Tyson crows as chicken sales up
Source: Agencies |
August 4, 2009, Tuesday
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Print Edition
Print Edition
TYSON Foods Inc, the world's largest meat maker, said yesterday that its third-quarter net profit surged on solid chicken sales following a year-ago period hammered by skyrocketing grain costs.
The Springdale, Arkansas-based company earned US$134 million, or 35 cents per share, compared with US$9 million, or 3 cents per share, a year earlier.
Earnings from continuing operations were US$127 million, or 33 cents per share, against a loss of US$3 million, or a penny per share, in the same period a year ago.
Analysts polled by Thomson Reuters forecast profit of 22 cents per share.
The year-ago period was hurt by grain costs to feed chickens, which rose US$140 million in that quarter. But grain costs fell US$91 million in the current quarter.
Sales for the period ended June 27 fell 3 percent to US$6.66 billion from US$6.85 billion, missing Wall Street's estimate of US$6.68 billion.
The Springdale, Arkansas-based company earned US$134 million, or 35 cents per share, compared with US$9 million, or 3 cents per share, a year earlier.
Earnings from continuing operations were US$127 million, or 33 cents per share, against a loss of US$3 million, or a penny per share, in the same period a year ago.
Analysts polled by Thomson Reuters forecast profit of 22 cents per share.
The year-ago period was hurt by grain costs to feed chickens, which rose US$140 million in that quarter. But grain costs fell US$91 million in the current quarter.
Sales for the period ended June 27 fell 3 percent to US$6.66 billion from US$6.85 billion, missing Wall Street's estimate of US$6.68 billion.
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