Tyson net income falls in first quarter
This article was published February 3, 2012 at 6:45 a.m.
PHOTO BY /
Arkansas Democrat-Gazette/KAREN E. SEGRAVE 11/22/11 John Fred Brown, an employee with the Arkansas Rice Depot moves a pallet of family packs of chicken drumsticks that was donated by Tyson Foods on Tuesday. Tyson Foods Inc., donated 30,000 of chicken in an effort to fight hunger in Arkansas.
LITTLE ROCK — Tyson said Friday its net income in the first quarter was down significantly from the same period in 2011.
The Springdale-based food processor said net income fell to $156 million in the first quarter, down 46.9 percent from $294 million earned in the first quarter of 2011. Earnings per share dropped to $0.42 from $0.78 last year.
Sales, meanwhile, were up, jumping from $7.6 billion last year to $8.3 billion in this year's first quarter.
Donnie Smith, Tyson's president and CEO, said the figures show the company is competitive, adding most segments of the business performed well with the exception of one.
"Even with higher feed ingredient costs, our Chicken segment returned to profitability in the fiscal first quarter on improved pricing and execution," he said in a statement. "Prepared Foods had a strong performance, and the Pork segment continued to produce outstanding results. Our Beef segment is experiencing a rough patch as a result of challenging market fundamentals. Although we are still outperforming industry indexes, if current conditions continue, our Beef results will be pressured in our second quarter."
Tyson, founded in 1935, is one of the world's largest processors and marketers of chicken, beef, pork and prepared foods.
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