Tyson reports $676 million net income for quarter
Tyson Foods on Monday reported a net income of $676 million on $10.9 billion in sales for the third quarter of the company’s fiscal 2019 — a report that pushed the company’s stock to a record high on the New York Stock Exchange.
Springdale-based Tyson is one of the world’s largest food companies, and the largest employer in Carroll County.
Tyson stock, which had reached a low of $50.75 on Dec. 24, 2018, was trading for $87.29 a share early Monday afternoon. The company’s net income grew by 23.1 percent from the third quarter of 2018, and earnings per share increased by 25 percent, to $1.84 per share.
“Overall, third quarter earnings were in line with our expectations,” Noel White, Tyson’s president and CEO, said in a news release. “Volume growth in our core retail lines continues to outpace other large food companies and the total food and beverage category, driven primarily by our new product innovation. Our Prepared Foods and Beef segments produced strong results in the quarter, while results in the Chicken segment were mixed, and the Pork segment was negatively affected by increased hog costs.
“The African Swine Fever outbreak continues to take its toll on hog supplies in Asia; however, we have not yet experienced significant benefits to our Pork, Chicken or Beef segments. Given the magnitude of the losses in China’s hog and pork supplies, the impending impact on global protein supply and demand fundamentals is likely to be a multi-year event.
“We are maintaining our guidance of adjusted earnings of $5.75-6.10 per share for fiscal 2019. With a strong export environment expected to continue into next year, we’re optimistic about the earnings potential for each of our segments in fiscal 2020.”