Tyson Weathers Second Quarter Challenges; Expects Strong Second Half Of Year

SPRINGDALE, Ark., May 6, 2013 (GLOBE NEWSWIRE) -- Tyson Foods, Inc. (NYSE:TSN), today reported the following results:
     
(in millions, except per share data) Second Quarter Six Months
  2013 2012 2013 2012
Sales  $ 8,419  $ 8,268  $ 16,821  $ 16,597
Operating Income 174 302 474 580
         
Net Income 106 166 274 322
Less: Net Income Attributable to Noncontrolling Interest 11 6
Net Income Attributable to Tyson  $ 95  $ 166  $ 268  $ 322
         
Net Income Per Share Attributable to Tyson  $ 0.26  $ 0.44  $ 0.74  $ 0.86
Adjusted 1 Net Income Per Share Attributable to Tyson  $ 0.36  $ 0.44  $ 0.84  $ 0.86
         
1 Adjusted EPS is explained and reconciled to comparable GAAP measure at the end of this release.

Second Quarter Highlights
  • Reported EPS was $0.26; Adjusted EPS was $0.36 compared to $0.44 last year
  • Overall operating margin was 2.1%
  • Net interest expense was $34 million, down 28% compared to last year
  • Repurchased 2.1 million shares for $50 million
  • Liquidity totaled $1.8 billion at March 30, 2013

"Our second quarter typically is our most challenging, and this quarter was no exception," said Donnie Smith, Tyson Foods' president and chief executive officer. "However, our business is structured to withstand adverse conditions, and we worked through the issues while positioning ourselves for what we believe will be a strong performance in the second half of the year.

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