Tyson Foods reported second quarter net income of $166 million, 6.4% higher than one year ago when the protein giant posted profits of $156 million.
Revenues rose to $8.27 billion, up from $8 billion in the previous year. At the half-way mark in the company’s fiscal year, the Springdale-based meat company recorded net income of $322 million versus $457 million in the previous year.
Tyson had solid earnings in its chicken and pork segments, but its beef division dragged on the company’s bottom line, as expected.
“Our multi-protein business again proved advantageous, producing solid earnings for the fiscal second quarter,” said Donnie Smith, Tyson’s president and CEO. “We were pleased with the rate of improvement in our Chicken business. The Chicken, Pork and Prepared Foods segments all were in or above their normalized operating margin ranges, while Beef essentially broke even despite extremely challenging market conditions.”
Kim Souza with our content partner, The City Wire, offers more analysis in this article.