US poultry food group Tyson Foods swung to a first-quarter profit today (5 February), boosted by sales in the firm’s beef, pork and prepared foods divisions.
Net income amounted to US$160m in the three months to 2 January, compared to a loss of $102m in the prior year.
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Tyson also swung to an operating income to $314m after reporting an operating loss of $198m last year.
All operating segments, Tyson said, were profitable, with three above their “normalised” ranges.
Operating income in Tyson’s chicken division amounted to $78m, up 3.2%. Beef increased 4.4% to reach $119m, while pork operating income amounted to $62, a 7.6% increase.
“With more than half a billion dollars in operating cash flow, we generated a record first quarter EPS of $0.42 and drove down net debt by $400m,” added Donnie Smith, Tyson’s president and CEO.
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By GlobalDataSmith added that its expects seasonal demand for chicken to improve further into fiscal 2010, and that it expects the pricing environment to improve.
