Net income down 76.7% for Tyson Foods, revenue up 5.1%

Tyson Foods first-quarter net income dropped 76.7% before adjustments for beef segment restructuring and lawsuit-related costs in the beef chicken and pork segments. Net income before adjustments totaled $85 million, down from $366 million a year ago. After adjustments, net income per share increased to 97 cents per share, down 15% year over year. Adjusted earnings per share beat the consensus of 95 cents. Revenue topped estimates at $14.313 billion, up 5.1% from the prior year. Higher beef prices led to gains in revenue for the quarter ended Dec. 27. Analysts had forecast sales revenue of $14 billion for the quarter. “Our first quarter results reflect solid execution across our portfolio,” Donnie King, Tyson president and CEO, said in the earnings release. “Prepared Foods delivered top and bottom-line growth while Chicken reported its fifth consecutive quarter of year-over-year volume gains. As protein demand continues to increase, our consistent share gains demonstrate we are ...