets	$0
TOTAL CURRENT ASSETS	$3.3B
PP&E (Net)	$2.3B
Goodwill	$768M
Intangible Assets	$382M
Long-Term Investments	$523M
Tax Assets	$0
Other Non-Current Assets	$173M
TOTAL NON-CURRENT ASSETS	$4.1B
TOTAL ASSETS	$7.4B
Account Payables	$416M
Short-Term Debt	$64M
Deferred Revenue	$0
Other Current Liabilities	$533M
TOTAL CURRENT LIABILITIES	$1.1B
Long-Term Debt	$1.9B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$291M
Other Non-Current Liabilities	$704M
TOTAL NON-CURRENT LIABILITIES	$2.9B
TOTAL LIABILITIES	$4.0B
Common Stock	$79M
Additional Paid-In Capital	$1.6B
Retained Earnings	$2.3B
Treasury Stock	-$68M
Accum. Other Comp. Income	-$511M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$3.4B
Minority Interest	$3M
TOTAL EQUITY	$3.4B
TOTAL LIABILITIES & EQUITY	$7.4B
Total Debt	$2.0B
Net Debt	$1.6B