Tyson Foods has fourth straight year of record results
Company sees record results in Pork segment, strong results in Chicken segment and significant turnaround in Beef segment
Tyson Foods ended its 2016 fiscal year with record results for the fourth consecutive year. The diversified meat, poultry and food company reported its financial results for the fourth quarter and the fiscal year on November 21.
For the fourth quarter, Tyson Foods reported a net income of $392 million, up dramatically from the $259 million for the fourth quarter of the 2015 fiscal year. For the year, Tyson Foods’ net income was $1.77 billion, up from a net income of $1.22 billion during 2015.
“Fiscal 2016 was our fourth consecutive year of record results,” said Donnie Smith, CEO of Tyson Foods. “We produced record earnings per share, operating income and operating margin.”
“The Prepared Foods segment had a record margin for the year, while simultaneously driving industry-leading category growth at retail. The Pork segment had a record year as well, while the Chicken segment nearly matched last year’s record margin. The Beef segment is a great turnaround story, producing normalized margins for the year.”
Tyson’s Chicken segment’s operating income for the fourth quarter was $220 million, down from the $370 million reported a year ago. Its operating income for the fiscal year was $1.31 billion, down from the 1.37 billion during FY 2015.
The Tyson Foods Pork segment saw its operating income rise during the fourth quarter from $95 million to $108 million. For the fiscal year, the segment’s 2016 operating income went from $380 million to $528 million.
After facing a loss of $33 million during the fourth quarter of fiscal year 2015 and a loss of $66 million for fiscal year 2015, it returned to profitability in a big way. It’s operating income for the fourth quarter of 2016 was $139 million and $347 million for the full fiscal year.