Tyson Earnings Grow; Firm Beats Mad-cow Scare

Despite the mad-cow disease scare late last year, Tyson Foods Inc. of Springdale said on Jan. 26 that its first-quarter earnings grew by 46 percent.

The firm reported net income of $57 million, or 16 cents a share, up from $39 million, or 11 cents a share, during the same quarter last year. It said sales increased 12 percent to $6.51 billion from $5.8 billion last year.

Tyson said the earnings include costs of 5 cents per share related to plant closings and 11 cents per share related to the mad-cow scare, which hurt the beef market.

But, Tyson said, demand for beef was strong. The firm said it did not purchase or use any beef from the three Washington plants identified by the USDA as having been affected by the disease.

Tyson said it expects to earn between 90 cents and $1.20 per share in 2004, including charges.