Tyson Foods Q2 Profit More Than Doubles, But Misses Estimates - Quick Facts

(RTTNews) - Meat products provider Tyson Foods Inc. (TSN) reported that its second-quarter net income attributable to the company significantly increased to $213 million from last year's $95 million, with earnings per share improving to $0.60 from $0.26 in the same quarter last year.

Adjusted net income per share grew to $0.60 from $0.36 in the prior year quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.63 per share for the quarter. Analysts' estimates typically exclude special items.

Sales for the quarter rose to $9.03 billion from $8.38 billion in the prior year quarter. Eight analysts had consensus revenue estimate of $8.84 billion for the quarter.

In fiscal 2014, the company expects overall domestic protein production (chicken, beef, pork and turkey) to decrease approximately 1% from fiscal 2013 levels, mainly due to further reductions in forecasted hog supplies. Grain supplies are expected to increase in fiscal 2014, which should result in lower input costs.

The company now expects fiscal 2014 sales to approximate $37 billion as it continues to execute its strategy of accelerating growth in domestic value-added chicken sales, prepared food sales and international chicken production, as well as price increases associated with rising cattle and hog costs. Analysts expect the company to report revenues of $35.94 billion for fiscal 2014.

The company said in January that it expected fiscal 2014 sales to approximate $36 billion as it continues to execute its strategy of accelerating growth in domestic value-added chicken sales, prepared food sales and international chicken production.

"Our second quarter is usually our most challenging. We had a lot to overcome, including a harsher than normal winter, but I'm satisfied with the results. I'm still confident in my expectations for the year that we will achieve our goal of 6-8% sales growth in value-added products while generating at least $2.78 earnings per share," said Donnie Smith, Tyson Foods' president and chief executive officer.