Tyson reports losses in fourth quarter

FILE - In this Jan. 29, 2006, file photo, a car passes in front of a Tyson Foods Inc., sign at Tyson headquarters in Springdale.
FILE - In this Jan. 29, 2006, file photo, a car passes in front of a Tyson Foods Inc., sign at Tyson headquarters in Springdale.

Tyson Foods Inc. said on Monday that its fourth-quarter revenue was down 2.8% from the same period last year and posted a loss for the quarter missing analysts' forecast by a wide margin.

The Springdale-based meat processor posted a net loss of $450 million, or $1.31 per share, for the quarter that ended on Sept. 30, compared to net income of $538 million, or $1.50, in the same period last year. This is the third consecutive quarterly loss for the meat company.

The earnings per share missed analysts' estimates of 29 cents per share.

Tyson reported revenue of $13.35 billion, compared to $13.74 billion in last year's fourth quarter, with pork and chicken sales showing the biggest drop.

“While economic headwinds persist, we are moving in the right direction and managing what we can control,” said Donnie King, Tyson’s president and chief executive officer.