Tyson Foods weathers harsh fiscal quarter
Jan 31, 2005 9:01 AM, from staff and wire reports
Tyson Foods Inc reported $0.14 diluted earnings per share for the first fiscal quarter ended Jan 1, 2005, compared with $0.16 diluted earnings per share in the same quarter a year earlier. Sales for the first quarter of fiscal years 2005 and 2004 were both $6.5 billion. Operating income was $129 million versus $161 million a year ago, and net income was $48 million compared with $57 million for the same period a year earlier.
John Tyson, chairman and chief executive officer, said, “The first quarter was extremely difficult for us this year. Nevertheless, our chicken business continued to perform well, our cash flow from operations was strong, and we reduced our debt by $292 million. As we said last quarter, we expect market conditions to remain challenging during the first half of our fiscal year. However, we do expect significant improvements in the second half of the year.”
