Tyson Foods Q2 profit down, net income $340 million
Staff Writer |
Tyson Foods reported weak profit and revenues in its second quarter amid lower sales volume, despite higher price.
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Adjusted earnings missed market estimates, but sales topped their view. Further, the company backed its fiscal 2017 earnings forecast.
For the second quarter, net income attributable to Tyson declined to $340 million from $432 million last year.
Earnings per share were $0.92, down from $1.10 a year ago.
Adjusted attributable net income was $1.01 per share, compared to prior year's $1.07 per share.
On average, eight analysts polled by Thomson Reuters expected earnings of $1.02 per share for the quarter. Analysts' estimates typically exclude special items.
Total company GAAP operating margin was at 6.3 percent and adjusted operating margin was at 6.9 percent. The prior year's operating margin was 7.7 percent.
Sales for the quarter declined to $9.083 billion from last year's $9.17 billion. Analysts expected sales of $9.05 billion for the quarter.
Sales volume declined 1.9 percent, partly offset by increase in price by 0.9 percent.
Beef sales volume decreased due to a reduction in live cattle processed, and average sales price fell due to increased availability of live cattle supply and lower livestock cost.
In pork, sales volume was hurt by balancing supply with customer demand, while price was benefited by decline in domestic availability of products due to strong exports.
Chicken sales volume was mainly hurt by operational disruptions from fires at two plants, while price increased as a result of sales mix changes. ■
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