Tyson Profit Plunges 40% on Beef Losses, Grain Costs |
| Bloomberg - Jan 28, 2008 |
Tyson Foods Inc., the world's largest meat processor, said first-quarter profit plunged 40 percent as the loss on beef widened and feed costs surged. Tyson withdrew its earnings forecast, citing rising grain costs.
Net income in the three months ended Dec. 29 fell to $34 million, or 10 cents a share, from $57 million, or 16 cents, a year earlier, Springdale, Arkansas-based Tyson said today in a statement. Sales rose 3.2 percent to $6.77 billion.
The loss on beef widened to $85 million from $23 million as the cost of buying cattle increased and the industry had excess slaughtering capacity. The company last week said it will stop slaughtering cattle at a plant in Kansas and cut 1,500 jobs.
Read Full Article from Bloomberg
- Posted: 2008-01-28 09:24:05
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