Buoyed by continued outstanding pork sales and a strong finish to the year by its Australian beef segment, Swift & Co Inc reported record net income of $35.2 million on sales of $2.6 billion in the fourth quarter of its fiscal year ending May 30, 2004.
John N Simons, president and chief executive officer of the Greeley CO-based meat company, credits the fourth-quarter rebound to Swift’s “three-legged stool” business model—built around beef, pork, and Australia—that positioned the company to succeed even while mad cow-related challenges continue to affect the entire United States beef industry.
For the year, Swift & Co had net income of $44.5 million on sales of $9.9 billion. Sales rose 17.9% over the previous year.
