CORRECTED - UPDATE 3-Tyson posts small 2nd-qtr loss on charges; shrs up
(Corrects 24th paragraph to say chicken unit posted a year-earlier profit of $61 million, not a loss)
By Bob Burgdorfer
CHICAGO, April 28 (Reuters) - Tyson Foods Inc (TSN.N: Quote, Profile, Research, Stock Buzz) posted a small loss for the quarter on Monday, but the results were better than expected due in part to stronger pork pricing, sending the U.S. meat company's shares higher.
Tyson -- the largest U.S. producer of beef, pork and chicken -- said its chicken and beef units posted operating losses for its fiscal second quarter on higher feed costs and charges related in part to plant closings.
The company did not provide an earnings outlook for the rest of the year, as the volatility in the feed grain markets is expected to continue, but said its beef unit should be better in the current quarter and its pork should do well, but not as well as the second quarter.
Its pork profits nearly doubled, helped by lower average hog prices and strong pork exports, the company said.
For the second quarter that ended March 29, the Springdale, Arkansas-based company reported a loss of $5 million, or 2 cents per share, compared with a year-earlier profit of $68 million, or 19 cents per share.
The results included $47 million in charges, which translated to 8 cents per share.
Excluding those charges, earnings would have been 6 cents per share. On that basis, analysts on average expected a profit of a penny per share, according to Reuters Estimates. Continued...
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