Tyson Foods Inc. reported its earnings for the first quarter ending Jan. 1, showing adjusted net income at $1.12 billion, a 140 percent increase from $467 million, reported in the same quarter of 2021.
Adjusted earnings were $2.87 per share versus $1.94 per share the previous year. Sales for the quarter were $12.93 billion versus $10.46 billion during the same period in 2021, an increase of nearly 24 percent due to an increase in prices.
The average price charged per customer for beef was up 32 percent year on year, with sales of $5 billion for the quarter, compared to $3.99 billion during last year’s first fiscal quarter. Volume change was 6.2 percent.
Pork segment volume was $1.63 billion compared to $1.44 billion last year, an average price increase of 12.8 percent.
“We’re pleased with the results of the first quarter and of the steps that we are taking to improve productivity,” said Donnie King, president and CEO of Tyson, in a statement. “Our performance reflects the resilience of our multi-protein portfolio even with continued volatility in the marketplace.”
