US meat giant Tyson Foods recorded a net profit during its 2010 financial year, against a loss last year, which it attributed to its diversified protein business model and operational improvements.
The company recorded US$780m net income for the year ended 2 October against a $547m loss in 2009.
Total sales were up 6.46% to $28.4bn, with the increase down to a 7.1% rise in average prices, which was dampened by a 0.6% decline in volumes.
Operating income reached $1.56bn for the 2010 financial year against a $215m loss in the previous year.
President and chief executive Donnie Smith said: “We produced record sales and earnings despite some market headwinds. Operating margins for the year were in or above their normalised ranges in each of our four segments.”
The company downplayed the impact of rising input costs, with Smith saying: “There are always challenging market conditions to manage. That’s the norm in our business and we’re prepared to address them.”
For the company’s full earnings statement click here. Click here for Tyson’s comments on how it will look to offset the impact of rising grain costs.
