Latest news with #SmithfieldFoods
Epoch Times
22-05-2025
- Business
- Epoch Times
Lawmaker Introduces Bill to Ban Foreign Adversaries From Buying Land
Rep. Pat Harrigan (R-N.C.) introduced a 'While American families are being priced out of their own communities, hostile regimes are buying land with cash and zero accountability,' Harrigan said in a The bill targets foreign adversary nations such as China, Iran, North Korea, and Russia, which all have For example, according to the Library of Congress, China allows foreign residents to buy real estate if they have resided locally for a certain length of time and meet other requirements. Iran allows foreign residents to buy real estate for personal or business use. Harrigan said foreign adversaries have exploited loopholes to purchase U.S. farmland and property near critical infrastructure while banning Americans from buying land in their countries, creating a 'double standard.' The bill, titled the Real Estate Reciprocity Act, also adds a 50 percent tax on other real estate purchases by citizens and entities of foreign adversary nations, exempting refugees accepted by the United States and public companies regularly traded on U.S. exchanges. Related Stories 5/19/2024 1/4/2024 In the U.S. Agriculture Department's latest foreign holdings Foreign investors from adversarial nations—China, Iran, North Korea, and Russia—represented less than 1 percent, according to the report, with Chinese investors holding 277,336 acres and North Korea none. Five Chinese companies made up the vast majority—94 percent—of farmland holdings: Murphy Brown LLC (Smithfield Foods) with 89,218 acres, Brazos Highland Properties with 86,994 acres, Murphy Brown of Missouri (Smithfield Foods/WH Holdings) with 43,091 acres, Harvest Texas LLC with 29,705 acres, and U.S. Agri-Chemicals Corp. with 11,263 acres. States that have seen the most Chinese investment in farmland have introduced measures to block future investment. Texas, where Chinese firms hold the most U.S. farmland with 123,708 acres, has passed similar North Carolina, with 44,263 acres held by Chinese companies, introduced In Missouri, which has 42,905 acres held by Chinese companies, the governor in 2024 issued an executive order Utah, where Chinese firms hold 33,035 acres of farmland, in 2024 signed a Florida, where Chinese firms hold 12,798 acres, was one of the earlier states to introduce legislation. In 2023, it enacted a law that blocked Chinese citizens from purchasing real estate or land. The law was
Yahoo
04-05-2025
- Entertainment
- Yahoo
Kinston breaks Guinness World Record of most barbecue sandwiches sold in eight hours
KINSTON, N.C. (WNCT) — The NC Pork Council and Smithfield Foods teamed up with the BBQ Festival on the Neuse to set a Guinness World Record for the most barbecue sandwiches sold in eight hours. Saturday, May 3, 2025, they sold 4,775 pulled pork sandwiches. They started selling them at 11 a.m. and ran out around 2:40 p.m. To break the record, they had to beat 2,500 sandwiches sold. All of the proceeds go to local ENC charities, including the Lenoir County 4-H and Youth Development Programs, the Ronald McDonald House, the Lenoir County Master Gardeners and Children's Garden, Downtown Kinston Revitalization, CSS Neuse Museum, Community Council for the Arts, SmartArt Kinston, and Mary's Kitchen, and others. 'We want to thank our community, they really came out and supported us,' Manager of the Chop Tent at BBQ Fest on the Neuse Tony Adams said. 'They come and just wanted to be a part of this iconic moment and we're tickled that our community came in. So yeah, we did get the record and we're very excited.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
29-04-2025
- Business
- Yahoo
Tariffs Mean Pork Producer Smithfield Has Had to 'Pivot' Away From China
Smithfield Foods, a Virginia-based company, said selling pork to customers in China isn't feasible because of tariffs. China is imposing a 125% tariff on goods from the U.S. in response to America's 145% tax on imports from China. Smithfield believes there will be demand for the pork that may have gone to China in other foreign markets, executives Foods, a Virginia-based pork producer, said selling meat in China is no longer viable due to the country's tariffs on American exports. Sales to Chinese customers accounted for about 3% of Smithfield's (SFD) sales in 2024, CEO Shane Smith said on a earnings conference call Tuesday. Still, the company released an upbeat outlook for 2025 because it believes there will be demand for these exports in other markets. China imposed a 125% tariff on American products in April, a response to the White House announcing a 145% tax on goods imported from China. 'With China no longer essentially being available, we've really had to pivot our business,' Smith said, according to a transcript made available by AlphaSense. 