Tyson Foods delivered in nearly every quadrant of its business as the meat giant posted quarterly profits of $249 million, more than triple one year ago when profits topped $76 million. Notably, conditions in Tyson’s beef segment improved and its chicken and pork business continued to excel. Earnings per share for the quarter ending June 30 rose to 69 cents compared to 22 cents one year ago. Revenues for the Springdale-based protein company cleared $8.73 billion versus $8.26 billion in the previous year’s comparable quarter.
Windstream profits decline, will explore holding company formation
Windstream Corp. posted lower earnings as revenues dipped and the company continued its repositioning strategy. It also disclosed that it is exploring a new holding company for its businesses. The Little Rock-based telecommunications firm reported second-quarter net income of $39.7 million, or 6 cents per diluted share, compared to $51 million, or 9 cents per diluted share, one year ago. Revenues cleared $1.5 billion, down from $1.534 billion in last year’s second quarter.
Arkansas Best records $4.88 million second-quarter profit
With a new labor agreement for its union employees almost completed and despite what CEO Judy McReynolds described as “moderate and inconsistent” economic growth, Arkansas Best posted a $4.88 million second-quarter profit. That was nearly one-third of its year ago quarterly profit of $11.84 million, but well ahead of its significant first quarter 2013 loss. Diluted earnings per share dropped to 18 cents from 44 cents in the previous year’s second quarter. Revenues for the Fort Smith-based trucking giant rose to $576.9 million, up from $510.5 million one year ago.
Inuvo turns second-quarter profit
Conway-based Inuvo Inc., an Internet marketing and technology company, posted second-quarter net income of $381,000, compared to a $3 million loss one year ago. Revenues topped $13.13 million during the quarter compared to $12.87 million one year ago. Publicly traded Inuvo moved to Conway in January of this year.
Murphy Oil board formally approves retail spin-off
The board of directors for El Dorado-based Murphy Oil Corp. officially approved the spin-off of its U.S. retail marketing business. The spin-off will be achieved through the distribution of 100 percent of the shares of the new company, Murphy USA Inc., to holders of Murphy Oil common stock. Murphy USA will become a publicly traded company on the New York Stock Exchange, and Murphy Oil Corp. will remain a public firm on the exchange. As of June 30, there were 1,179 Murphy Oil retail outlets in 23 states and the business also owns midstream assets, including product distribution terminals and pipeline positions.
Remington Arms unveils $32 million expansion
Remington Arms Co. broke ground on a $32 million expansion in Lonoke that should employ around 60 new workers. The project will allow Remington to produce more ammunition to meet consumer demand, which the firm says is at a high. Madison, N.C.-based Remington, the oldest gun maker in the U.S., has been in Lonoke since 1969 and currently employs about 1,300 in Arkansas.
Bad Boy Mowers to add 200 jobs
Intimidator Inc., an affiliated company of Batesville-based Bad Boy Mowers, completed its previously announced $7.4 million expansion, which will lead to 200 new jobs over the next three to five years. The Intimidator Series is a multi-terrain vehicle. It features a 1,600-pound payload — more than a compact pickup truck — and a 2,100-pound towing capacity.
Electric Cooperatives announce $50,000 home makeover winner
Arkansas Valley Electric Cooperative members Kyle and Alisha Quenga of Fort Smith have won the sixth annual Electric Cooperatives of Arkansas $50,000 Energy Efficiency Makeover Contest. The couple beat out 2,800 applicants for the award. The Quengas live in a 1,500 sq. ft. home that was built in 1979.
As part of the Energy Efficiency Makeover project, the Quengas will receive an ultra-efficient heat pump and water heater, high-efficiency windows, Energy Star appliances and a GeoSpring Hybrid water heater and expanding foam insulation in their crawlspace and attic.
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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 e-mail address is firstname.lastname@example.org; his website address is www.talkbusiness.net