Tyson shares plunge on earnings report
Monday, January 30th 2006, 10:47 am
By: News On 6
SPRINGDALE, Ark. (AP) _ Springdale-based Tyson Foods, the world's largest meat processor, said today its first-quarter earnings dropped 19 percent to 39 (m) million dollars. The company projected its annual earnings to be sharply lower than previously forecast. On Wall Street, share in Tyson stock slumped to a new 52-week low.
Tyson earned eleven cents per share for the quarter ending December 31st. That's down from 14 cents per share from the year-ago quarter. Sales were flat at six-point-five (b) billion dollars.
Tyson shares fell one-dollar-29-cents, or eight-point-four percent, to 14-dollars-eight-cents in late morning trading on the New York Stock Exchange. The shares slipped briefly to 13-dollars-72-cents, below the previous 52-week low of 15-dollars-35 cents.
Tyson now says it expects to earn between 50 cents and 80 cents per share. In November, Tyson said it expected to earn between 95 cents and one-dollar-25-cents per share.