US poultry food group Tyson Foods said that fiscal 2010 should be “much better” after swinging to a loss for the first 12-months of the year.
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For the 53-week period, the company posted a net loss of US$537m compared to an income of $86m in the previous year.
Net sales also dropped slightly, to $26.7bn from $26.8bn in the prior year.
Despite this, Leland Tollett, who on Thursday stepped down as interim president and CEO, said the company has made “tremendous progress” in a relatively short period of time.
“I have complete confidence that the new management team will have a positive impact as the company moves forward.”
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By GlobalDataTyson posted a loss in operating income of $215m for the period compared to an operating income of $331m for the same period of 2008.
“Fiscal 2010 should be a much better year,” insisted Jim Lochner, Tyson’s new chief operating officer. “We think beef, pork and prepared foods will continue with a solid performance, and we expect the steps we’ve taken to improve chicken will manifest themselves.”
Click here for the group’s earnings release and check back later for more insight into Tyson’s full-year results.
