Chicken Losses Eat Away Tyson Foods' Profit

By Kim Souza The Morning News SPRINGDALE - Wall Street analysts predict Tyson Foods Inc. will report roughly $58 million in chicken losses Monday, sending the company's third quarter earnings down roughly 60 percent, when compared to a year ago. The Springdale-based meat giant is expected to post earnings around 12 cents per share for the three-month period ending June 30. This compares to 30 cents per share earned a year earlier. Nine analysts surveyed by Thomson Financial expect Tyson Foods to report third quarter earnings between 7 cents and 16 cents per share on Monday. Market experts agree that Tyson Foods, like the broader chicken processing industry, is struggling because prices have failed to keep up with the escalating grain costs. Tyson Foods expects to spend $1.35 billion this year on grain. The chicken industry's... [read full story]