Earnings Call Excerpt
Smithfield Foods, Inc. (SFD)
F1Q08 Earnings Call
August 23, 2007, 9:00 AM ET
Executives
Jerry Hostetter - VP, IR and Corporate Communications
C. Larry Pope - President and CEO
Carey J. Dubois - VP and CFO
Richard J.M. Poulson - EVP and Director, Mergers and Acquisitions and Government Affairs
Joseph W. Luter, III - Chairman
Analysts
Jonathan Feeney - Wachovia Securities
Reza Vahabzadeh - Lehman Brothers
Christine McCracken - Cleveland Research Company
Timothy Ramey - D. A. Davidson
Eric Katzman - Deutsche Bank
Pablo Zuanic - JP Morgan
Kenneth Zaslow - BMO Capital Markets
Edgar Roesch - Banc of America Securities, LLC
Oliver Wood - Stifel Nicolaus & Company, Inc.
Ann Gurkin - Davenport & Co
Presentation
Operator
Ladies and gentlemen, thank you for standing by. Welcome to the Smithfield Foods First Quarter Conference Call. At this time, all participants are in a listen-only mode. Later there will conduct a question-and-answer session, instructions will be given at that time. [Operator Instructions]. As a reminder, this conference is being recorded.
I would now like to turn the conference over to your host, Mr. Jerry Hostetter. Please go ahead.
Jerry Hostetter - Vice President, Investor Relations and Corporate Communications
Good morning and welcome to our conference call to discuss Smithfield Foods' fiscal first quarter results.
We'd like to caution you that in today’s call there may be forward-looking statements within the meaning of federal securities laws. In light of the risks and uncertainties involved, we encourage you to read the forward-looking information section of the Smithfield Foods Form 10-K for fiscal 2007.
I would like to cover one administrative detail. During our last few calls several analysts have not had an opportunity to ask questions. As a courtesy, we request that you ask only one follow-up question, so that everyone can participate. Thank you.
With us today are Carey Dubois, Chief Financial Officer, Dick Poulson, Executive Vice President, Larry Pope, President and Chief Executive Officer and Joe Luter, Chairman. This is Jerry Hostetter, Head of Investor Relations.
Larry Pope will begin our presentation with a review of operations. Larry?
C. Larry Pope - President and Chief Executive Officer
Thank you very much, Jerry and good morning, ladies and gentlemen, and thank you for joining.
I am pleased to report this morning our first quarter earnings. Income from continuing operations of $62 million or $0.47 a share compared with $39.9 million or $0.36 a share in the same quarter last year.
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