US meat processor Tyson Foods has reported lower fourth-quarter earnings, hit by the poor performance of its beef unit, but said it was pleased with its full-year results.


The company reported net income of US$66m, or 19 cents per share, for the fourth quarter to 2 October, compared to $147m, or 42 cents per share, in the same period of the previous year. Sales rose to $7.15bn from $6.57bn a year earlier. Beef volumes were down 4.4% compared to the year-ago period.


Full-year net income was $403m, or $1.13 per share, compared to $337m, or 96 cents per share, in the previous year. Sales were $26.4bn, up from $24.5bn in the prior year.


The company’s accounting cycle resulted in a 14-week fourth quarter and 53-week year in fiscal 2004, compared to a 13-week fourth quarter and 52-week year in fiscal 2003.


“I am very happy with the results we posted in 2004…Our growth in value-added products has risen to 38% fuelled by distribution gains in fully cooked frozen products, bacon, refrigerated ingredient meats and dinner meats, as well as fresh case-ready beef and pork. In August, we introduced a new marketing and communications strategy designed to market our full range of chicken, beef and pork products under the Tyson brand with our new slogan, ‘Powered by Tyson’. We made a lot of progress on our stated goals in 2004, but we still have room to improve,” said chairman and CEO John Tyson.

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData

The company has targeted 2005 earnings per share in the range of $1.15 to $1.45. Tyson also aims to improve its mix of value-added products to over 40% of sales.

Just Food Excellence Awards - Have you nominated?

Nominations are now open for the prestigious Just Food Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!

Nominate Now