Sandhusker
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LITTLE ROCK, Ark. (AP) - Tyson Foods, the world's largest meat company, said Monday that it swung to a profit of $68 million in the latest quarter.
Tyson lost $127 million, or 37 cents per share, in the same period a year ago. Its profit of 19 cents per share beat expectations of analysts surveyed by Thomson Financial, who projected a profit of 11 cents per share on revenue of $6.4 billion.
Tyson had sales of $6.5 billion for the January-March fiscal second quarter, compared with $6.3 billion a year before.
Tyson President and Chief Executive Officer Dick Bond said the company was improving on all fronts.
Concerns over mad cow disease led Japan, South Korea and other countries to stop imports of U.S. beef. Japan is again buying U.S. cattle, but only those 20 months or younger.
Bond said sales to South Korea should resume within the next few weeks.
Beef accounts for almost half of Tyson's sales.
Chicken, which accounts for nearly one third of Tyson's business, saw slightly lower sales volume but increased revenue.
The company has closed some poultry production plants, which brought down supply, and increased grain costs have helped drive price increases.
Officials said no more chicken plant closings were expected any time soon.
Pork, about 12 percent of Tyson's sales, saw higher sale prices and strong export sales. The company said 195 hogs sent to a Tyson pork plant in Nebraska may have eaten feed from China that had been treated with the banned chemical melamine. Bond said that there was no indication of harm to humans and that the meat was not recalled.
Tyson lost $127 million, or 37 cents per share, in the same period a year ago. Its profit of 19 cents per share beat expectations of analysts surveyed by Thomson Financial, who projected a profit of 11 cents per share on revenue of $6.4 billion.
Tyson had sales of $6.5 billion for the January-March fiscal second quarter, compared with $6.3 billion a year before.
Tyson President and Chief Executive Officer Dick Bond said the company was improving on all fronts.
Concerns over mad cow disease led Japan, South Korea and other countries to stop imports of U.S. beef. Japan is again buying U.S. cattle, but only those 20 months or younger.
Bond said sales to South Korea should resume within the next few weeks.
Beef accounts for almost half of Tyson's sales.
Chicken, which accounts for nearly one third of Tyson's business, saw slightly lower sales volume but increased revenue.
The company has closed some poultry production plants, which brought down supply, and increased grain costs have helped drive price increases.
Officials said no more chicken plant closings were expected any time soon.
Pork, about 12 percent of Tyson's sales, saw higher sale prices and strong export sales. The company said 195 hogs sent to a Tyson pork plant in Nebraska may have eaten feed from China that had been treated with the banned chemical melamine. Bond said that there was no indication of harm to humans and that the meat was not recalled.