Tyson Foods' fiscal fourth-quarter 2013 net income climbed 41 percent, driven by higher chicken and beef sales. The largest poultry and meat producer in the United States announced its quarterly and yearly financial results on November 18.
Net income for Tyson Foods' fourth quarter of 2013 climbed to $261 million from the $185 recorded during the fourth quarter in the fourth quarter of 2012. Tyson's yearly net income for 2013 rose to $778 million, up from the $583 million reported for fiscal year 2012.
Tyson Foods' fourth quarter was also highlighted by reaching record sales of $8.9 billion or a 7 percent from the third quarter of 2012. Tyson's operating income increased 18 percent to $416 million for the fourth quarter.
For fiscal year 2013, Tyson Foods reached record sales of $34.4 billion, an increase of 4 percent over 2012's sales. Annual operating income increased 7 percent to $1,375 million.
"We had a great fourth quarter, and 2013 was the best year in company history in terms of record sales and earnings per share," said Donnie Smith, Tyson's president and chief executive officer. "The company achieved these results while buying back $550 million in stock, paying more than $100 million in dividends, continuing to build out operations in China and growing our prepared foods business through acquisitions and by entering new product categories.
"A year ago we outlined our expectations for growth. We said you should expect top line sales to grow around 3-4 percent annually. In fiscal 2013, we grew sales by 4 percent. This time last year, we projected earnings for fiscal 2013 would be roughly flat to the previous two years but would grow at a rate of at least 10 percent a year in 2014 and beyond. By overcoming many challenges, we grew adjusted earnings from continuing operations by 15 percent this year. Sales growth from value-added products was almost 6 percent, against an aggressive goal of 6-8 percent growth per year. And finally, we set a goal of growing sales from international production by 12-16 percent a year, and we beat that goal with 20 percent growth.