NEW YORK, June 2, 2009 (GLOBE NEWSWIRE) -- Tyson Foods, Inc. (NYSE:TSN) reported today that structural changes and improved market conditions are having a positive effect on its chicken business.
Speaking at the Stephens Inc. Spring Investment Conference, Donnie Smith, Tyson's senior group vice president for poultry and prepared foods, said, "We have modified many of our business practices, and our people have really embraced making these changes. I think we'll have a stronger Q3 in our chicken segment than we thought a month ago," referring to statements made in Tyson's second quarter earnings call on May 4.
Smith said that, while the company is better positioned to operate more effectively in the current environment, higher input costs and demand for other proteins could have an impact later in the year.
"My long-term focus in chicken is on our 'back to basics' approach which is serving us well," he said. "We have a great, hard-working team, and they're headed in the right direction. It feels good to see how far we've come in a fairly short time, and we will continue to focus on improving our business and creating shareholder value."
Tyson Foods, Inc., founded in 1935 with headquarters in Springdale, Arkansas, is the world's largest processor and marketer of chicken, beef and pork, the second-largest food production company in the Fortune 500 and a member of the S&P 500. The company produces a wide variety of protein-based and prepared food products and is the recognized market leader in the retail and foodservice markets it serves. Tyson provides products and service to customers throughout the United States and more than 90 countries. The company has approximately 107,000 Team Members employed at more than 300 facilities and offices in the United States and around the world. Through its Core Values, Code of Conduct and Team Member Bill of Rights, Tyson strives to operate with integrity and trust and is committed to creating value for its shareholders, customers and Team Members. The company also strives to be faith-friendly, provide a safe work environment and serve as stewards of the animals, land and environment entrusted to it.
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