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.
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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.
The poultry and beef processor said it expects earnings for fiscal 2003 to end up lower than its earlier forecast of between 90 cents and US$1 per share before items.
Analysts polled by Thomson First Call were expecting earnings of 13 cents a share on average for the quarter and 87 cents a share for the full fiscal year, reported Reuters.
In December, Tyson warned that its first-quarter earnings would fall short of its prior estimates.
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