Company update: Tyson Foods Q2
"Our multi-protein business again proved advantageous, producing solid earnings for the fiscal second quarter," said Donnie Smith, Tyson's president and chief executive officer.
"We were pleased with the rate of improvement in our Chicken business. The Chicken, Pork and Prepared Foods segments all were in or above their normalized operating margin ranges, while Beef essentially broke even despite extremely challenging market conditions,” he said.
- 2nd quarter Sales were $8.3 billion, up 3.4% compared to last year
- Overall operating margin was 3.7%
- Chicken operating income $145 million, or 5.0% of sales
- Beef operating loss $(1) million, or 0.0% of sales
- Pork operating income $115 million, or 8.4% of sales
- Prepared Foods operating income $44 million, or 5.5% of sales
- Increase of 35 million shares authorized for repurchase under existing share repurchase program
"We're positioned for another great year as we expect to gain momentum in our third and fourth quarters," Smith said. "We still think we have the potential for earnings per share of $2 for the year if we execute as planned."
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