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Tyson trims annual earnings estimate

Tyson

Tyson Foods says their third quarter was good, but not as good as expected. The Arkansas-based meat company says net income of $344 million or 83 cents per share for the quarter compared to $258 million or 73 cents per share for the same period a year ago. Adjusted operating income was $568 million. Sales for the quarter were over $10 billion, above a year ago but short of the expected $10.3 billion.

Tyson president and CEO Donnie Smith says the Prepared Foods and Chicken segments performed very well but beef suffered from export market disruptions and high cattle prices. Lower hog prices led to lower income in the pork segment. As a result, the company has lowered its full year earnings estimated by 20 cents at $3.10 to $3.20 per share.

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