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Tyson Foods' profit tumbles as feed costs hurt

2008-08-01

CHICAGO, July 28 (Reuters) - Tyson Foods Inc, the largest U.S. meat company, reported sharply lower quarterly profit on Monday as high feed prices caused a loss in its chicken unit, while hedging losses reduced profits in its beef business.Springdale, Arkansas-based Tyson reported a third-quarter profit of $9 million, or 3 cents per share, compared with $111 million, or 31 cents, a year earlier.Revenue for the fiscal quarter, which ended June 28, was $6.85 billion,compared with $6.62 billion a year earlier. Tyson, like other food companies, has raised meat prices but that has notbeen enough to completely offset higher input costs. (Reporting by Bob Burgdorfer, editing by Dave Zimmerman) Business

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