Analysts: Tyson set to report profit dip
Tyson Foods Inc. is expected to report a steep decline in profits for its second quarter Monday, according to analysts.
A consensus estimate of nine analysts puts the Springdale-based meat giant's net income at 80 cents per share for the quarter, according to Yahoo Finance, down from $2.29 cents for the quarter a year ago. A consensus estimate of eight analysts pegs revenue at $13.62 billion, up 3.8% from $13.12 billion a year ago.
The company is expected to release earnings before the market opens Monday. Executives will host a conference call and webcast at 8 a.m. A link for the webcast can be found on Tyson's investor relations page at http://ir.tyson.com. An audio-only version of the call can be accessed at (844) 890-1795. A replay of the webcast and a telephone replay will be available.
The meat giant has struggled in recent quarters with reduced profits with its stock price hitting a 52-week low in March. Tyson shares closed at $60.70, up 57 cents or less than 1% in trading Friday on the New York Stock Exchange.
In April, the company said it would cut 10% of its corporate jobs and reduce senior leadership roles by 15%. In mid-March, Tyson said it would close a chicken processing plant in Van Buren, which employs about 950, as well as a plant in Virginia with nearly 700 workers in a move to optimize its operations. Both plants are expected to close May 12.
-- John Magsam
Bentonville to host bicycle dealer event
Bicycle retailers will meet in Bentonville later this month to learn more about issues affecting the industry, with speakers and panel discussions, networking and time on area bike trails.
Sponsored by the National Bicycle Dealers Association, the event is scheduled for May 24-25. Most of the programming will be at the 21c Museum Hotel.
Topics on the agenda include a 2023 industry revenue forecast, the growth of e-bike sales and attracting and supporting new riders.
Presenters will include Gary Vernon, senior program officer of cycling and trail development for the Walton Person Philanthropy Group. He'll talk about the vision and work needed to transform a community into a mountain biking destination.
Northwest Arkansas has become a draw for cycling through the efforts of Tom and Steuart Walton, grandsons of Walmart Inc. founder Sam Walton. They have invested millions of dollars into improving the region's trail system.
-- Serenah McKay
Arkansas Index ends at 777.91, up 25.15
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, closed Friday at 777.91, up 25.51.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.