US poultry giant Tyson Foods yesterday [Wednesday] lowered its profit forecasts for the fourth quarter and fiscal 2002.

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The company is now predicting Q4 earnings in the range of 13-15 cents and fiscal 2002 earnings in the range of 97-99 cents per share. This is a significant climb down from the ranges of 24-28 cents and US$1.08-1.12 per share forecast for the fourth quarter and fiscal year respectively as recently as at the end of July.


Tyson shares fell 1.8% in Wednesday trading on the news to close at US$12.19 on the New York Stock Exchange.


The changes in projection have been attributed by the company to a planned charge of US$20-30m before taxes resulting from the restructuring of its swine operations, and a further charge of US$27m arising from the costs of conversion from its Thomas E. Wilson brand name, acquired through the purchase last year of fellow meatpacker IBP.

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