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.
Highlighted incidents resolved, but broader concerns raised
Cooperative’s proposed acquisition of Canadian Butterball producer gains approval from Canada’s federal Competition Bureau
Ronald William Prestage has been released from custody, will appear in preliminary hearing on August 13
Company agrees to settle with workers in Goodlettsville, Tennessee in donning-and-doffing suit
Company seeks to improve prepared foods performance by using more of the available production capacity at other Tyson plants
Grant awarded to Chicken Farmers of Saskatchewan to research avian reovirus and inclusion body hepatitis
--- Thank you for your patience ----
If you have any issues logging in or any other need feel free to contact us.