Tyson Foods’ net income rose to $733 million for the third quarter of its fiscal year, a year-over-year improvement of about $200 million.
The company’s sales also rose during the quarter, improving from $10 billion in the third quarter of fiscal year 2020 to $12.5 billion for the most recent quarter, which ended on July 3.
Sales for each of the company’s segments – Beef, Pork, Chicken, Prepared Foods, and International/Other – rose during the quarter. The segments also saw significant increases in volume change and average price change. Poultry volume increased by 3.3%, however prices grew by 15.6%.
In terms of operating income for each of the segments, the Chicken, Pork, Prepared Foods and International/Other segments saw a year-over-year decline in operating profit. The chicken segment had an operating loss of $279 million, compared to an operating loss of $120 million in the same period in 2020. Revenue increased 11.6% to $3.47 billion, from $3.11 billion Meanwhile, the Pork segment dropped from $107 million to $67 million.
The Beef segment’s operating income doubled to $1.1 million, while Prepared Foods improved from $145 million to $150 million.
“We delivered a strong performance in a strong protein market,” Tyson Foods President & CEO Donnie King stated in a press release.
“With trusted brands that met strong consumer demand, we have delivered 12 consecutive quarters of share gains in core business lines at retail. Our foodservice volume improved as the restaurant industry began to reopen and recover. Our beef business increased production to meet strong U.S. and international demand for higher-quality products. And we continued to build financial strength, reducing our debt and investing in future growth by laying out plans to expand our business, both to address capacity constraints and meet growing demand.”
Team member safety remains a top priority for the company, the press release noted. Tyson Foods recently announced that all employees must be vaccinated for COVID-19 by November 1, 2021.
Tyson Foods, headquartered in Springdale, Arkansas, is the largest chicken producer in the United States and the fifth largest turkey producer. It is also one of the nation’s four largest beef producer and a major producer of pork. The company is also expanding its presence in the plant-based protein sector.
