The company reported an operating income of US$312 million for the quarter, improving from a loss of US$49 million in the period year.

The beef segment achieved a sales increase of 7.3% to US$4.95 billion in the second quarter, growing by 2.8% in volume with an average price up 4.5%. Operating income for this segment was a loss of US$35 million in the quarter, with a margin of -0.7%.

In the first six months of 2024 as a whole, Tyson reported US$26.39 billion in sales, flat on the previous year’s result. Meanwhile, operating income grew by 30% to US$543 million.

The beef segment declined by 0.8% in volume and was up 7.6% in average price in the period, bringing in sales of US$9.97 billion, up 6.8%. In the first half of the year, the beef segment had an operating income loss of US$241 million, down from income of US$166 million in the same period of 2023, with an operating margin of -2.4%.

Looking forward, Tyson Foods noted that domestic beef production in the U.S. is expected to fall by 2% in fiscal 2024, and the company expects this segment to end with an adjusted operating loss of US$100-400 million. For the company as a whole, sales are expected to be flat.