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Tyson Foods' Fowl Fortunes
By Stephen D. Simpson, CFA
November 14, 2005

Looks like Tyson Foods (NYSE: TSN) is going to be on the losing end of a food fight today. Not only did fourth-quarter results come in lower than hoped, but next year's guidance also suggests little to no growth on the way.

Sales as reported dropped 9% for the quarter, seeming to miss even the low-end estimate by more than 4%. The performance was pretty even, with the chicken, pork, and prepared foods businesses all posting double-digit drops and the beef segment down in the mid-single digits. Adjusting for the extra week improves comparisons -- chicken was down just 2%, beef was actually up, pork was down in the mid-single digits -- but it's still hard to call that a good performance. ....
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