- National Chicken CouncilTyson Foods has reported a profit increase of about 22 percent during the first quarter of fiscal year 2015.
Tyson Foods reported a profit of $309 million for the first quarter of fiscal year 2015, up about 22 percent from a net income of $254 million in the first quarter of 2014.
Announcing its latest financial results on January 30, the company said sales for the quarter came to a record $10.8 billion, up 23 percent from about $8.8 billion in the first quarter of 2014. Sales of chicken grew, pork prices and demand increased, but beef sales decreased “due to a reduction in live cattle processed.”
Adjusted earnings per share also rose for the quarter at 77 cents, up 5 cents from the year before.
"Tyson's fiscal year is off to a great start with our first full quarter as a combined company producing record sales and adjusted operating income. We used our strong cash flows to pay down debt by $650 million in the quarter," said Donnie Smith, president and CEO of Tyson Foods.
"We achieved $60 million in synergies in the first quarter, and we are confident we will exceed the $225 million synergy target for this fiscal year. We also reiterate our guidance of adjusted earnings in the range of $3.30-3.40 per share based on the strength of our diversified and balanced business model.”
Adjusted operating income for the quarter came to $564 million, up 37 percent from $412 million the year before, Tyson said.
Tyson Foods looks for the remaining three quarters of 2015 to be productive, as it expects overall production of chicken, turkey, beef and pork to increase by about 1 percent over 2014 levels.