Monday, August 11, 2014

Smithfield records record profits

While Maple Leaf Foods Inc. lost money again during its second quarter ($39.5 million), Smithfield Foods Inc. report record profits of $142.9 million for its second quarter – more than four times higher than the same quarter last year.

Sales increased by 14 per cent to $3.8 billion.

Maybe it's time for Smithfield to buy Maple Leaf; it did own Schneider Corp. before it sold that company to Maple Leaf.

Smithfield executives said results were strong in all of the company’s divisions and especially so for packaged meats and fresh pork.

A Chinese company now known as WH Group bought Smithfield last year.

The company says Porcine Epidemic Diarrhea virus reduced its market-hog volume by 10 per cent, but carcass weights were increased by three per cent.

Maple Leaf has cut back on hog production and slaughter – it has only one remaining plant which is at Brandon, Man. – and is concentrating on further processing meat, especially pork and poultry.