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.
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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.
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By GlobalDataThe 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.
