EC 101 Article 07 Glut of Chickens Lowers Tyson Foods’ Profit by 41%

EC 101 Article 07 Glut of Chickens Lowers Tyson Foods’ Profit by 41%

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Glut of Chickens Lowers Tyson Foods' Profit by 41% By SCOTT KILMAN Staff Reporter of THE WALL STREET JOURNAL Tyson Foods, Inc. , battered by a price- depressing glut of chickens, said its fiscal third-quarter net income fell 41%. Tyson, the nation's largest producer of chickens, earned $40.5 million, or 18 cents a fully diluted share, for the quarter ended July 1, down from $68.4 million, or 30 cents a diluted share, for the similar year- ago period. The Springdale, Ark., company's results were in line with Wall Street expectations, which Tyson lowered in June because a large supply of chickens is depressing the price it can charge grocery stores and fast- food chains for fresh meat. But a grim company conference call with analysts Monday prompted some to shave their outlook for the rest of the year. David Nelson, an analyst at Credit Suisse First Boston, New York, cut his estimate of Tyson's fiscal year earnings by 12% to 65 cents a diluted share from his earlier forecast of 74 cents a diluted share. For fiscal 2001, Mr. Nelson cut his Tyson earnings forecast to 50 cents a share from his original outlook for $1.15 a share. "There's just no sign of this ending," said
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 04/26/2011 for the course ECON 101 taught by Professor Idson during the Spring '08 term at BU.

Page1 / 2

EC 101 Article 07 Glut of Chickens Lowers Tyson Foods’ Profit by 41%

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online