Tyson reports sales drop for 3Q
The operating income for the quarter was $45 million compared to $212 million, and net income was $9 million compared to $111 million, for the same period last year.
"In the third quarter of fiscal 2008, Tyson Foods' diversified business offset the losses incurred by our chicken segment, which is experiencing more difficult market dynamics," said Richard L. Bond, president and CEO. "Our beef, pork and prepared foods segments were profitable, while our chicken segment suffered a loss.
The company blamed higher input costs for the drop in income, especially with grain for feed.
Tyson also reported that it entered into a letter of intent with XL Foods Inc. to sell the beef processing, cattle feedyard and fertilizer assets of Lakeside Farm Industries Ltd in
Source: Tyson Foods Inc.