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Tyson Delivers Strong EPS Of $0.69 From Continuing Operations; Chicken Surges To Record Earnings And Beef Rebounds

Stocks in this article: TSN

SPRINGDALE, Ark., Aug. 5, 2013 (GLOBE NEWSWIRE) -- Tyson Foods, Inc. (NYSE:TSN), today reported the following results:

(in millions, except per share data) Third Quarter Nine Months
  2013 2012 2013 2012
Sales $8,731 $8,261 $25,480 $24,740
Operating Income 419 342 959 932
Income from Continuing Operations 249 79 589 411
Loss from Discontinued Operation (4) (6) (70) (16)
Net Income 245 73 519 395
Less: Net Income (Loss) Attributable to Noncontrolling Interest (4) (3) 2 (3)
Net Income Attributable to Tyson $249 $76 $517 $398
Net Income Per Share from Continuing Operations Attributable to Tyson $0.69 $0.22 $1.61 $1.11
Adjusted 1 Net Income Per Share from Continuing Operations Attributable to Tyson $0.69 $0.51 $1.56 $1.40
Net Income Per Share Attributable to Tyson $0.68 $0.21 $1.42 $1.07
Adjusted 1 Net Income Per Share Attributable to Tyson $0.68 $0.50 $1.52 $1.36
1 Adjusted EPS is explained and reconciled to comparable GAAP measure at the end of this release.

Third Quarter Highlights

  • EPS from continuing operations was $0.69 compared to $0.51 last year on an adjusted basis - 35% increase on adjusted basis, or 214% increase on GAAP basis
  • Record Sales of $8.7 billion
  • Overall operating margin was 4.8% - Record Chicken segment earnings of $220 million   - 7.0% operating margin - Beef segment rebounded with earnings of $114 million, or 3.1% operating margin
  • Repurchased 4 million shares for $100 million
  • Liquidity totaled $2 billion at June 29, 2013

"As expected, we are delivering robust results in the second half of our fiscal year." said Donnie Smith, Tyson's president and chief executive officer. "We produced strong earnings of 69 cents per share while investing in our people, processes and new businesses and continuing to buy back stock. Our Chicken segment achieved record operating income, and our Beef segment rebounded to generate solid returns.

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