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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. | ||||||||||||
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