'While it's important, we do believe we have other options.' Smithfield executives expect there to be ample demand for pork that may have gone to China in the roughly 30 other markets where it exports. The company anticipates sales increasing year-over-year in the low- to mid-single digit percent range in 2025, CFO Mark Hall said. Still, the company acknowledged the possibility that tariffs will have side effects. In its 2024 annual report, it said that tariffs on pork exports could lead to higher domestic supply levels that weigh on prices. Besides focusing on other markets, Smithfield aims to bolster earnings by increasing its sales of its more profitable products, such as lunch meats and dry sausages, said Steven France, president of packaged meats. Smithfield reported $3.8 billion in sales for the quarter ended March 30, up 9.5% from the same period last year, according to its earnings report. Net income attributable to Smithfield increased more than 40% year-over-year to $224 million, the filing said. The stock rose nearly 9% on Tuesday, leaving it up about 3% this year despite a jagged run for the shares. Read the original article on Investopedia Sign in to access your portfolio
Reuters
29-04-2025
- Business
- Reuters
Smithfield Foods posts higher sales, profit on strong packaged meats, pork demand
April 29 (Reuters) - U.S. pork processor Smithfield Foods (SFD.O), opens new tab on Tuesday posted higher first-quarter sales and profit, helped by strong demand for its packaged meats and pork businesses and cost-control efforts. The Virginia-based company has been focusing on its high-margin packaged meats business. It sells pork, ham and sausages under brands including Smithfield, Eckrich and Nathan's Famous. Packaged meat sales rose 1.2% in the quarter ended March 30 from a year earlier. It is a major revenue generating segment for Smithfield. Fresh pork sales increased 4.9%. Smithfield, which went public in January, warned last month that cautious consumer spending and higher raw material costs were crimping profit in its packaged meats business. The segment's operating profit declined 7% to $266 million, while profit in its pork business slumped 25.7% to $82 million in the reported quarter. Smithfield has kept a tight lid on its expenses through workforce reduction and exiting certain farm operations to reduce its hog production business at a time of higher input costs. Its quarterly adjusted operating margin was 8.6%, up from 5.1% in the first quarter of 2024. Smithfield posted a 9.5% rise in total sales to $3.77 billion in the quarter. It earned 58 cents per share in adjusted profit from continuing operations, compared with 32 cents a year earlier. The company reaffirmed its annual sales forecast in the low-to-mid-single-digit percentage range compared to last year, and packaged meats adjusted operating profit of between $1.05 billion and $1.15 billion. Tyson Foods (TSN.N), opens new tab, a rival U.S. meatpacker that sells pork, chicken and beef, is set to report quarterly earnings on May 5.
Yahoo
29-04-2025
- Business
- Yahoo
Smithfield Foods posts higher sales, profit on strong packaged meats, pork demand
(Reuters) - U.S. pork processor Smithfield Foods on Tuesday posted higher first-quarter sales and profit, helped by strong demand for its packaged meats and pork businesses and cost-control efforts. The Virginia-based company has been focusing on its high-margin packaged meats business. It sells pork, ham and sausages under brands including Smithfield, Eckrich and Nathan's Famous. Packaged meat sales rose 1.2% in the quarter ended March 30 from a year earlier. It is a major revenue generating segment for Smithfield. Fresh pork sales increased 4.9%. Smithfield, which went public in January, warned last month that cautious consumer spending and higher raw material costs were crimping profit in its packaged meats business. The segment's operating profit declined 7% to $266 million, while profit in its pork business slumped 25.7% to $82 million in the reported quarter. Smithfield has kept a tight lid on its expenses through workforce reduction and exiting certain farm operations to reduce its hog production business at a time of higher input costs. Its quarterly adjusted operating margin was 8.6%, up from 5.1% in the first quarter of 2024. Smithfield posted a 9.5% rise in total sales to $3.77 billion in the quarter. It earned 58 cents per share in adjusted profit from continuing operations, compared with 32 cents a year earlier. The company reaffirmed its annual sales forecast in the low-to-mid-single-digit percentage range compared to last year, and packaged meats adjusted operating profit of between $1.05 billion and $1.15 billion. Tyson Foods, a rival U.S. meatpacker that sells pork, chicken and beef, is set to report quarterly earnings on May 5. Sign in to access your portfolio
