Tyson Foods Reports Lower Q4 Earnings

SPRINGDALE, Ark. (TheStreet) -- Tyson Foods(TSN Quote) has reported a loss for the fourth quarter, mainly due to a goodwill impairment charge.

The meat processor incurred a loss of $1.22 per share on sales of $7.21 billion compared to a gain of 13 cents on sales of $7.20 billion the same time last year.

Without the impairment charge, Tyson would have earned 28 cents per share, beating analyst estimates of 26 cents a share on a revenue of $6.88 billion. This profit is attributable to increased strength in its beef, pork and prepared foods businesses, which the company anticipates will persist in the new fiscal year.

The company recorded the $560 million charge or $1.50 per share in its beef segment amid the downturn in the US meat processors market.

"We have made tremendous progress in a relatively short period of time," said Leland Tollett, who on Thursday stepped down after serving 11 months as interim president and chief executive officer of Tyson Foods. "I have complete confidence that the new management team will have a positive impact as the company moves forward."