US: Tyson Foods FY profits slide
- Net profit slumps to $576m
- Operating profit down 3.1%
- Net sales climb to $33.28bn
Tyson has recorded a drop in full-year profit
US meat giant Tyson Foods has booked a drop in full-year profits as the company battled increasing grain and feed ingredients costs.
In the 12 months ended 1 October, net profit slumped to US$576m from $733m in the prior year, the company reported today (19 November).
Operating profit in the period slid 3.1% to $1.25bn, which Tyson blamed on increased grain and feed ingredients costs of $320m for the year, in addition to operating losses from its foreign start-up businesses in Brazil and China. Compressed pork margins caused by the "excess" domestic availability of pork products also hit operating profits.
Full-year sales, however, climbed 3.1% to $33.28bn.
In the fourth quarter, net profit soared 90.7% to $185m, while operating profit climbed 93% to $332m. Sales were impaced by domestic production cuts made in late fiscal 2011 and so dropped 0.3% to $8.37bn.
This report analyzes the worldwide markets for Meat (Fresh And Processed) in Thousands of Tons by the following Product Segments: Pork, Lamb & Goat, Beef & Veal, and Poultry. The report provides separ...
A major investor in Smithfield Foods has called on the US meat giant's board to consider splitting the company in three....
Last week ended as it started: with a household brand caught up in the horsemeat contamination scandal. On Monday, Nestle said it had pulled Buitoni products in Spain and Italy after positive tests an...
- Infographic: Snapshot of Japan's food sector
- M&A Watch: Raisio should sell to private equity
- On the money: Solid Lindt outpaces chocolate peers
- On the money: Hain expects continued organic gains
- Spotlight: What could be impact of Russia's ban?
- Russian government eases ban on food imports
- Pork Farms buys Kerry Group's pastry plants
- Kerry cools claim spreads move could hit jobs
- Dr Oetker to buy McCain North America pizza arm
- Nestle makes "major pledge" on animal welfare