Earnings: Strong quarter for Tyson Foods

Major local employer: Tyson Foods

Changes at Tyson Foods Inc. over the past year have begun to help the bottom line of the world's largest meat producer, which posted a strong third-quarter profit yesterday.

Tyson earned $134 million, or 35 cents per share, compared with $9 million, or 3 cents per share, a year earlier, mainly through its chicken business.

Earnings from continuing operations were $127 million, or 33 cents per share, compared with a loss of $3 million, or a penny per share. The company has closed some operations, cleared excess inventory and put in place other cuts.

Tyson said sales dropped 3 percent to $6.66 billion from $6.85 billion on declines in beef and pork sales, but chicken sales improved partly on higher average prices.

Analysts forecast profit of 22 cents per share on revenue of $6.68 billion.

Tyson shares closed down 31 cents at $11.12, a drop of 2.7 percent.

-- The Associated Press

Richmond-based firms: James River Coal

James River Coal Co. turned profitable in the second quarter on higher revenue and flat costs, but slashed expectations for the full year.

The producer of steam and industrial-grade coal had net income of $16.2 million, or 59 cents a share, for the second quarter that ended June 30. This compares to a net loss of $24 million, or 97 cents per share, in the same quarter a year ago.

Analysts were expecting, on average, 78 cents per share.

Revenue rose 24.6 percent to $171,649 from $137,703.

Total coal available to ship fell 13.6 percent to 2,512 tons for the quarter.

The company also cut its full-year earnings and production outlook. The company now expects to earn between $2.25 to $2.60 a share for the year, down from its prior forecast of $3.30 and $3.80 a share.

Shares fell 68 cents, or 3.66 percent, to close at $17.89.

-- Times-Dispatch

Tredegar Corp.

Profit at Tredegar Corp. fell 25 percent for the second quarter as sales continued to decline.

The Richmond-based maker of plastic films and aluminum extrusions reported a net profit of $6.49 million, or 19 cents per share, for the second quarter, compared with a profit of $8.66 million, or 25 cents per share, in the prior year period.

Revenue fell 32 percent to $158.1 million.

Tredegar shares rose 44 cents, or 3.01 percent, to $15.08 yesterday. The company reported earnings after the market closed.

-- Times-Dispatch

Community bank: Bank of Virginia

Bank of Virginia reported second-quarter earnings of $142,156, or 5 cents per share, compared with $56,479, or 2 cents per share, in the year-earlier quarter.

The profit comes after a special assessment paid to the Federal Deposit Insurance Corp. of $103,000.

"We were able to continue to produce positive results for the second quarter of 2009 in spite of the continued challenges in the financial markets and weak economic conditions," said Frank Bell, president and chief executive officer.

The Midlothian-based bank operates five branches in Chesterfield and Henrico counties.

Bank of Virginia stock closed unchanged yesterday at $4.75.

-- Carol Hazard