Second fiscal quarter net income for Tyson Foods was above estimates, with revenue falling below expectations. Earnings per share was 41 cents, above the consensus estimate of 39 cents. Adjusted earnings per share was 62 cents.
Net income in the fiscal quarter ended March 30 was $145 million, better than the $97 million loss in the same period of 2023, the Springdale-based global meat production and distribution company reported Monday (May 6).
Total sales was $13.072 billion, below the $13.133 billion in the same quarter of the previous fiscal year and below the consensus estimate of $13.14 billion.
Net income in the first six months of the fiscal year was $252 million, up 15.1% compared with the $219 million in the same period of 2023. Total revenue in the first half of the fiscal year was $26.391 billion, almost flat compared with the $26.393 billion in the same period of 2023.
The company’s chicken segment returned to positive operating income in the quarter and the first six months. The large beef segment continues to weigh on results with a $241 million operating income loss in the first six months.
“During the second quarter, we continued our positive momentum and made progress on our key initiatives. The strategies we have implemented are delivering tangible results, as evidenced by our return to year-over-year bottom line growth,” Donnie King, Tyson Foods president & CEO, said in a statement. “Looking to the back half of the year, we will continue to focus on executing the fundamentals and leveraging our multi-protein portfolio. We are energized by our progress to-date and laser-focused on driving long-term value.”
Talk Business & Politics will update this story later today.
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