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Tyson posts 2Q profit of $68M

Tyson posts 2Q profit of $68M

Tyson Foods Inc., the world's largest meat company, reported a profit Monday of $68 million (euro49.84 million) for its latest quarter, a number that indicates the company is pulling out of the doldrums.
Tyson had lost $127 million, 37 cents per share, in the same period a year ago. Its profit of 19 cents per share beat expectations of analysts surveyed by Thomson Financial, who projected a profit of 11 cents per share on revenue of $6.4 billion (euro4.69 billion).
Tyson had sales of $6.5 billion (euro4.76 billion) for January-March fiscal second quarter, compared to $6.3 billion a year before.
The company also revised its earnings guidance for the fiscal year, saying that it expects a profit of between 65 cents and 90 cents per share. Tyson's previous profit estimate was for a profit between 50 cents and 80 cents per share.
For the past six months, Tyson earned $125 million (euro91.62 million), or 35 cents per share, compared to a loss of $88 million, or 26 cents per share, in the comparable period in its last fiscal year. Sales were $13.1 billion for the six months, compared to $12.7 billion a year ago.
Tyson Foods President and Chief Executive Officer Dick Bond said the company is improving on all fronts.
"Quarterly operating income improved $300 million (euro220 million) over the same period last year," Bond said. "All segments were profitable, and it was our strongest performance since the fourth quarter of fiscal 2005. Our beef segment is back in the black, and our pork business is well within our target margin objectives. Chicken showed improvement despite a substantial year-over-year increase in grain costs."


Updated : 2021-05-17 17:09 GMT+08:00