US meat processor Tyson Foods has forecast fourth-quarter earnings above Wall Street expectations, helped by higher demand for US beef due to the US ban on Canadian beef imports.
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“Our beef segment is having an outstanding quarter and is the principal reason for the better-than-expected results,” said chief executive John Tyson.
Springdale, Arkansas-based Tyson forecast earnings of between 35 cents and 40 cents a share for the fourth quarter to 27 September. Analysts had been expecting earnings of 25 cents a share, reported Reuters.
The company also forecast fiscal 2004 earnings of between 90 cents and $1.20 per share, compared to Wall Street expectations of $1.05 per share.
The US banned imports of Canadian beef and cattle in May following the discovery of a single case of bovine spongiform encephalopathy (BSE), or mad cow disease, in Alberta.
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