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Tyson executives say business is "back on track"

by 5m Editor
5 February 2007, at 11:16am

US - Efforts to return Tyson Foods, Inc. to profitability are “paying off,” senior executives told shareholders today at the company’s annual meeting.

“We’ve taken steps in the right direction and our business is getting back on track,” said Chairman John Tyson. “I think Tyson Team Members are excited about all the work they’ve been doing to bring the company back to profitability…their hard work is paying off.”

After losses in three consecutive quarters, Tyson this week reported $57 million in net earnings or $0.16 diluted earnings per share for the first quarter of fiscal 2006.

“It was the best quarter we’ve had since the fourth quarter of fiscal 2005 and it’s the result of an overall strengthening in all our core businesses as well as a focus on controlling costs,” said Wade Miquelon, Tyson’s chief financial officer. The company currently expects to remain profitable, estimating diluted earnings per share for fiscal 2007 in the range of $0.50 to $0.80.

Tyson President and CEO Richard L. Bond attributes some of the company's progress to Team Member efforts to institute a $200 million Cost Management Initiative. “We have implemented those measures and they are already showing up on the bottom line,” he said.

ThePoultrySite News Desk

5m Editor