Meat&Poultry - June 2011 - 46

CORPORATE PROFILES

On the verge
Smithfield is in the midst of changes that could result in record profits following years of record losses
BY KIMBERLIE CLYMA
kclyma@sosland.com

wo years ago Smithfield Foods lost more than $250 million, and now it is undergoing one of the most notable transformations of the protein industry as it’s on the verge of reaching its highest profit level on record. Under the leadership of CEO C. Larry Pope and CFO Robert “Bo” Manly, Smithfield has restored its balance sheet, improved its hog Manly and pork operations and defi ned a new business focus toward branded processed, packaged meats that is aimed at delivering the company a record year in 2012. The company is coming off three record quarters and hopes to fi nish Pope its fiscal year (the results of which will be released by mid-June) with record-breaking profits. “Having a record year following two bad years shows a dramatic change in our business,” Pope said to the BMO Capital Markets Farm to Market Conference in mid May. The company’s Pork Group – the meat processing side of the business – has had four straight record years. “Low hog prices, high hog prices, difficult financial times coming out of a recession, the pork group has continued to deliver – year after year after year – record profitability,” Pope said. “That is a result of many of the changes the company’s made over the last several years in terms of the way we have been structured as independent operating

T

companies by consolidating those operations and consolidating some of our sales organization. We are optimistic going forward in the next fiscal year that we will continue to be solid.” Smithfield Foods is the No. 1 world pork processor with 31 percent of US hogs processed and fresh pork sales of $4.4 billion and packaged meats sales of $5.6 billion (as of sales during its

On the packaged meats side, Smithfield accounts for 817 million lbs. of packaged meats sold. It’s the No. 1 pork supplier to foodservice, with 25 percent market share; No. 2 pork supplier to deli; and No. 1 supplier to export.

Lessons from loss
Ref lecting on the company’s past losses, Pope pointed toward its live production side of the business as shouldering a large part of the responsibility. “The live production business is the side of the business that drove us down for the two years of losses,” he said. “Grain markets went up sharply, the live hog market didn’t move at all and we couldn’t raise prices at retail. We lost lots of money raising hogs.” However, it’s not enough to simply assign blame. Returning to profitability means learning and implementing changes that will help prevent backsliding. A large part of this process has involved restructuring the pork group. Over the past year-and-a-half, changes have included reducing the number of independent operating companies in the group from seven to three and reducing fresh pork plants from nine to eight. There were 36 packaged meat plants, and now there are 30. Three fresh pork sales organizations have been reduced to two. Restructuring also eliminated two of the existing three export sales organizations and seven of the previous 10 retail packaged meats sales organizations. In addition, the pork group now operates on one computer system instead of 20. An even larger, more impactful part of the restructuring plan has been the company’s elimination of

“We want to be more tied to brands and packaged meats and have less volatile exposure to the fresh meat market.”

3Q, 2011 FY). The pork segment accounts for 71 percent of the company’s $12 billion in sales – 32 percent fresh pork and 39 percent packaged meats. Smithfield brands are ranked No. 1 in numerous packaged meats categories (31 percent of its sales volume is comprised of ham, 21 percent for bacon, 19 percent for sausage, 12 percent for lunch meats and 10 percent for hot dogs). The company’s pork segment accounts for $10 billion in sales (56 percent for packaged meats, 44 percent for fresh pork) with an operating profit of $668.2 million.

