Tyson Foods closed its fiscal year on a strong note as it posted record sales and earnings, while announcing several leadership changes in its management structure. The Springdale-based meat company recorded fourth-quarter earnings of $261 million on sales of $8.89 billion. One year ago, Tyson Foods posted net income of $185 million on revenue of $8.32 billion.
For the year, Tyson Foods registered profits of $778 million on revenue of $34.37 billion. In the previous fiscal year, Tyson recorded net income of $583 million on sales of $33.05 billion.
Car-Mart earnings dip on competitive pressures
America’s Car-Mart reported higher sales and lower profits as company officials noted that competitive pressures continue to squeeze margins. The Bentonville-based “buy here, pay here” used car dealer posted net income of $5.8 million in its second quarter, down from $7.3 million one year ago. Revenues climbed higher to $121 million compared to $110 million for the prior year’s quarter.
Ikea supplier to add 75 jobs, locate $5 million factory in Morrilton
Vietnamese-based Vinh Long, a manufacturer of a variety of home furnishing products made from natural fiber mixed with industrial materials, will locate a new manufacturing facility in the former Bosch building in Morrilton. The company will invest $5 million in the plant and add 75 workers. The new facility, to be known as Vinh Long – Arkansas Ltd., will manufacture storage furniture and kitchen cabinets for potential retailers, such as IKEA and other outlets.
American Tubing adds 50 jobs in Springdale
American Tubing Inc. of Springdale, a leading producer of copper assemblies and components for use in the air conditioning and refrigeration industries, announced plans Wednesday to expand. The company will add a $3.2 million, 20,000-square-foot addition to its Springdale location, including 50 new jobs.
Legislators hear of cost savings for state welfare programs
A study commissioned by the Arkansas Legislature suggested the state could realize more than $100 million in savings each year from a variety of programs under the umbrella of the Department of Human Services. The Alexander Group report includes 32 recommendations for short-term and long-term initiatives. It claims the short-term initiatives could save the state between $65 million and $98 million a year and that the long-term initiatives could save the state between $46.8 million $63 million a year.
Home sales remain strong in October
Home sales in Arkansas remained strong in October, rising nearly 14 percent from a year ago. Craighead County had a particularly robust month with home sales jumping nearly 65 percent from October 2012. Average home prices for the month dipped 2 percent statewide. Year-to-date, home sales in Arkansas have risen more than 12 percent from a year ago and average home prices are up 2 percent.
Roby Brock, a freelance journalist based in Little Rock, writes weekly for the Arkansas News Bureau. His weekly television program airs at 10 p.m. Sundays in Central and Northwest Arkansas. His email address is firstname.lastname@example.org; his website address is www.talkbusiness.net