Tyson Foods this morning reported net income was down for the first quarter of the fiscal year by about 48 percent.
The meat and poultry producer reported net income of $156 million or $0.42 per share for the first quarter, lower than $298 million or $0.78 per share in the prior-year quarter. That still beat expectations of 33 cents per share.
Quarterly revenue rose 9.4 percent to $8.3 billion from $7.6 bilion during the same quarter a year earlier.
Pork sales jumped 11.2 percent.
“Even with higher feed ingredient costs, our chicken segment returned to profitability in the fiscal first quarter on improved pricing and execution,” Donnie Smith, Tyson’s president and CEO, said in a news release.
The Springdale-based company also held its shareholders meeting, electing nine people to its board of directors.
Elected was chairman John Tyson, Kathleen M. Bader, Gaurdie E. Banister Jr., Jim Kever, Kevin M. McNamara, Brad T. Sauer, Robert Thurber, Barbara A. Tyson and Albert C. Zapanta.
In other business, shareholders reapproved the performance goals for the company’s stock incentive plan and ratified the selection of PricewaterhouseCoopers LLP as the company’s independent registered public accounting firm for the fiscal year ending Sept. 29.
Shares of Tyson (NYSE: TSN) were trading at $19.50, up 0.88 cents or 4.73 percent, mid-morning. Tyson shares have traded between $15.60 and $21.06 in the past 52 weeks.
