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Tyson Foods reported a net income of $76 million for the third quarter of 2012, down from the $196 million reported in the same quarter of 2011, according to the company'slatest financial report.
The company's nine-month net income is at $398 million, compared to 2011's $653 million. “We produced solid results in our fiscal third quarter despite softer than expected domestic demand for protein,” said Donnie Smith, president and CEO of Tyson. “I am especially pleased with the performance of our chicken and prepared foods segments. Our beef and pork segments have been operating in very difficult market conditions that will result in our earnings for fiscal 2012 coming in lower than we previously projected."
Tyson expects overall domestic protein production (chicken, beef, pork and turkey) to decrease slightly in 2013 from fiscal 2012 levels. "Current[U.S. Department of Agriculture] data shows U.S. chicken production to be relatively flat in fiscal 2013 compared to fiscal 2012," said the company. "However, changing crop conditions andpricing could change this estimate. The capital investment and significant operational improvements we have made in our chicken segment have better positioned us to adjust to rising grain prices and remain profitable. Due to the current run up in grain prices, we will be challenged in fiscal 2013, but anticipate our chicken segment will remain profitable."
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