Tyson profit rises in 4Q
SPRINGDALE, Ark. – Tyson Foods Inc. on Monday said that gains in beef and pork helped raise its fiscal fourth-quarter profit 50 percent.
The company also said that high grain costs hurt its chicken segment.
The Springdale, Ark.-based company reportedly earned $48 million in the quarter, up from $32 million a year ago. Sales rose to $7.20 billion from $6.66 billion.
Tyson saw gains in its beef and pork businesses but continued to struggle with its poultry and prepared food units. Grain costs that climbed $230 million in the quarter accounted for a loss of $91 million in its chicken unit, the company reportedly said.
"Producing the three major proteins has proven to be a strategic advantage," said Tyson President and Chief Executive Richard L. Bond. "The strong performance by our beef and pork segments supported the chicken segment as it struggled throughout the year due to low prices and high input costs."
Source: Associated Press