SPRINGDALE, Ariz. (
gained traction in the first quarter, swinging to a profit.
Tyson Foods expects seasonal demand in its chicken segment to improve further into fiscal 2010. For its beef segment the company foresees a reduction in cattle supplies of about 1% in fiscal 2010, but does not expect a significant change in the fundamentals.
The pork segment could see a gradual decline in hog supplies through the first half of fiscal 2010, which will accelerate into the second half. However Tyson still believes it will have adequate supplies in the regions where it operates.
Raw material costs will likely increase in fiscal 2010 for the prepared foods segment. But Tyson notes that it has made some sales contract changes that move the company further away from long-term fixed price contracts.
Tyson Foods reported first quarter net income of $160 million, or 42 cents a share, compared with a loss of $102 million or 27 cents a share last year.
Tyson posted revenue of $6.6 billion compared with $6.5 billion a year ago.
Analysts polled by Thomson Reuters had expected the company to earn 18 cents a share on revenue of $6.58 billion.
-- Reported by Andrea Tse in New York
Follow TheStreet.com on
and become a fan on
Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.