Tyson Foods Inc. on Friday announced a first-quarter profit of $309 million, up about 22 percent from a net income of $254 million in the same quarter of 2014.
The Springdale-based meat processor 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,” the company said in a statement.
Meanwhile, adjusted earnings per share came to 77 cents, up from 72 cents the year before, Tyson said.
"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," Tyson President and CEO Donnie Smith said. "We used our strong cash flows to pay down debt by $650 million in the quarter.”
Adjusted operating income for the quarter came to $564 million, up 37 percent from $412 million the year before, Tyson said.
For the full year, the company said it expects overall production of chicken, turkey, beef and pork to increase by about 1 percent over 2014 levels.
Company executives will hold a conference call to discuss the earnings results at 8 a.m. Friday. Those interested may listen in by calling (888) 455-8283 and using the pass code “Tyson Foods.” A live webcast and a replay will be available online at http://ir.tyson.com.
Read Saturday’s Arkansas Democrat-Gazette for full details.