US meat processor Tyson Foods today (30 July) posted third-quarter profits of US$209m, a result that compared with a loss of $25m a year ago.
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Tyson’s results for the three months to the end of June also included a 9% rise in turnover to $7bn.
The principal reason for the return to profit was Tyson booking costs related to plant closures last year.
President and CEO Richard Bond said sales volumes were down during the third quarter due to “planned production cuts and the impact of price increases”.
“This was another good quarter for us, and all the credit goes to Tyson team members,” Bond said. “They’re focused intently on executing our business plans and cost management initiative, and our earnings reflect their work.”
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By GlobalDataHigher sales prices on average drove a leap in leap in sales from Tyson’s prepared foods business to $666m. Profits from the division reached $26m.
