A strong performance from its prepared foods division helped drive sales growth at Tyson Foods in the third quarter.
Q3 sales for Springdale, Arkansas-based Tyson totaled $10.1 billion, up from $9.9 billion in the same quarter in 2017. Net income per share was $1.47, up from $1.21.
Prepared foods was one of two Tyson categories singled out by company president and CEO Tom Hayes as strong performers in the quarter. “Our diverse portfolio continues to be a key advantage for us,” Hayes says. “Our Beef and Prepared Foods segments had a strong quarter, helping to balance the results in our Chicken and Pork segments, which faced stiff headwinds.”
Tyson has made significant investments in its prepared foods offerings in the past year, highlighted by the 2017 purchases of AdvancePierre Foods and Original Philly Holdings.
Tyson brands sold in grocery prepared foods sections and in c-stores include Jimmy Dean, Big Az, Hot ‘N’ Ready, Hillshire Snacking and Fresh-Cut.