HUTCHINSON, Kan. — The earnings news was mixed for Tyson Foods as they released their first quarter earnings Thursday morning. The meat and poultry giant saw declines in sales, but beat estimates by posting an earnings of $1.94 per share.
Total revenue came in at $10.46 billion compared to $10.82 billion the previous year, and sales did decline from $10.8 to $10.4 billion.
The prepared foods sector also saw an 8% decline in sales at $2.1 billion although operating income increased by more than 12% to $266 million.
Sales volume decreased as volume across the retail channel was offset by a reduction in the foodservice industry and demand due to the pandemic.
Average sales price increased in the first quarter which helped put the income numbers in the black.
Tyson operates two facilities in Hutchinson and South Hutchinson producing prepared foods for the restaurant and food service industry.
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