46 • Meat&Poultry • June 2011 • www.MeatPoultry.com


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Meat&Poultry - June 2011

Table of Contents for the Digital Edition of Meat&Poultry - June 2011

Meat&Poultry - June 2011
Contents
Commentary - Optimistic relief
Trial set for antitrust suit over Tyson-George’s deal
JBS SA 1Q 2011 net income up 48 percent
Cargill Beef Australia, Teys to form joint venture
Sanderson Farms 2Q logs net loss
Buckhead Beef opening new plant in North Carolina
AMI backs Mexico’s trucking pilot program
US Foodservice buys Great Western Meats
Interstate shipment overcomes one hurdle, more remain
Record-setting implications
As the industry turns
Changing with the times
Switching gears
High Choice
Hormel ‘on a good run’
Bigger and bolder
Grazing gratitude
Scanning for success
Staying the course
On the verge
Balancing act
Wrapping it all up
Funny-bone business model
Beef jerky superstar
Ensuring stunning success
Below the surface
Periodic equipment cleaning
Limpieza periódica de equipo
At odds over sodium
When animal welfare pays off
Names in the News
New Product Showcase
Classified Advertising
Advertisers
The Insider
Meat&Poultry - June 2011 - Meat&Poultry - June 2011
Meat&Poultry - June 2011 - 2
Meat&Poultry - June 2011 - 3
Meat&Poultry - June 2011 - Contents
Meat&Poultry - June 2011 - 5
Meat&Poultry - June 2011 - 6
Meat&Poultry - June 2011 - 7
Meat&Poultry - June 2011 - Commentary - Optimistic relief
Meat&Poultry - June 2011 - 9
Meat&Poultry - June 2011 - JBS SA 1Q 2011 net income up 48 percent
Meat&Poultry - June 2011 - 11
Meat&Poultry - June 2011 - Cargill Beef Australia, Teys to form joint venture
Meat&Poultry - June 2011 - 13
Meat&Poultry - June 2011 - Buckhead Beef opening new plant in North Carolina
Meat&Poultry - June 2011 - 15
Meat&Poultry - June 2011 - US Foodservice buys Great Western Meats
Meat&Poultry - June 2011 - 17
Meat&Poultry - June 2011 - Interstate shipment overcomes one hurdle, more remain
Meat&Poultry - June 2011 - 19
Meat&Poultry - June 2011 - Record-setting implications
Meat&Poultry - June 2011 - 21
Meat&Poultry - June 2011 - 22
Meat&Poultry - June 2011 - 23
Meat&Poultry - June 2011 - 24
Meat&Poultry - June 2011 - 25
Meat&Poultry - June 2011 - Changing with the times
Meat&Poultry - June 2011 - 27
Meat&Poultry - June 2011 - 28
Meat&Poultry - June 2011 - 29
Meat&Poultry - June 2011 - Switching gears
Meat&Poultry - June 2011 - 31
Meat&Poultry - June 2011 - High Choice
Meat&Poultry - June 2011 - 33
Meat&Poultry - June 2011 - Hormel ‘on a good run’
Meat&Poultry - June 2011 - Bigger and bolder
Meat&Poultry - June 2011 - 36
Meat&Poultry - June 2011 - 37
Meat&Poultry - June 2011 - Grazing gratitude
Meat&Poultry - June 2011 - 39
Meat&Poultry - June 2011 - Scanning for success
Meat&Poultry - June 2011 - 41
Meat&Poultry - June 2011 - Staying the course
Meat&Poultry - June 2011 - 43
Meat&Poultry - June 2011 - 44
Meat&Poultry - June 2011 - 45
Meat&Poultry - June 2011 - On the verge
Meat&Poultry - June 2011 - 47
Meat&Poultry - June 2011 - Balancing act
Meat&Poultry - June 2011 - 49
Meat&Poultry - June 2011 - 50
Meat&Poultry - June 2011 - Wrapping it all up
Meat&Poultry - June 2011 - 52
Meat&Poultry - June 2011 - 53
Meat&Poultry - June 2011 - Funny-bone business model
Meat&Poultry - June 2011 - 55
Meat&Poultry - June 2011 - 56
Meat&Poultry - June 2011 - 57
Meat&Poultry - June 2011 - 58
Meat&Poultry - June 2011 - Beef jerky superstar
Meat&Poultry - June 2011 - 60
Meat&Poultry - June 2011 - 61
Meat&Poultry - June 2011 - 62
Meat&Poultry - June 2011 - 63
Meat&Poultry - June 2011 - 64
Meat&Poultry - June 2011 - 65
Meat&Poultry - June 2011 - 66
Meat&Poultry - June 2011 - 67
Meat&Poultry - June 2011 - 68
Meat&Poultry - June 2011 - 69
Meat&Poultry - June 2011 - Ensuring stunning success
Meat&Poultry - June 2011 - Below the surface
Meat&Poultry - June 2011 - Periodic equipment cleaning
Meat&Poultry - June 2011 - 73
Meat&Poultry - June 2011 - Limpieza periódica de equipo
Meat&Poultry - June 2011 - 75
Meat&Poultry - June 2011 - At odds over sodium
Meat&Poultry - June 2011 - 77
Meat&Poultry - June 2011 - When animal welfare pays off
Meat&Poultry - June 2011 - 79
Meat&Poultry - June 2011 - Names in the News
Meat&Poultry - June 2011 - 81
Meat&Poultry - June 2011 - New Product Showcase
Meat&Poultry - June 2011 - 83
Meat&Poultry - June 2011 - 84
Meat&Poultry - June 2011 - Classified Advertising
Meat&Poultry - June 2011 - 86
Meat&Poultry - June 2011 - 87
Meat&Poultry - June 2011 - 88
Meat&Poultry - June 2011 - Advertisers
Meat&Poultry - June 2011 - The Insider
Meat&Poultry - June 2011 - 91
Meat&Poultry - June 2011 - 92
Meat&Poultry - June 2011 - 93
Meat&Poultry - June 2011 - 94
Meat&Poultry - June 2011 - 95
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