beat analysts' first-quarter estimates by 2 cents, but the bottom line fell more than 50% from the year-ago period.
In the first fiscal quarter of 2001, the chicken producer and processor earned $27 million, or 12 cents a share, surpassing the consensus estimate of 10 cents culled from analysts polled by
First Call/Thomson Financial
. The company earned $57 million, or 25 cents a share, in the same quarter last year.
Tyson, which is based in Springdale, Ark., reported revenue of $1.74 billion for the quarter, down from $1.78 billion in the same quarter last year. The company attributed its disappointing performance to depressed market conditions for chicken.
Tyson lost 55 cents, or 4%, to $13.39 in recent
New York Stock Exchange