Tyson's quarterly profit falls 40%

Lede picture:

Subhead:

Company plans to raise prices 'substantially' on chicken, beef

Body:

SAN FRANCISCO (MarketWatch) -- Tyson Foods Inc. reported Monday its quarterly profit fell 40% from a year ago, dragged down by wider losses in its beef business and surging grain and fuel costs.

Near record-level costs for corn and soybean meal is taking its toll, and Tyson said it plans to raise costs for its chicken and beef products that account for 78% of its total sales.

"We have no other choice but to raise prices substantially," CEO Richard Bond said in a conference call. "We are raising prices because we can't absorb these costs. Despite concerns about the economy, people have to eat, and they will continue to eat protein."

See the complete article at:
http://www.marketwatch.com/news/story/tyson-foods-raise-prices-profit/story.aspx?guid=%7B7B6073EE-D306-4463-ABDE-B71AAEC1DA8E%7D [1]

Affiliate:

None Selected [1]

teaser:

SAN FRANCISCO (MarketWatch) -- Tyson Foods Inc. reported Monday its quarterly profit fell 40% from a year ago, dragged down by wider losses in its beef business and surging grain and fuel costs. Near record-level costs for corn and soybean meal is taking its toll, and Tyson said it plans to raise costs for its chicken and beef products that account for 78% of its total sales.