Earnings are a comin'
SPRINGDALE, Ark., Feb 1 (Reuters) - Tyson Foods Inc.
<TSN.N>, the nation's largest poultry producer, said on Monday
its fiscal first-quarter profits grew 20 percent from a year
earlier, surpassing analysts' estimates, thanks to record
sales.
Tyson, which controls more than a quarter of the U.S.
chicken market, said it earned $55.8 million, or 24 cents per
diluted share, in the quarter, compared with $44.9 million, or
21 cents, a year ago. Wall Street analysts had forecast 21
cents per share, according to First Call Corp., which tracks
such forecasts.
The Arkansas-based company said first-quarter sales grew by
20 percent, to a record $1.82 billion from $1.52 billion a year
earlier. The increase was primarily due to volume gained from
the acquisition of Hudson Foods in January 1998 and the
inclusion of Tyson de Mexico on a consolidated basis.
"I'm particularly pleased with the results of our poultry
business," said Wayne Britt, Tyson chief executive officer.
"The combination of favorable grain and poultry market
conditions more than offset the depressed leg quarter markets
that we have been experiencing."
He said the company's "overall results were affected by our
swine business, which suffered through extremely difficult
market conditions."
"These operating results serve to reaffirm our decision to
focus our attention on our core poultry business," Britt said.
Tyson shares were down 31 cents at $20.625 in morning
trading on the New York Stock Exchange.
|
