Tyson reduces profit outlook
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Tyson Foods Inc., the largest U.S. meat company, cut its 2007 earnings outlook primarily because of higher-than-expected live cattle costs and a decline in revenue resulting from a disruption in South Korean beef trade.
The company, whose shares fell more than 9%, also lost some sales volume in chicken when it raised prices this year.
The Springdale, Ark.-based company expects fiscal year 2007 earnings of 72 cents to 80 cents a share, compared with its previous forecast of 82 cents to 92 cents. The company is in the last month of fiscal 2007.
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