Tyson Foods Inc. reported its results for the fourth quarter and year-end results. Sales for the 4th quarter were $9.156 billion, a drop from $10.506 billion last year. Net income rose from $259 million to $392 million. For the fiscal year, sales dropped from a record $41.373 billion in 2015 to $36.881 billion. Operating income rose to $2.833 billion (from $2.169), and net income rose to $1.772 billion (from $1.224 billion).
“Fiscal 2016 was our fourth consecutive year of record results,” said Donnie Smith, outgoing chief executive officer of Tyson Foods. “We produced record earnings per share, operating income and operating margin. We’re growing where we want to grow by selling more branded, higher margin products. Sales volume was up in our Core 9 product lines at retail and our top tier products in foodservice.