September 7, 2005

Tyson lowers 2005 earnings forecast

Tyson Foods lowered on Sept 6 its 2005 earnings forecast by 3 cents to US$0.92-1.02 a share, attributing it to damages to its four Mississippi poultry processing plants.

All four facilities are now running at pre-hurricane production levels, though hurricane damage will cost the meat producer between US$10-20 million, Tyson said.

Figures reflect losses of live bird inventory and frozen products that were stored in Mississippi and Louisiana, and the temporary plant closures.