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SPRINGDALE — Tyson Foods Inc. of Springdale on Monday reported fiscal second-quarter net income of $364 million, down 14.5% from the same quarter last year.
The publicly traded meat processor (NYSE: TSN) said it had net income of $1 per share. Earnings, adjusted for non-recurring gains, came to 77 cents per share.
The results did not meet Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.21 per share.
The meat producer posted revenue of $10.89 billion in the period, a record for the company.
“During the quarter, we witnessed an unprecedented shift in demand from foodservice to retail, temporary plant closures, reduced team member attendance, and supply chain volatility as a result of the virus,” CEO Noel White said in a news release. “Despite these challenges, we were able to adjust our product mix and redirect products to the appropriate channels.
“While we cannot anticipate how long the challenges presented by COVID-19 will persist, we remain focused on driving long-term growth. Our solid balance sheet, ample liquidity, scale and diversity continue to give us confidence in our long-term outlook.”
Tyson shares have decreased 34% since the beginning of the year, while the Standard & Poor’s 500 index has decreased 12%. The stock has fallen 20% in the last 12 months.
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