Tyson Foods Q1 revenue decreased 15.4 percent
Beef business reported an operating profit of $71 million.
Beef business, which is Tyson Foods's largest unit by sales, reported an operating profit of $71 million, compared with a loss of $6 million in the year-earlier period, due to lower livestock costs.
Cost of goods sold fell nearly 20 percent to $7.95 billion in the first quarter ended January 2. Net income attributable to Tyson Foods rose 49 percent to $461 million, or $1.15 per share.
The company said it expected adjusted earnings of $3.85- $3.95 per share for the year ending September, up from its previous forecast of $3.50-$3.65.
Tyson Foods, which will also hold its annual shareholder meeting on Friday, cut its full-year sales forecast to about $37 billion from about $41 billion. ■