Tyson Foods has posted ‘strong’ fiscal fourth-quarter results, helping it to a record financial year.
The company has announced that revenue for the fourth quarter stood at $10.15 billion, up from its revenue of $9.16 billion reported during the same period last year. The company reported that its beef segment saw a 3.3% increase in sales, rising from £3.47 billion to $3.80 billion. Its chicken segment saw an increase of 4.1% in sales from $2.81 billion to $3.035 billion.
Operating income was $681 million, an increase from the corresponding quarter last year, which stood at $586 million.
Tom Hayes, Tyson Foods’ president and chief executive officer, said: “The fourth quarter was a strong finish to another record year. We delivered well over our goals of at least 4% operating income growth, EPS growth in the high single digits and 3% volume growth in value-added products, and expect to meet or exceed these goals again in fiscal 2018.
“Our beef and pork segments delivered outstanding returns for the quarter and for the year, again generating significant cash to fuel investments in our chicken and prepared foods segments.
“Fiscal 2017 was a year of great change and, despite some challenges, our team remained focused on the long term by keeping consumer relevance, customer growth and shareholder value creation at the forefront. Not only did we generate exceptional financial results, we also strengthened the foundation needed to accelerate growth through several initiatives. We refined our strategy and put in place a new management team to implement it.
“With a renewed focus on protein packed brands, we initiated the divestiture of some non-protein businesses. We acquired and are successfully integrating AdvancePierre Foods to expand our manufacturing capabilities in sandwiches and other prepared foods and to increase our presence in the convenience store channel.
“Our plan is to grow our business year after year through differentiated capabilities, deliver ongoing financial fitness through continuous improvement and sustain our company as we sustainably feed the world with the fastest growing portfolio of protein packed brands.”
© FoodBev Media Ltd 2017