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Smithfield Foods, Inc. (NASDAQ:SFD), a $9.16 billion market cap meat packing company with a "GREAT" financial health rating according to InvestingPro, held its 2025 Annual Meeting of Shareholders on Tuesday. According to a press release statement, shareholders voted on several key proposals, including the election of directors, ratification of an accounting firm, and executive compensation matters.
Shareholders elected all three director nominees, C. Shane Smith, Xiaoming Zhou, and John A. Quelch, to the company’s board. These directors will serve until the 2028 Annual Meeting or until their successors are elected and qualified.
In another proposal, shareholders ratified the appointment of Ernst & Young LLP as the independent registered public accounting firm for the fiscal year ending December 28, 2025. The vote saw 388,809,335 shares in favor, 76,941 against, and 96,714 abstentions.
Additionally, an advisory vote on the compensation of Smithfield Foods’ named executive officers for fiscal year 2024 was approved. The proposal received 386,512,373 votes in favor, 195,389 against, and 102,625 abstentions.
Shareholders also voted on the frequency of future advisory votes on executive compensation. The majority favored an annual vote, with 386,695,046 shares supporting the one-year option. Other options, such as two-year and three-year intervals, received significantly fewer votes.
Smithfield Foods, a meat packing company based in Smithfield, Virginia, is registered on the Nasdaq Global Select Market under the ticker SFD. The company has been publicly traded since its incorporation in Virginia.
The results of the voting reflect the shareholders’ support for the current leadership and strategic direction of Smithfield Foods. The company plans to continue holding annual advisory votes on executive compensation, with the next required vote on frequency set for no later than the 2031 Annual Meeting.
In other recent news, Smithfield Foods reported a strong start to its fiscal year 2025, with notable increases in both profit and sales. The company’s adjusted operating profit for the first quarter reached $326 million, an 86% increase compared to the previous year. Consolidated sales climbed to $3.8 billion, marking a 9.5% rise year-over-year. Adjusted net income increased to $227 million, up from $123 million in the prior year, while adjusted earnings per share rose to $0.58 from $0.32. Smithfield Foods remains focused on product innovation and efficiency improvements as part of its strategic initiatives. The company anticipates low to mid-single digit sales growth for 2025 and projects an adjusted operating profit between $1.1 billion and $1.3 billion. Despite facing challenges such as tariffs on exports to China and supply chain disruptions, Smithfield Foods continues to emphasize efficiency improvements and automation to drive future growth.
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