Tyson Foods has released its numbers for both the fourth quarter and fiscal year 2010.
The company posted a significantly improved net income for both the quarter ($213 million as opposed to 2009's loss of $457 million) and the fiscal year ($780 million compared to 2009's loss of $547 million). "Our results this quarter and this year are directly due to our diversified protein business models and our operational improvements," said Tyson President and CEO Donnie Smith. "We produced record sales and earnings despite some market headwinds."
Various sectors of the business, including chicken, pork and beef, were all up this year, as well. "Operating margins for the year were in or above their normalized ranges in each of our four segments," said Smith. "We generated more than $1.5 billion in operating income." The chicken segment came in at $141 million for the fourth quarter and $519 million for the year, an improvement from last year's $32 million for the quarter and loss of $157 million for the fiscal year. Pork reached $125 million in operating income for quarter four in comparison to $48 million in 2009, and $381 million for fiscal year 2010 as opposed to $161 million last year. Beef saw significant growth from fourth quarter 2009 to 2010, with $121 million (compared to a loss of $440 million in 2009), and for the overall year at $542 million (compared to a loss of $346 million in 2009).
According to the company, the 2011 outlook shows an expectation of increased production in overall protein (chicken, turkey, pork and beef) along with increased feed and material costs. Operational improvements, pricing adjustments and exports are the main keys to offsetting any increase in costs.
