Tyson Foods reported its first quarter earnings ending Dec. 31, reporting a net income of $107 million, significantly lower than the $320 million from the same period a year earlier.
Despite this, first quarter revenue reached $13.319 billion, marking a 0.4% increase, driven by sales volumes in pork and prepared foods and higher beef prices compared to the previous year.
Operating income for the quarter totaled $231 million, down from $467 million a year earlier, with a $205 million loss in beef, reflecting a 4.1% decline in total beef sales. Despite tight live cattle supplies, Tyson anticipates a 2% decrease in industry production this year, forecasting an operating loss for the year with a slight possibility of breaking even.
