(AOF) – The agri-food group Tyson Foods posted adjusted earnings per share of 62 cents for its second quarter, compared to a deficit of 4 cents per share a year earlier in the same period. The consensus was 9 cents. Operating profit was $312 million, after a loss of $49 million. Revenues totaled $13.07 billion, compared to $13.13 billion a year earlier and forecasts of $13.16 billion.
“Looking ahead to the second half of the year, we will continue to focus on executing the fundamentals and leveraging our multi-protein portfolio. We are energized by our progress to date and focused on creating long-term value,” said Donnie King, president and CEO of Tyson Foods.
For the 2024 financial year, the American firm expects total adjusted operating profit of between $1.4 and $1.8 billion and forecasts “relatively stable” sales for the year.
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Soaring energy prices and a call for help
In the past, energy represented a fixed cost of 3% of turnover. This year, this percentage rises to 5% or even 7% for VSE-SMEs, according to Ania (National Association of Food Industries. Professionals are very worried because until the end of 2022 they generally benefit from coverage to cushion these increases However, they are not renewed for 2023 and beyond. Consequently, 25 of the main inter-professional organizations (Intercéales, Inaporc, Semae, etc.) are calling on the State for help in the face of the erosion of their margins and their capacity to operate. investment.
The State has proposed several devices, including an “electricity shock absorber”, which are considered insufficient. The organizations also deplore the failure of European negotiations to achieve a price shield to avoid distortions of competition. Agriculture and agri-food demand a maximum ceiling price of €180/MWh while many companies buy at prices above €500/MWh on the French market.