Continued strong performances across all IBP's major business units delivered increased first quarter earnings, company officials reported. 1999 first quarter earnings more than quadrupled last year's first quarter results.
Net earnings for the first three months totaled $57 million or $.61 per diluted share compared to $14 million or $.15 per share, during the same period in 1998. Revenues for the first quarter of 1999 were $3.1 billion verses $3.2 billion last year.
Overall improvements in fresh meat margins and the continued growth of retail ready products contributed to the success of the company's beef and pork operations. IBP also attributed its success to the continued growth of Foodbrands America and The Bruss Co., IBP subsidiaries primarily involved in supplying the foodservice industry.
IBP (Dakota City, NE) is a producer of high quality fresh beef and pork, and supplies premium, fully prepared meats and other consumer-ready foods for the retail and foodservice industries.