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Tyson Foods posts profit in 4th quarter, offers 2008 outlook below analyst expectations

Tyson Foods posts profit in 4th quarter, offers 2008 outlook below analyst expectations

Tyson Foods Inc., the world's largest meat processor, said Monday it swung to a profit in the fiscal fourth quarter, as the company cut costs and closed plants to contend with higher grain and other costs.
It forecast earnings for next fiscal year below what analysts are expecting.
Net income for the quarter ended Sept. 29 was $32 million (euro21.8 million), or 9 cents per share, for the three months ended Sept. 29 versus a loss of $56 million, or 17 cents per share, last year.
Revenue rose 6 percent to $6.88 billion (euro4.7 billion), from $6.47 billion last year.
Analysts polled by Thomson Financial expected a profit of 10 cents per share on revenue of $6.73 billion (euro4.58 billion).
For the year, net income totaled $268 million (euro182.5 million), or 75 cents per share, compared with a loss of $196 million, or 58 cents per share last year.
Revenue rose 5 percent to $26.9 billion (euro18.3 billion) from $25.6 billion last year.
For fiscal 2008, Tyson said it expects $300 million (euro204.3 million) in additional grain costs in its chicken segment, adding that the beef market is "difficult" as well.
The company expects a profit of 30 cents to 70 cents per share, below analyst expectations of $1.05 per share.
Shares rose 75 cents, or 5.1 percent, to $15.50 in premarket trading.


Updated : 2021-10-17 13:36 GMT+08:00