Originally published at www.seclive.com
Tyson Foods, Inc. (NYSE:TSN) announced its fourth quarter and full-year financial results for 2013 fiscal year, reporting increases in sales and earnings. The meat processing giant reported total sales increased 7% to $8.89B. Chicken sales increased 2.4% to $3.16B while pork sales fell 5.6% to $1.40B. Beef sales, which represent almost 42% of total sales, increased 4% to $3.75B. Meat production fell 0.2% as the company cites higher feed costs that impacted its margins, which in turn led to higher meat prices, leading many restaurants and consumers to choose lower-cost chicken. Tyson's earnings were $259M and $0.70 per share, up from $203M and $0.57 per share a year ago, just beating expectations of $0.69 earnings per share. Tyson has recently created new leadership roles within the company to facilitate its further growth, both domestic and international, as the company executes its strategy. COO Jim Lochner announced his retirement in September, after serving the company for more than 30 years.