Tyson Foods beats expectations to report Q1 profit

• Tyson's beef segment reported a loss of $206 million, down from a profit of $166 million a year ago.
• Chicken sales were down slightly and the company's international segment lost $22 million, compared to $5 million a year ago.

Flashback: Disappointing earnings, corporate job cuts, office consolidations and announcements to shutter several processing plants have dominated news for the company over the past year and a half.

• More shutdowns are still possible, John R. Tyson, great-grandson of the company's founder, told Reuters.
• The company opened a $300 million chicken plant in Danville, Virginia, in November and a $355 million bacon plant in Bowling Green, Kentucky, last month.

The bottom line: "Although we still have work to do, I am pleased with our first quarter results and am confident we are on the right path to deliver long-term shareholder value," CEO Donnie King said in the company's earnings release.