Tyson Foods, Inc. (NYSE:TSN) today reported $0.19 diluted earnings per share for the second fiscal quarter ended March 31, 2007, compared to a loss of $0.37 per diluted share in the same quarter last year. Second quarter 2007 sales were $6.5 billion compared to $6.3 billion for the same period last year. Operating income was $158 million compared to operating loss of $142 million, and net income was $68 million compared to a net loss of $127 million, for the same period last year. Operating loss for the second quarter and six months of fiscal 2006 included $59 million, or $0.11 per diluted share, of costs related to beef and prepared foods plant closings. Diluted earnings per share for the six months of fiscal 2007 were $0.35 compared to a diluted loss per share of $0.26 in the same period last year. Sales for the six months of fiscal 2007 were $13.1 billion compared to $12.7 billion for the same period last year. Operating income for the six months of fiscal 2007 was $303 million compared to operating loss of $32 million, and net income was $125 million compared to net loss of $88 million, for the same period last year. "Quarterly operating income improved $300 million over the same period last year," said Richard L. Bond, president and chief executive officer. "All segments were profitable, and it was our strongest performance since the fourth quarter of fiscal 2005. Our beef segment is back in the black, and our pork business is well within our target margin objectives. Chicken showed improvement despite a substantial year-over-year increase in grain costs. "The Company continues to strengthen and gain momentum across all core businesses by accelerating innovation and driving operational discipline," Bond said. "Some important milestones we reached include unveiling our new Discovery Center, our renewable energy strategic alliance and our progress toward the $200 million Cost Management Initiative target, which we are confident we will exceed. "I want to thank the Tyson team members for everything they've done to bring us back to this position," Bond said. "The turnaround has been gratifying for all of us, but we still have work to do to reach our potential." The Company has revised its outlook for fiscal 2007 diluted earnings per share to be in the range of $0.65 to $0.90.
