by Lance Turner
Posted 5/5/2014 07:17 am
Updated 3 months ago
Tyson Foods Inc. of Springdale on Monday reported record second-quarter profit, which rose 124 percent to $213 million from the same time last year.
The publicly traded meat processor (NYSE: TSN) said earnings per share was 60 cents, up from 26 cents in the same quarter last year.
Revenue was $9.03 billion, up 8 percent from $8.38 billion in the same quarter last year.
In all, Tyson Foods missed analysts forecasts of earnings of 63 cents per share, but it beat revenue predictions of $8.84 billion.
"We had a record second quarter, which is a testament to our great team and our balanced multi-protein, multi-channel, multi-national business model," Tyson Foods President and CEO
Also Monday, the company revised its full-year earnings guidance, saying it expects full-year earnings of at least $2.78 per share on revenue of $37 billion. The company had previously forecast revenue of $36 billion.
Analysts predict earnings of $2.93 per share on revenue of $36 billion.
Chicken Sales, Profit Rise
For Tyson Foods' individual segments, earnings looks like this:
- Chicken: sales of $2.8 billion, up from $2.7 billion in the same quarter last year; operating income of $234 million, up from $143 million last year.
- Beef: sales of $3.8 billion, up from $3.4 billion; operating income of $35 million, up from a $26 million loss last year.
- Prepared foods: sales of $861 million, up from $801 million; operating income of $21 million, down from $28 million.
- International: sales of $328 million, down from $331 million; operating loss of $30 million, greater than the $3 million loss it reported last year.
"We're pleased with the performance of our Chicken segment as sales volume grew on strong demand," Smith said. "Our Beef and Pork segments did a great job of managing tight supplies and maintaining margins through record high input costs."
Smith noted that acquisitions and new investments and marketing and advertising weighed on its prepared foods division. And a strategic decision to slow its growth China affected International results.
"We've chosen to slow down our growth this year, primarily due to weak demand in