BOSTON — Meat producer Tyson Foods Inc. on Wednesday lowered its 2007 earnings guidance, citing a challenging fourth quarter, particularly in the beef and pork segments.
Tyson said it now expects to earn between 72 cents per share and 80 cents per share for the year. In July, the company had raised its forecast for the fiscal year ending in September to between 82 cents and 92 cents per share.
Analysts polled by Thomson Financial expect earnings per share of 88 cents.
"The fourth quarter is turning out to be more challenging than expected," said Tyson President and Chief Executive Richard L. Bond.
Bond said the company's beef business has been affected by higher live cattle costs and a drop-off in revenue because of a disruption in the South Korean beef trade. High live hog prices have also affected profit, he said.
In the chicken business, Bond said Tyson "successfully implemented price increases earlier in the year, but gave up some sales volume as a result."
Read the full Associated Press story here.
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