SFD Q1 2011 Earnings Report — Smithfield Foods, Inc. Revenue & Financial Results | Market Cap Arena

Smithfield Foods, Inc.SFD

Q1 2011 Earnings

Reported June 17, 2011

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q1 2011	Q4 2010	Q1 2010	QoQ Change	YoY Change
Revenue	$3.1B	$3.2B	$2.9B	-2.2%	7.1%
Op. Income	$267M	$373M	$39M	-28.5%	578.4%
Gross Margin	14.6%	14.3%	6.1%	0.3pp	8.5pp
Net Margin	3.2%	6.4%	-0.2%	-3.2pp	3.3pp
EPS (Diluted)	$0.59	$1.21	$-0.03	-51.3%	2166.2%
Free Cash Flow	$161M	$109M	$69M	47.8%	132.1%

Revenue Flow

Item	Amount
REVENUE	$3.1B
Cost of Revenue	$2.7B
GROSS PROFIT	$457M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$196M
Other Expenses	-$6M
Operating Expenses	$190M
Cost & Expenses	$2.8B
OPERATING INCOME	$267M
Interest Income	$0
Interest Expense	$51M
Other Income/Expenses	-$122M
INCOME BEFORE TAX	$145M
Income Tax Expense	$46M
Net Income from Continuing Ops	$98M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$98M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$98M
D&A	$58M
EBIT	$196M
EBITDA	$253M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$3.1B
Cost of Revenue	$2.7B
GROSS PROFIT	$457M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$196M
Other Expenses	-$6M
Operating Expenses	$190M
Cost & Expenses	$2.8B
OPERATING INCOME	$267M
Interest Income	$0
Interest Expense	$51M
Other Income/Expenses	-$122M
INCOME BEFORE TAX	$145M
Income Tax Expense	$46M
Net Income from Continuing Ops	$98M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$98M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$98M
D&A	$58M
EBIT	$196M
EBITDA	$253M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$98M
Depreciation & Amortization	$58M
Stock-Based Compensation	$0
Deferred Income Tax	$0
Other Non-Cash Items	$127M
Change in Working Capital	-$57M
OPERATING CASH FLOW	$226M
Capital Expenditure	-$65M
Acquisitions (Net)	$33M
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$6M
NET CASH FROM INVESTING	-$26M
Net Debt Issuance	-$406M
Common Stock Repurchased	$0
Common Dividends Paid	$0
Other Financing Activities	$2M
NET CASH FROM FINANCING	-$404M
FREE CASH FLOW	$161M
Net Change in Cash	-$203M

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