Tyson Foods Inc. has reported an increase in its fiscal 2013 first quarter earnings, saying despite "headwinds" related to the slow economy and tight livestock supplies, its "innovative and methodical" approach to management" has provided "solid" results.
The company, on Feb. 1, reported earnings of $173 million, or 48 cents per share, on sales that totaled $8.402 billion, compared with $156 million, or 42 cents per share, on revenues of $8.329 billion in its fiscal 2012 first quarter.
The company reported increased earnings and sales for its chicken and beef businesses but decreased income and sales for its pork and prepared foods segments.
The company said chicken results were affected by improved mix and pricing, partially offset by $170 million in increased feed costs.
The company said beef results were affected by decreased cattle supplies that drove up cattle costs but, at the same time, increased wholesale beef prices to offset the cattle prices
As for its pork and prepared foods results, the company said pork results reflected increased hog supplies and, therefore, lower pork selling prices and prepared foods results reflected, among other things, investments in its luncheon meats business.