USA: Tyson profits rise to US$65m as chicken business rides out the glut
US meat giant Tyson Foods Inc has reported net profits worth US$65m for the first quarter of 2002, compared with a loss of US$6m in the year-ago period.
The company cited improvements in its chicken business and benefits from the integration of beef and pork group IBP, which it acquired last year.
Sales rose from US$1.86bn to US$5.84bn, largely reflecting the purchase of IBP. Profits from the chicken division quadrupled despite the current glut in the US poultry market.
"They seem to have gotten through this glut better than their competitors," said Prudential Securities Inc. analyst John McMillin. "They have a broad product mix. Their business balance helps them control their destiny."
Forecasts for the current quarter are between US$0.24 to US$0.28 per share, although the recent import ban imposed by Russia on US poultry will hit results.
Companies: Tyson Foods
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