US: Tyson Q4 earnings up as FY profits tumble

By: just-food.com | 10 November 2008

US meat giant Tyson Foods today (10 November) posted a rise in fourth-quarter earnings but saw annual profits tumble due to costs linked to plant closings.

For the period ended 27 September, net income reached US$48m from $32m a year ago.

Sales for the quarter climbed to $7.20bn from $6.57bn in the previous period last year.

For the fiscal year, Tyson's earnings tumbled to $86m from $268m a year ago. Sales rose to $26.86bn from $25.73bn in 2007.

"Although it was a difficult year in many respects, we continued to manage the company for the long term and took important steps in our strategy to become a truly multi-national enterprise," said Richard Bond, president and CEO of Tyson Foods.

The company acquired three poultry operations in Brazil in 2008 and early 2009, and entered into majority ownership joint ventures in India and China and is awaiting government approval of a third in China.

The company incurred a $13m charge related to closing of its Wilkesboro, North
Carolina, cooked products plant.

Sectors: Meat & poultry, Seafood

Companies: Tyson Foods