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.
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...
US meat giant Tyson Foods has acquired local tortilla, salty snack and pretzel maker Don Julio Foods....
- Mondelez results and outlook - 7 things to learn
- just-food's pick: Innovation on show at ISM 2016
- Can dairy-free Flora lift Unilever spreads sales?
- Foodservice focus: McDonald's/Five Guys/Starbucks
- Talking shop: Wal-Mart overhaul, Lidl's US charge
- Mars to cut artificial colours from global foods
- Arla eyes job cuts as part of 2020 growth push
- Chobani targets growth after rejecting offers
- Private-equity firm HKW acquires Panos Brands
- Kerry Group launches Pure free-from meals in UK