IBP sales top $12 billion for the year, exports grow in Far East, Mexico earnings, total reaches $83.9 million
Continued strength in consumer demand for proteins, along with record export sales, contributed to another strong quarterly earnings performance by IBP, Inc.
Third quarter 2000 net earnings totaled $83.9 million, compared to $96.9 million before a $13.8 million nonrecurring reduction of income tax expense during the same period in 1999. Third quarter sales grew 9 percent to $4.2 billion versus $3.8 billion in 1999. Net sales for the first three quarters totaled $12.2 billion, 15 percent more than the $10.6 billion recorded last year.
Although hog slaughter levels in 2000 have been below 1999 levels, recent pig crop reports indicate hog production is once again expanding. Increased numbers are expected for the remainder of this year into 2001.
Export sales reached the highest level for any quarter in the history of the company. Sales for the period totaled $511 million, up 15 percent from the third quarter of 1999, while export volumes were 10 percent greater than the same period last year. Export dollar sales were up 19 percent. The strongest gains continue to occur in the Far East, especially Japan and Korea. Sales in to Mexico also has increased substantially.