LITTLE ROCK Tyson reported first-quarter profits up more than 7 percent from the same period a year ago, a result company officials called "a good start."
The Springdale-based food processing giant said net income was $168 million in the period, up from $156 million last year. And earnings per share jumped more than 14 percent from 42 cents in 2012 to 48 cents this quarter.
"Fiscal 2013 is off to a good start," Donnie Smith, president and chief executive officer, said in a statement. "With earnings of $0.48 per share in the first quarter, we are on our way to producing earnings this year better than fiscal 2012. We knew we'd face headwinds, and that has certainly been the case; however, we're not simply holding our own. We're producing solid results while preparing for growth."
Tyson reported sales increases in its chicken and beef segments, and decreases in pork, prepared foods and other foods categories.
The company said it expects to "maintain strong operating results despite challenging marketing conditions" as the year progresses.
"In fiscal 2013, we expect overall domestic protein production (chicken, beef, pork and turkey) to decrease approximately 1% from fiscal 2012 levels," Tyson said in a statement. "The recent drought conditions have reduced expected grain supplies, which will result in higher input costs as well as increased costs for cattle and hog producers."
Executives will host an earnings call at 8 a.m. Parties can dial (888) 455-8283 and use the pass code “Tyson Foods” to listen. A replay will be available beginning an hour afterward and lasting through March 1 by dialing (866) 489-8051.
Later, the 10 a.m. shareholders meeting will be accessible by dialing (888) 455-3619, also with the pass code “Tyson Foods.” The shareholders meeting will be webcast live at http://ir.tyson.com, and a replay will be available there.