Lower Earnings For Tyson
By: Import User
Updated: January 7, 2009
Tyson Foods lowered its earnings
forecast this morning by 18 cents per share, citing expenses from plant closings and the effects of mad cow disease and lowered its earnings forecast. After charges, the company said it expects to earn between one
dollar and eight cents and one dollar and 15 cents per share for the fiscal year ending October Second. The world`s largest meat company said charges related to the discovery of bovine spongiform encephalopathy in a Washington state cow will be eleven cents per share. No Tyson animal has been found to have mad cow disease but more than 30 countries banned U-S beef products after the illness was identified late last year.
Tyson also said it expects to see earnings affected by seven cents per share for plant closings from the first nine months of the fiscal year. The Springdale based firm said it will still see growth of 13 percent to 20 percent in per share earnings, after charges. The company is to release its fourth quarter and full-year earnings in November.
