USA: Statement of Tyson Foods, Inc. Regarding Third Quarter Earnings
Tyson Foods, Inc. stated today that it will not reach analyst consensus earnings estimates of $.26 per share for the third quarter ending July 1, 2000 due to weaker than anticipated domestic markets for its products. The Company anticipates third quarter earnings to range from $.18 to $.20 per share.John Tyson, chairman, president and CEO, said, "Chicken prices have not experienced the normal seasonal increase as expected primarily due to the continued oversupply in the industry, which affects both domestic and international markets. While we previously anticipated this oversupply situation and cut production, the remainder of our industry has yet to react. Our focus on value added products continues to provide us some insulation from the unusually poor market conditions while our industry rationalizes supply." Tyson added, "Unfortunately, while I am confident that conditions will improve, I see nothing that signals an immediate change in market conditions."Tyson Foods, Inc., headquartered in Springdale, Arkansas, is the world's largest fully integrated producer, processor and marketer of chicken and poultry-based food products. Tyson is a comprehensive supplier of value-added chicken products through food service, retail grocery stores, clubs stores and international distribution channels. Although its core business is chicken, in the United States Tyson is also the second largest maker of corn and flour tortillas under the Mexican Original® brand and through its subsidiary, Cobb Vantress, the top chicken breeding stock supplier.This press release contains forward-looking statements based on management's current views and assumptions. Actual events may differ. Please refer to the "Cautionary Statements Relevant to Forward-Looking Information" on page 11 of the Company's 1999 Annual Report on Form 10-K for a discussion of these matters.
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