May 4, 2005

Tyson expected lower income as beef exports to Japan and South Korea delayed

Tyson Foods Inc. lowered the top of its current-year earnings guidance range on Monday because it now expects beef exports to two key markets Japan and South Korea to resume only in November.

Tyson International President Greg Lee said that the South Korea and Japan markets represent 65 percent or US$1 billion worth of sales that it will miss out on.

So far, 28 of the 65 countries to which Tyson exports meat to have lifted their bans. For the quarter ended April 2, Tyson reported a net income of US$76 million, and sales of US$6.4 billion.