USA: Tyson cuts Q2 and full fiscal year earnings forecasts
US meat processor Tyson Foods has cut its earnings outlook for the second quarter and full fiscal 2003 year, citing difficult conditions in the US meat industry which has been hit by a glut of meat on the market and the weak economy. Tyson said it expects earnings from continuing operations to break even for the second quarter, down from an earlier forecast of between 10 cents and 14 cents a share. The results exclude special items such as costs related to antitrust litigation.
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