Tyson Reports Earnings Increase
A vitamin antitrust litigation settlement helped Tyson Foods Inc. post a second quarter earnings increase.
The Springdale company had $72 million in revenue for the period ended March 29, compared with $65 million in the same period last year. But those earnings include a $94 million gain from the settlement. The company said the settlement gain helped offset flat sales and higher cattle and grain prices.
Tyson Foods also expects earnings to improve in the second half of the fiscal year.
“An improving economy and a better balance in the supply and demand for meat proteins leads us to believe we will have better results in the second half of our fiscal year,” said John Tyson, chairman and CEO.
Beef-segment sales increased 7.5 percent, but the company said sales were flat for the quarter at $5.8 billion.
The company is focusing more on branded products and is seeing positive results from its branding strategy announced last quarter, he said.
• Tyson Foods Inc. of Springdale said on May 1 that the name of IBP Inc., its wholly owned fresh meats subsidiary, is being changed to Tyson Fresh Meats Inc.
Tyson said the name change will simplify business activities. Tyson Fresh Meats, based in Dakota Dunes, S.D., has 20 production sites in North America and employs more than 41,000 people.