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Tyson Foods Turns Profit, Sees Weakness in '08
US - Tyson Foods Inc, the world's largest meat company, on Monday reported a fiscal fourth-quarter profit compared with a year-earlier loss, but a gloomy forecast for fiscal 2008 sent its shares lower. |
| Will Tyson profits get minced. |
High feed grain prices, tight cattle supplies and a slow recovery in beef exports are expected to plague the company well into 2008, company officials told analysts during a conference call.
The company forecast fiscal-year 2008 earnings in a range of 30 to 70 cents per share, compared with 75 cents for the just-completed year. Analysts, on average, expected $1.10 for fiscal 2008, according to Reuters Estimates.
Tyson is the second-largest chicken producer, behind Pilgrim's Pride Corp., and it estimates feed costs will increase by about $300 million in fiscal 2008.
Tyson is the largest buyer of U.S. corn, which it feeds to its chickens. Corn prices have been high as more of the grain has been used to make the biofuel ethanol.
Tyson said its feed costs increase by about $3 million for each 1 cent increase in the per bushel price of corn.
Tyson buys the cattle and hogs that it processes into beef and pork.
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Source: Guardian Unlimited
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