Tyson Foods' second-quarter net income dropped 42 percent as it dealt with additional feed costs in its chicken unit and reduced margins in its beef division.
For the three months ended March 30, Tyson earned $95 million, or 26 cents per share. That's compared with $166 million, or 44 cents per share, a year earlier.
The second quarter is traditionally the most difficult for Tyson Foods Inc. It had cautioned in February that its fiscal second quarter had been tougher than expected because of lower margins in its beef and pork divisions.
President and CEO Donnie Smith said in a statement that the chicken segment raised prices to help offset $165 million in additional feed costs. The beef unit dealt with lower margins as shoppers tended to buy chicken instead because it was cheaper, and the prepared foods unit contended with weak food service demand. In the pork division, there were times when supply and demand were not in balance due to the loss of some export markets.
Poultry company says it emphasizes strict adherence to USDA regulations and animal welfare guidelines of the National Chicken Council
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Lower grain prices, increased demand for protein, reduced cattle numbers and slower-than-usual response to positive returns all point toward strong profits
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After setting sales records in 2014, Tyson Foods expects sales and earnings to be even greater in 2015
The company’s board of directors has authorized the share repurchase program as part of its capital allocation plans.
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