Smithfield Foods Inc.’s CEO, Larry Pope, assured shareholders the company remains in a good position despite shutting down plants, renegotiating debt, selling assets and culling its hog herd in the past year, Reuters reported.

The statement came in the wake of the firm incurring its first annual loss in more than 30 years, according to fiscal results released in June.

The firm’s hog unit is likely to make losses throughout its current fiscal year. However, the pork and packaged meat business of the firm is doing fairly well and is expected to profit in the next quarter, Pope said.