reported fourth-quarter earnings Tuesday that fell below Wall Street's expectations and came in at nearly half its year-ago figures.
For its fourth-quarter ending Dec. 30, IBP earned $35 million, or 33 cents a share, excluding one-time charges, down from $88 million, or 82 cents a share, in the same period one year ago. Four analysts surveyed by
First Call/Thomson Financial
were expecting the company to earn 40 cents a share.
IBP posted fourth-quarter revenue of $4.4 billion, up from $4.1 billion in the year-ago period.
With the earnings release, the beef and pork processor said a
Securities and Exchange Commission
review of accounting issues related to its DFG Foods subsidiary has come to a close. The review, which IBP said uncovered potential manipulation of financial records and product theft, had delayed IBP's acquisition by
, which was announced in January.
"Today's earnings release brings this matter to a close and we not look forward to proceeding with the Tyson transaction," IBP said in a statement.
reduced its own earnings forecast on Tuesday, had offered $30 a share in cash and stock for IBP, but the offer is likely to be adjusted.
IBP took a fourth-quarter pre-tax charge of $60.4 million to DFG's good will. Previously, the company warned the charge could be as high as $108 million.
last week's 2001 full-year earnings forecast of $1.80 and $2.20 a share, well above the $1.54-a-share consensus of four analysts.
New York Stock Exchange
trading, shares of IBP gained $1.31, or 5.8%, to $23.76, while shares of Tyson fell 47 cents, or 3.5%, to $13.