Tyson reports decline in income

Tyson Foods reported a 61 percent decline income for it’s third fiscal quarter Monday.

The poultry company had income of $76 million, 21 cents per share, for the quarter ended June 30. In the same quarter a year ago, Tyson had income of $196 million, or 53 cents per share.

“We produced solid results in our fiscal third quarter despite softer-than-expected domestic demand for protein,” Donnie Smith, president and chief executive officer of Tyson Food,s said in a news release. “I am especially pleased with the performance of our Chicken and Prepared Foods segments. Our Beef and Pork segments have been operating in very difficult market conditions that will result in our earnings for fiscal 2012 coming in lower than we previously projected.

“Grain costs have been increasing significantly and rapidly, largely as a result of the on-going U.S. drought. While we ultimately expect to pass along rising input costs, these costs, coupled with continued soft demand, are likely to pressure earnings in 2013. However, we still anticipate solid earnings for the year, and we are performing well during challenging circumstances. With our strong balance sheet, customer relationships, new product development capabilities, and efficient operations, we believe Tyson Foods is in the best position in our industry to succeed now and in the future.”

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