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News
Tyson posts 2Q loss
April 30, 2001: 9:12 a.m. ET

No. 1 U.S. poultry processor cites terminated IBP deal, weather
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NEW YORK (CNNfn) - Tyson Foods Inc. Monday reported a loss for the latest quarter due to charges related to its terminated acquisition of IBP Inc., bad weather and other factors.

The nation's biggest poultry processor had twice warned about results for the period, saying on March 20 that it expected to be close to break-even.

graphicIt said Monday it had a loss of $6 million, or 3 cents a share for its second quarter, ended March 31, compared with a profit of about $36 million, or 16 cents a share, a year earlier. Excluding one-time items, the company had a profit of 4 cents a share.

Analysts surveyed by earnings tracker First Call had forecast earnings of 1 cent a share, having lowered their estimates from 12 cents a share before the first warning in late January.

Sales rose 2 percent to $1.83 billion.

Tyson called off its planned $3.2 billion acquisition of meat processor IBP Inc. on March 29, citing what it said was misleading financial information. IBP sued Tyson the next day, seeking to force it to go ahead with the deal.

Tyson (TSN: Research, Estimates) stock rose 7 cents to $13.86 Friday.

-- from staff and wire reports graphic




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