mithfield Foods has posted significant gains in its packaged meats and fresh pork divisions for the fourth quarter of 2024, marking a strong first earnings report since its spin-off from WH Group earlier this year.
For the period ending December 19, Smithfield announced that sales for its packaged meats segment reached $2.46 billion, while fresh pork sales came in at $2 billion. These increases contributed to a 2% overall rise in segment sales compared to the same period in 2023. Total company net sales for the quarter hit $4 billion, and operating income rebounded to $335 million, a sharp contrast from the $116 million loss reported a year earlier.
Despite slight declines in certain segments, fiscal 2024 ended on a positive note, with operating income reaching $1.1 billion—up from a $56 million loss in 2023. The company attributed its turnaround to a strategic focus on higher-margin products and operational efficiencies.
“Today, we are a new company, a packaged meats company with leading market share,” said Shane Smith, CEO of Smithfield Foods. “Over the past 10 years, we have undergone a significant transformation into a more unified, cohesive, and profitable company.”
Looking ahead to 2025, Smithfield expects sales growth in the low- to mid-single digits, with the packaged meats segment projected to generate between $1.05 billion and $1.15 billion in operating profit. The fresh pork segment is expected to contribute an additional $150 million to $250 million throughout the year.
Smith also highlighted the company’s commitment to consumer trends and product innovation, stating, “We have a pipeline of products that address consumer trends and new flavor profiles, creating convenient meal solutions.”
As Smithfield continues its transition as an independent company, its focus on value-added products and market-driven innovation positions it for sustained growth in the evolving pork industry.
