Tyson Foods, operator of the largest packing plant serving Iowa cattle producers, reported a $10-million increase in net income to $166 million for the second quarter, but said its beef business ran a $1-million operating loss.
The beef loss, caused by high cattle prices and flat demand, made worse by the controversy in March over lean finely textured beef (LFTB) in social media, was offset by operating profits of $115 million for pork and $145 million for chicken.
Tyson’s chief operating officer Jim Lochner says the LFTB controversy caused a “temporary” drop in demand for ground beef.
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