Swift & Co, the Greeley CO-based beef and pork processor, reported net income of $34.7 million for the first fiscal 2004 quarter ended Aug 24, 2003, a 57% increase over the $22.1 million tallied in the quarter ended Aug 25, 2002.
Net sales for the first fiscal 2004 quarter totaled $2.48 billion, a 16% climb from the year-ago periodÕs net sales of $2.14 billion. Solid performance in SwiftÕs US beef and pork segments drove these results.
"The fact that we achieved this level of performance in a quarter where cattle prices were at an all-time high is a tribute to our team and the focus they are placing on continuing to improve the day-to-day operations of our business," said John Simons, president and chief executive officer of Swift & Co.