Core Insights - Smithfield Foods reported a record year for profit and cash generation in 2025, with adjusted operating profit reaching $1.3 billion, a 30% increase from the previous year, and an adjusted operating margin expanding to 8.6% from 7.2% in 2024 [5][6] Hog Production - Adjusted operating profit for hog production was $176 million, the highest since 2014, driven by improved commodity markets and operational optimization [1] - Sales increased by 13% to $3.4 billion, despite a 23% reduction in hogs produced, attributed to a rationalization strategy [1] Fresh Pork - Adjusted operating profit for fresh pork was $209 million in 2025, despite a $135 million decline in the industry market spread [2] - Sales reached $8.3 billion, up 6%, primarily due to a 5.8% increase in average selling price with roughly flat volume [2] Packaged Meats - Fiscal 2025 sales for packaged meats were $8.8 billion, a 5.3% increase, supported by a 5.6% rise in average selling price [3] - The segment achieved profitability despite $525 million in raw material cost increases [3] Financial Performance - Fourth-quarter adjusted operating profit was $402 million, with adjusted net income from continuing operations at $329 million, the second highest on record [4] - Full-year adjusted net income was $1.0 billion, with adjusted diluted EPS of $2.55, a 36% increase from 2024 [4] Capital Allocation - The company paid $1 per share in dividends in 2025 and anticipates annual dividends of $1.25 per share in 2026 [8] - Year-end net debt to adjusted EBITDA was 0.3x, with liquidity of $3.8 billion [9] M&A Activity - Smithfield entered an agreement to acquire Nathan's Famous for $102 per share, which is expected to be immediately accretive [11] - The acquisition is seen as a way to secure a core national brand and create growth opportunities [11] Future Investments - A planned investment of up to $1.3 billion over three years for a new processing facility in Sioux Falls is underway, expected to provide significant efficiency gains [12] - Groundbreaking is anticipated in the first half of 2027, with operations starting by the end of 2028 [12] 2026 Outlook - Management guided for low-single-digit sales growth in 2026, with adjusted operating profit ranges provided for different segments [13][17] - Strong protein demand is expected to support growth, with pork positioned as a value option compared to beef [14] Operational Improvements - The company is accelerating technology deployment, including AI and robotic process automation [16] - In 2025, the company produced 11.1 million hogs, down from 14.6 million in 2024, reflecting a rightsizing strategy [16]

Core Viewpoint - Kraft Heinz has experienced a decline in share price by approximately 8.2% since its last earnings report, underperforming the S&P 500, raising questions about its future performance leading up to the next earnings release [1] Earnings Performance - The Kraft Heinz Company reported Q4 2025 results, with adjusted earnings of 67 cents per share, surpassing the Zacks Consensus Estimate of 61 cents, but reflecting a 20.2% year-over-year decline [2][4] - Net sales for the quarter were $6,354 million, down 3.4% year over year, missing the Zacks Consensus Estimate of $6,418 million [5] Sales and Revenue Insights - Organic net sales decreased by 4.2% year over year, with pricing contributing positively by 0.5 percentage points, while volume/mix declined by 4.7 percentage points [5] - North America segment net sales were $4,700 million, down 5.4% year over year, with organic sales also falling by 5.4% [7] - International Developed Markets saw net sales of $930 million, up 1.8% year over year, but organic sales declined by 2.4% [7] - Emerging Markets reported net sales of $724 million, an increase of 4.3% year over year, with organic sales growing by 2.2% [8] Financial Metrics - Adjusted gross profit was $2,101 million, down from $2,262 million in the previous year, with adjusted gross margin contracting by 130 basis points to 33.1% [6] - Adjusted operating income fell by 15.9% to $1,164 million, primarily due to inflation in commodities and manufacturing costs exceeding productivity gains [6] Future Outlook - For fiscal 2026, Kraft Heinz expects organic net sales to decline by 1.5% to 3.5% year over year, with adjusted operating income projected to decrease by 14% to 18% [12] - The company anticipates adjusted EPS to be between $1.98 and $2.10 for fiscal 2026 [12] Shareholder Returns - In fiscal 2025, Kraft Heinz returned $1.9 billion in cash dividends and repurchased $436 million of common stock, with approximately $1.5 billion remaining under its authorized share repurchase program [11]

Company Overview - Smithfield Foods, the world's largest pork producer, is planning to build a $1.3 billion processing facility in Sioux Falls, South Dakota, which local officials describe as a "once-in-a-generation opportunity" [1] - Founded in 1936, Smithfield has played a significant role in the US pork industry's global growth, acquiring over three dozen companies from the 1980s to the 2000s and accounting for approximately 25% of US pig production [2] Recent Developments - Since CEO Shane Smith took over in 2021, the company has focused on resizing its business and reducing exposure to commodity price fluctuations by decreasing its hog ownership from 17.6 million in 2019 to 11.5 million last year [3] - Smithfield has shifted its focus towards packaged meats, which now represent 59% of sales and offer higher margins compared to traditional pork cuts [3] Financial Performance - Following the spin-off of its European business and subsequent listing on Nasdaq, Smithfield has seen a significant increase in sales and profits, with the latest quarterly operating profit reaching $310 million, a 9% increase year-over-year [3] - The company's shares have risen by 19% over the past 12 months and more than 12% so far this year, reflecting positive investor sentiment [3] Future Prospects - The new Sioux Falls facility, pending regulatory approvals, is expected to create 3,200 jobs and enhance processing capacity beyond the current 20,000 hogs per day [3] - Smithfield is actively promoting pork's versatility to attract younger consumers who are more inclined towards diverse and bold flavors, despite overall US pork consumption remaining relatively flat at around 50 pounds per year since the 1960s [3]

