Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Non-Tech : TSN Starting a new trend..this chicken is no turkey.... -- Ignore unavailable to you. Want to Upgrade?

To: Rob C. who wrote (5)	5/3/1999 1:43:00 PM
From: Rob C.	Read Replies (1) \| Respond to of 7

SPRINGDALE, Ark., May 3 (Reuters) - Tyson Foods Inc., the nation's largest poultry producer, on Monday said its second quarter earnings nearly tripled to $64.6 million, beating Wall Street expectations, even as sales dipped 1.6 percent. Tyson's <TSN.N> profit rose to 28 cents per share for the quarter ended April 3 from 10 cents per share, or $23.3 million, a year ago and came in a penny ahead of the consensus expectation among Wall Street analysts polled by the research firm First Call Corp. Sales, however, slipped to $1.84 billion from $1.87 billion. But excluding sales from non-core businesses sold before the second quarter and sales from its Mexico operations, which had not been consolidated in last year's period, Tyson said comparable sales from continuing operations rose 1.5 percent. The improved results were helped by significantly higher gross margins, which rose to 17.5 percent from 14.4 percent last year as its cost of sales fell more than 5 percent. Selling expenses also fell nearly 6 percent. Its poultry gross margin, excluding Tyson de Mexico, jumped more than 5 percentage points to 18.6 percent on lower feed costs. "I am pleased to see our chicken business continue to experience fundamental improvements, although the favorable costs of grain have been partially offset by the lower value for leg quarters," Tyson Chief Executive Officer Wayne Britt said in a statement. "Our results have been negatively affected by difficult operating conditions experienced by our pork group, although industry conditions show signs of improvement," Britt said. Late last month, Tyson was chastised as a poor corporate performer by the largest U.S. public pension fund, the California Public Employee's Retirement System, or CalPERS. Pension fund operators praised the company's new managers for running Tyson less like a "family fiefdom" but called on them to listen better to shareholders and to revise its dual-class stock structure. "I am pleased with the progress our management has made the last six months,' Tyson Chairman John Tyson said in a prepared statement. Shares in Tyson were up 50 cents in morning trading on the New York Stock Exchange, selling at $21.19. REUTERS Rtr 13:27 05-03-99