Tyson Foods reports profits in pork as chicken recovers
Tyson president credits 'back to basics' approach
Tyson Foods Inc. turned in an operating income of $84 million in the first six months of the year from its pork operations due to an increase in pork prices, though the results were slightly offset by higher average live hog prices and a decrease in sales volume, according to a press release on May 13.
Leland Tollett, president and CEO, Tyson Foods, also said that a "back to basics" approach, by improving product mix, has helped bring its chicken segment back to profitability.
Tollett was speaking to investors and analysts at the BMO Capital Markets 2009 Agriculture, Protein & Fertilizer Conference in New York City.
Jim Lochner, senior group vice president of Tyson Fresh Meats, said Tyson’s beef and pork segment generated financial returns close to normalized levels during the second quarter of fiscal 2009.
Lochner said he expects adequate supplies of fed cattle for the summer and fall and anticipates dressed beef carcass weights to continue to be above year-ago levels and the five-year average.