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The U.S. meatpacker said beef sales volume increased for the six months and second quarter of fiscal 2019 due to improved availability of cattle supply and stronger demand for its beef products.
Tyson has posted reported earnings per share (EPS) of US$1.20 for its fiscal second quarter, lower than the US$1.27 recorded in the same time in 2018 but higher than analysts’ expectations of US$1.14. Net income reported in the second stood at US$430 million, an increase from US$316 million in the corresponding period of 2018, while operating income was US$635 million, up from US$494 a year ago. Total revenue in the quarter was US$10.44 billion (Q2 2018: US$9.77 billion).
According to Tyson, sales volume increased for the six months and second quarter of fiscal 2019 due to improved availability of cattle supply and stronger demand for its beef products. Average sales prices increased in the periods under review as demand for the meatpacker’s beef products “remained strong”. Operating income increased as Tyson continued to maximise its revenues relative to live fed cattle costs, partially offset by increased operating and labour costs.
“I’m pleased with our direction as we begin the back half of the year,” said Noel White, President and CEO, Tyson. “The Prepared Foods segment produced its second consecutive quarter of record return on sales. Both the Beef and Pork segments were solid performers, while the Chicken segment is poised for improvement following what we believe are its margin lows for the year”, he added.
For fiscal 2019, Tyson said the U.S. Department of Agriculture (USDA) indicates domestic protein production (beef, pork, chicken and turkey) is forecast to increase approximately 2% from fiscal 2018 levels, “but we expect export markets should absorb a portion of the increased production”.