Meat products maker Tyson Foods Inc. (TSN) posted lower second-quarter net income attributable to the company of $95 million, or $0.26 per share, compared with last year's $166 million, or $0.44 per share. On an adjusted basis, quarterly net income per share totaled $0.36. On average, 11 analysts polled by Thomson Reuters expected earnings per share of $0.45 for the quarter. Analysts' estimates typically exclude one-time items.
On the other hand, the firm clocked sales of $8.42 billion in the quarter, higher than the prior-year figure of $8.27 billion, while it missed consensus estimates of $8.58 billion.
For fiscal 2013, the company sees overall domestic protein production (chicken, beef, pork and turkey) to increase nearly 1% from fiscal 2012 levels. Full-year sales are projected to approximate $34.5 billion, mostly resulting from price increases related to expected decreases in domestic availability of certain protein and increased raw material costs, while 12 analysts estimate annual sales of $34.49 billion.
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