Create a free Manufacturing.net account to continue

Tyson Earnings Jump More than 50%

Tyson Foods' 2Q net income more than doubled as demand and prices for meet rose. Tyson is the largest meat company in the United States. International sales slipped as Chinese demand was weak. This is the first quarter its revenue passed $9 billion.

SPRINGDALE, Ark. (AP) — Tyson Foods said Monday that its second-quarter net income more than doubled, benefiting from strong demand for chicken and higher prices for beef and pork.

The biggest U.S. meat company also boosted its full-year revenue forecast.

Chicken sales rose on strong demand, while beef and pork sales climbed as they were helped by higher prices amid tight supplies. Sales of prepared foods also increased, thanks in part to some successful product launches.

In the international segment, sales fell slightly as the unit contends with soft demand in China.

For the three months ended March 29, Tyson earned $213 million, or 60 cents per share. A year earlier the company earned $95 million, or 43 cents per share.

Analysts, on average, forecast slightly higher earnings of 62 cents per share for the latest quarter, according to a FactSet survey.

Revenue increased 8 percent to $9.03 billion from $8.38 billion, topping Wall Street's estimate of $8.8 billion.

Tyson Foods Inc. said that it was the first time its quarterly revenue has passed the $9 billion mark.

The Springdale, Arkansas, company anticipates full-year earnings of at least $2.78 per share on revenue of approximately $37 billion. It previously forecast revenue of about $36 billion. Analysts predict earnings of $2.93 per share on revenue of $36 billion.

Its stock slipped 20 cents to $42.45 in premarket trading an hour before the market opening after rising as high as $43.19 earlier.