RSS Search

 News  Feeds  Tags  Search Shortcuts

FeedsFarm.com > Tyson Foods Posts Quarterly Loss

Tyson Foods Posts Quarterly Loss

13th Nov 2006, 18:33 GMT

Tyson Foods Inc., the world's largest meat processor, on Monday reported a wider-than-expected loss in the fiscal fourth quarter, weighed by one-time charges and losses in the chicken and beef sectors. The Springdale, Ark.-based company forecast a return to profitability this fiscal year, however, after three straight quarters of losses. "The best thing I can say about fiscal 2006 is, it's over," Richard L. Bond, president and chief executive officer, said in a statement. Tyson said the loss for the quarter ended Sept. 30 was $56 million, or 17 cents per share, compared with a profit of $117 million, or 33 cents per share, during the same period a year earlier. Results were hurt by charges of 6 cents per share related to tax and accounting changes and 4 cents per share related a previously announced cost-cutting program. Tyson said in July it would cut $200 million in costs, including slashing 420 mainly managerial jobs and not filling 430 open positions in its total workforce of about 110,000. It also said it would focus on value-added products, international expansion and improving operational efficiencies. Fourth quarter revenue was flat at about $6.5 billion in both periods. Analysts polled by Thomson Financial expected a loss of 4 cents per share for the fourth quarter on revenue of $6.47 billion. "For most of the year, we were plagued by supply and demand imbalance as well as export market disruptions in our chicken and beef segments," Bond said in a statement. "Despite some continuing problems in the protein sector, during the quarter our core business showed improvement and continued to strengthen." Tyson said it expects fiscal 2007 earnings per share in a range of 50 cents to 80 cents. Analysts' consensus estimate for fiscal 2007 earnings is 69 cents per share. Its shares fell 8 cents to $14.27 in morning trading on the New York...

View full story at business.newsfactor.com

Tyson Foods Posts Quarterly Loss related news:

Latest news from NewsFactor Business: