Smithfield Foods is reporting results for its fourth quarter and fiscal year ended Dec. 29, 2024, announcing net sales of $14.1 billion. The company also provided its financial outlook for fiscal 2025 and announced a quarterly dividend of $0.25 per share.

The packaged meats segment set records for 2024, bringing in $1.2 billion with an adjusted operating profit of $1.1 billion.

For the fourth quarter, Smithfield had net sales of $4 billion, an operating profit of $335 million. The adjusted operating profit reached $315 million, up from adjusted operating profit of $230 million in the fourth quarter the year prior.

"We are excited to return to the US 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."

"Looking ahead, we are focused on continuing to execute the strategies that have more than doubled our Packaged Meats segment operating profit over the past ten years as well as our strategies to further optimize our Fresh Pork and Hog Production operations," Smith said. "We have built a solid foundation that positions us well for the future with a strong balance sheet and ample cash flow to support our growth strategies and increase value for our shareholders."

For fiscal year 2025, Smithfield expects the packaged meats segment to have an adjusted operating profit of between $1.05 million to $1.15 million and the fresh pork segment to have an adjusted operating profit of between $150 million to $250 million. The company expects fiscal year 2025 sales to increase in the low-to-mid single-digit percent range compared to fiscal year 2024, with an adjusted operating profit between $1.1 million to $1.3 million.

Source: Smithfield Foods Inc.