Tyson Foods raises profit outlook as chicken segment builds momentum [Yahoo! Finance]
Tyson Foods, Inc. (TSN)
Last tyson foods, inc. earnings: 2/6 07:30 am
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Source: Yahoo! Finance
Chicken was the odd ball of the US meat giant's second-quarter and year-to-date performance, with volumes down 6.1% and 3.8%, respectively, while volumes in pork and prepared foods rose. Beef was up in the three-month period but down overall in the second half. The decline in chicken volumes was attributed to six plants that Tyson Foods has closed since last year as part of a factory optimisation drive, which has also included the shutting down of two case-ready beef facilities. Chicken sales fell 8.2% in the second quarter to $4.06bn. CFO John Tyson explained the volume decline was “driven by lower production as we better aligned our supply to customer demand”, even as prices were cut 2.1%. However, he said the forward “momentum” in the chicken segment continued in the second quarter, accompanied by a “significant improvement” in profitability. Consequently, Tyson Foods raised its outlook for adjusted operating income (AOI) for chicken to $700-900m, from the $500-700m provid
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TSN
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- 5/6/24 - Beat
TSN
Sec Filings
- 5/15/24 - Form 4
- 5/15/24 - Form 4
- 5/14/24 - Form 4
- TSN's page on the SEC website