Tyson Foods reported higher first-half earnings on the back of a jump in revenue at its prepared foods unit, where sales were lifted by last year's acquisition of Hillshire Brands.
Sales in the six months rose to US$20.79bn, versus $17.79vn in the year ago period. Growth was propelled by prepared foods where volumes were up more than 80% in the six months to 28 March.
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Operating profit increased to $1.06bn, compared to $773m. Net earnings totalled $621m, up from $462m.
BB&T Capital Markets analyst Brett Hundley noted: "Tyson reported a solid Q2 beat, in what many considered a very difficult operating environment… The company's diverse protein portfolio continues to offer reward while mitigating risk. It is gaining more traction on exceeding Hillshire synergy targets."
