Tyson Q2 results strong despite drop in beef demand
Tyson Foods Inc. reported its results for the second quarter of its fiscal year. Second-quarter sales were $8.3 billion, up 3.4% compared to last year, while operating income was $302 million, down slightly from last year's $303 million. Net income increased $10 million to $166 million for the quarter and $322 million for the first half of the fiscal year.
Tyson was one of the companies affected by the “pink slime” controversy, where some consumers and media personalities protested lean finely textured beef for its processing techniques. The controversy "temporarily destroyed demand for ground beef and beef in general virtually overnight," said Jim Lochner, Tyson's chief operating officer. He said that caused a rapid decline in cattle prices.