Mad cow can't slow down Tyson earnings
Jan 26, 2004 12:00 PM, from staff and wire reportsSpringdale AR-based Tyson Foods Inc, the nation's leading meat company, has tallied higher quarterly earnings even after sustaining plant closures and the December 23 discovery of the first case of mad cow disease in the United States.
Profit for the first quarter ended Dec 27, 2003, climbed 46% to $57 million, or 16 cents a share, from $39 million, or 11 cents a share, a year ago. Earnings were affected by charges of 5 cents a share for plant closings and 11 cents a share for costs related to bovine spongiform encephalopathy (BSE), or mad cow disease.
Sales advanced 12% to $6.5 billion versus $5.8 billion a year earlier, aided by higher prices for beef, chicken, and pork.
John Tyson, chairman and chief executive officer, said, "The momentum of the second half of fiscal 2003 has carried over into the new year, and we're off to a strong start. We were adversely affected by the discovery of a cow with BSE, but our people managed the situation very well. Domestic demand for beef remains strong, and we are optimistic about the prospects for our overall business this year."