Tyson Foods CEO 'optimistic' about firm's quarterly results
US - President and CEO Richard Bond told a Citigroup investors' conference that, despite a recent run-up in cattle prices, "there is a reasonable chance that all four of our segments will be profitable."
16 March 2007
2 minute read
Tyson is the world's largest producer of beef, the second-largest producer of poultry and a major marketer of pork. It also has a specialty foods unit.
"There is no doubt chicken will be profitable," Bond said. He said Tyson has "done extremely well" in recent weeks in raising prices on poultry sold to food-service and retail customers to cover the rising cost of feed, particularly corn.
"And I am happy to report now that our competition...has raised prices" as well, Bond said. "We have been able to have instituted price-list changes that will get us very close" to covering $4 a bushel corn.
Bond also said most of the reductions in poultry production that Tyson made late last year are likely to remain near term.
As for beef, Bond said last year's fiscal second quarter was "the most dismal" for the red meat. "That will not be the case" this year, he said.
Source: MarketWatch
