US meat giant Tyson Foods has returned to a first-half profit as a tightening of meat supplies boosted prices for the company’s beef, pork and chicken.
For the six months ended 3 April, the firm earned US$315m compared to a loss of $223m in the prior year.
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Revenues edged up to $13.55bn from $12.82bn last year, while operating profit reached $658m compared to a loss of $169m in the prior year.
“We are very happy with these results, especially because our fiscal second quarter is typically not our best,” said Donnie Smith, president and CEO of Tyson Foods. “Our beef and pork segments were the main drivers with very strong profitability. While we did predict tightening domestic availability of protein would lead to stronger fundamentals, it happened sooner than expected.”
Smith said it predicts an “even better” second half as its operational performance continues to improve.
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