HUTCHINSON, Kan. — Tyson Foods released its second quarter earnings report on Monday. The meat and poultry giant reported net income of $476 million or $1.30 per share. That’s up from $1.03 per share in 2020. Sales increased to $11.3 billion.
The company continued to rebound from a tough 2020 that saw the pandemic run through the company along with a major structure fire in Garden City which shut down a major processing facility. The company said in its release that inflation may stunt some of the growth in the coming months and the company is working to control supply chain costs.
Despite the rebound, the company continued to see declines in the processed food sector which fell 4.2% year over year although operating income did increase.
Processed foods sales volume decreased during the second quarter and the first six months of the fiscal year due to the reduction in the foodservice channel related to the pandemic.
The sector also faced a challenging labor and supply environment and the impact of severe winter weather.