WASHINGTON (dpa-AFX) - Tyson Foods Inc. (TSN) reported a rise in second-quarter net income attributable to the company to $166 million or $0.44 per share from $159 million or $0.42 per share last year. On average, 15 analysts polled by Thomson Reuters expected earnings per share of $0.39 for the quarter. Analysts' estimates typically exclude one-time items.
Sales were $8.27 billion, compared with $8.0 billion in the earlier year quarter. Analysts estimated revenues of $8.49 billion for the quarter.
The company said its multi-protein business again proved advantageous, producing solid earnings for the fiscal second quarter. Donnie Smith, Tyson's president and chief executive noted, 'We were pleased with the rate of improvement in our Chicken business. The Chicken, Pork and Prepared Foods segments all were in or above their normalized operating margin ranges, while Beef essentially broke even despite extremely challenging market conditions.'
Smith added, 'We still think we have the potential for earnings per share of $2 for the year if we execute as planned.' Sixteen analysts expect fiscal 2012 earnings of $1.98 per share.
Tyson Foods anticipates fiscal 2012 sales to approximate $34 billion mostly resulting from price increases related to decreases in domestic availability of protein and rising raw material costs. Fifteen analysts project sales of $34.43 billion for the full year.
Copyright RTT News/dpa-AFX
© 2012 AFX News