Core Insights - The Kraft Heinz Company (KHC) reported fourth-quarter 2025 results, with revenue missing the Zacks Consensus Estimate while earnings per share exceeded expectations, although both metrics showed a year-over-year decline [1][10]. Financial Performance - Adjusted earnings were 67 cents per share, surpassing the Zacks Consensus Estimate of 61 cents, but fell 20.2% year over year due to lower adjusted operating income, higher taxes, and increased interest expenses [3]. - Net sales totaled $6,354 million, down 3.4% year over year, missing the Zacks Consensus Estimate of $6,418 million, with organic net sales decreasing by 4.2% [4][10]. - Adjusted gross profit was $2,101 million, down from $2,262 million in the prior year, with an adjusted gross margin contraction of 130 basis points to 33.1% [6]. - Adjusted operating income declined 15.9% to $1,164 million, primarily due to inflation in commodities and manufacturing costs exceeding productivity gains [7]. Segment Performance - North America: Net sales were $4,700 million, a decline of 5.4% year over year, with organic sales also down 5.4% [8]. - International Developed Markets: Net sales increased by 1.8% to $930 million, but organic sales fell 2.4% [9]. - Emerging Markets: Net sales rose 4.3% to $724 million, with organic sales growing 2.2% [9]. Strategic Initiatives - The company is investing $600 million in marketing, sales, R&D, product improvement, and selective pricing to drive recovery and growth, pausing its separation initiative to focus on core strategies [2][10]. - For fiscal 2026, KHC anticipates organic net sales to decline by 1.5% to 3.5%, with adjusted EPS projected between $1.98 and $2.10 [13]. Shareholder Returns - In fiscal 2025, KHC returned $1.9 billion in cash dividends and repurchased $436 million of common stock, with approximately $1.5 billion remaining under its authorized share repurchase program [12].

Group 1 - JBS is closing a case-ready production plant in Riverside, California, affecting 374 jobs, with the shutdown scheduled for February 2 [1][2] - The closure is part of JBS's strategy to optimize its value-added and case-ready business and simplify operations [1] - Production will be shifted to other undisclosed JBS plants, with relocation support offered to affected workers [2] Group 2 - JBS's competitor, Tyson Foods, also announced a closure of a beef-processing plant in Nebraska as part of a strategy to right-size its struggling meat business [2] - JBS reported a year of declining beef volumes and an adjusted operating loss for the beef segment in fiscal 2026, leading to operational changes including converting its Amarillo, Texas facility to a single full-capacity shift [3] - The company has plans to expand its operations, including a $200 million investment to boost beef capacity in Texas and Colorado [3] Group 3 - In addition to the plant closure, JBS announced a $135 million investment in a new sausage factory in Perry, Iowa, which will create 500 jobs [4] - The company also acquired a former Hy-Vee facility in Ankeny, Iowa, planning to invest $100 million for bacon and sausage production [4]

Core Points - Smithfield Foods partnered with Festival Foods to donate over 34,000 pounds of protein to local food pantries in Wisconsin, addressing food insecurity during the holiday season [1][4] - The donation will provide more than 137,000 servings of food, including ham, bacon, and pork chops, to support families in need [4][5] - Smithfield's hunger relief program, Helping Hungry Homes, has provided hundreds of millions of servings of protein across the U.S. since 2008, with significant contributions in 2024 [8] Company Initiatives - Smithfield Foods emphasizes community support as a core value, aiming to strengthen local communities through food donations [2][8] - Festival Foods has been active in combating hunger through its Food for Neighbors and Paw Away Hunger programs, raising over $3.6 million since 2004 [7] - Paul's Pantry and St. Joseph Food Program are key partners in this initiative, serving thousands of families and addressing the rising demand for food assistance in Wisconsin [5][6][13] Impact on Community - The donation from Smithfield and Festival Foods is expected to make a tangible impact on food insecurity, particularly during the critical holiday season [4][5] - Paul's Pantry distributed nearly five million pounds of food to over 5,400 families last year, highlighting the ongoing need for food assistance in the region [4][12] - St. Joseph Food Program reported over 33,000 client visits from 2,900 families in 2024, indicating a significant rise in demand for food support [5][6]

Group 1 - The global branded food company Hormel launched its T&M initiative at the end of fiscal 2023, aiming for at least $250 million in annualized operating income growth over three years [3] - By the end of fiscal year 2025, Hormel expects to achieve $100 million to $150 million in incremental benefits from the T&M initiative, as stated by EVP and CFO Jacinth Smiley [4] - The T&M initiative includes opening a distribution facility in Memphis, Tennessee, to enhance inventory flows and distribution capacity [4] Group 2 - Hormel implemented the Hormel Production System to standardize operations across manufacturing facilities and introduced new procurement and productivity programs to achieve further savings in logistics, warehousing, and supplies [5] - The company established a data and analytics office to facilitate access to technology and data, supporting the T&M initiative [5] - Hormel has made leadership changes in its supply chain, promoting Steve Lykken to group VP of supply chain, followed by Kevin Myers as interim group VP after Lykken's departure [6] Group 3 - Hormel is discontinuing bacon production at its Tucker, Georgia plant to optimize its manufacturing footprint, moving production to other facilities [7] - The discontinuation of the bacon line is part of approximately 90 projects executed in Q3 as part of Hormel's multiyear transformation and modernization initiative [7]

Table of Contents As filed with the Securities and Exchange Commission on January 21, 2025. Registration No. 333-284141 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Smithfield Foods, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) Virginia 2013 52-0845861 (I.R.S. Emplo ...