SPRINGDALE, Ark. (AP) â€” Tyson Foods Inc., the world's largest poultry producer, on Monday reported its fourth fiscal quarter earnings tumbled 56 percent, citing lower market prices and higher grain costs.
The results matched Wall Street expectations, but Tyson shares fell 68.75 cents to $13.56 in afternoon trading on the New York Stock Exchange.
Tyson earned $18 million, or 8 cents a share, for the three months ended Sept. 30 compared to $41 million, or 18 cents a share, last year.
Fourth quarter sales slipped 1.9 percent to $1.78 billion from $1.82 billion a year ago.
For the year, Tyson earned $151 million, or 67 cents a share, down from $230 million, or $1 a share, in fiscal 1999. Sales were $7.16 billion compared to $7.36 billion in 1999.
The company said the main reason for the decrease in sales was due to the sale of seafood and other non-core businesses during fiscal 1999.
Springdale-based Tyson said it took a $24 million charge during the year related to the Jan. 31 bankruptcy filing by AmeriServe Food Distribution Inc.
Tyson also cut production by 3 percent during the year due to oversupply.
John Tyson, company president and CEO, said he ``can't predict when the supply situation will abate, but I believe we are better positioned for the future.''
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Tyson site: http://www.tyson.com