Tyson Foods Inc., the world's largest meat processing company, said this week that its second quarter earnings declined 36 percent from last year, due in part to losses from the company's commodity risk management activities related to grain purchases.
Net income fell to $76 million, or 21 cents per share, in the three months ended April 2, from $119 million, or 33 cents per share, a year ago. Pretax earnings included $2 million of costs related to poultry and prepared foods plant closings in the latest quarter, compared with costs of $14 million last year.
Tyson also lowered the top end for its earnings projection for the year. The company now says its anticipated profits for 2005 are expected to be in the range of $1.05 to $1.20 per share. It had forecast previously that it would earn up to $1.30 a share.