by Kim Souza (ksouza@talkbusiness.net)
Tyson Foods on Monday (Aug. 7) reported a quarterly net income loss of $417 million, a wide swing from net income of $720 million in the year-ago quarter. The company cited one-time charges of more than $448 million in the chicken and prepared foods segments for most of the loss.
Revenue came in at $13.14 billion, down 3% from a year ago and 2.8% shy of analysts’ estimates for the quarter ending July 1. On an adjusted basis, earnings per share totaled 15 cents, down 92% from the year-ago period. Analysts predicted adjusted earnings per share of 26 cents.
Tyson Foods CEO Donnie King said market dynamics remain challenging for the company and the industry. He assured analysts that Tyson was turning things around in its chicken segment and is setting itself up to be a stronger, more sustainable and efficiently run company. King announced closures of chicken plants in North Little Rock, Noel and Dexter, Mo., and Corydon, Ind. He said the two previous closures in Van Buren, Ark., and Glen Falls, Va., helped increase efficiency in the chicken segment.
