Tyson’s second quarter earnings beat expectations

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  Tyson Foods’ CEO says its acquisition of Hillshire Brands helped it beat analysts’ expectations for the second quarter.

  From WATTAgNet:
  Tyson Foods’ CEO says its acquisition of Hillshire Brands helped it beat analysts’ expectations for the second quarter.
  Tyson’s net income for the quarter ended March 28 was $310 million, or 75 cents per share, compared with $213 million, or 60 cents per share, a year ago. Revenue for the quarter was $9.98 billion, up 10 percent from $9.03 billion a year ago.
  The company booked adjusted operating income of $553 million, a record for the second quarter and an increase of 53 percent from a year ago.
  Georgia chicken plant to close
  Also, Tyson said it would close a chicken plant in Buena Vista, Georgia, in an effort to increase efficiencies in its chicken business. About 190 jobs will be lost.
  Tyson also will eliminate one shift at its Dawson, Georgia, plant. But it says it will make a “significant investment” in its Vienna, Georgia, plant, adding 700 jobs.
  Phasing out antibiotics
  Tyson recently said it would strive to eliminate the use of antibiotics also used in human medicine from its U.S. broiler chicken flocks by the end of September 2017.
  Tyson has already stopped using all antibiotics in its 35 broiler hatcheries, requires a veterinary prescription for antibiotics used on broiler farms and has reduced human antibiotics used to treat broiler chickens by more than 80 percent since 2011.
  The company said it will report annually on its progress, beginning with its fiscal 2015 Sustainability Report.
  Tyson Foods' international business is committed to taking similar measures on antibiotic use in its global chicken operations but has not set a time frame.