SPRINGDALE, Ark./PRNewswire/ — Tyson Foods, Inc. (NYSE: TSN – news) announced that it expects results for the first quarter, ended December 29, 2001, to be higher than anticipated. Tyson expects first quarter earnings in the range of $0.34 to $0.36 per share. This compares with the Company’s previous guidance of $0.22 to $0.27 per share.
John Tyson, chairman and CEO, said, “Our first quarter was stronger than we had expected. Our position as the leading value added supplier of beef, chicken, and pork to all markets served us well despite the tone of the general economy as we entered the quarter. We are hard at work on our second quarter, which is typically more challenging than the first, and expect to provide further guidance on our quarterly conference call later this month.”
Tyson added, “I am very pleased with the way our combined company is performing and the progress our people have made. Since closing the IBP cash tender in early August we have repaid over $550 million of borrowings and ended the first quarter with debt of $4.35 billion.”
About Tyson Foods, Inc.
Tyson Foods, Inc., founded in 1935 with headquarters in Springdale, Arkansas, is the world’s largest processor and marketer of beef, chicken and pork. Tyson Foods produces a wide variety of brand name, processed food products and is the recognized market leader in almost every retail and foodservice market it serves. The company, with 2001 pro forma revenues nearing $25 billion, has 120,000 team members and more than 300 facilities and offices in 32 states and 22 countries.
SOURCE: Tyson Foods, Inc.