Tyson?s Earnings Up, Fiscal Profits Decline

Tyson Foods Inc. in mid-November reported a 42 percent increase in quarterly earnings, even as earnings for the fiscal year declined 11 percent.r

For the fourth quarter, Tyson said it earned $147 million (42 cents per share), up from $84 million (24 cents per share) during the same quarter in 2002.r

Much of the growth was attributable to profits in its beef segment, which more than doubled to $189 million. Tyson’s earnings beat its own expectations. In September, the company said it expected earnings of 35 to 40 cents per share.r

Sales increased 12 percent during 2002’s fourth quarter, reaching $6.6 billion. Operating income increased 40 percent to $308 million, compared with $188 million in the fourth quarter of 2002. For fiscal 2003, diluted earnings per share decreased 11 percent to 96 cents per share from $1.08 per share during fiscal 2002. Sales for the year increased 4.4 percent to $24.5 billion from $23.4 billion in 2002.r

Operating income for the year dropped to $837 million from $887 million in 2002. Fiscal 2003 earnings were $337 million, down from $383 million in 2002.r

Tyson said the diversified protein provider reduced its debt-to-capital ratio to just below 48 percent, which was below its target of 50 percent.r