US-based Tyson Foods, the world's largest processor of beef, chicken and pork, believes that the the firm's earnings for the fourth quarter will substantially exceed the estimates in the market.

As a result, the company has announced that it expects fully diluted GAAP earnings per share for the quarter to be in the range of $0.35 to $0.40 per share.

"Our beef segment is having an outstanding quarter and is the principal reason for the better than expected results," said chairman John Tyson.

"The performance is being driven by strong domestic and international demand for US beef against a reduced supply environment resulting primarily from the ban on Canadian beef imports for most of the quarter."

Tyson also announced that it expects fully diluted GAAP earnings per share for fiscal 2004 to fall in a range between $0.90 and $1.20 per share.

"While we are very pleased with the expected results for the fourth quarter, we realise that we've been operating in a very favourable environment for our beef segment. Our FY 2004 outlook is consistent with our view into more normalized conditions for the next 12 months," said Tyson.

The company will continue its efforts to pay down debt and has targeted a debt-to-capital ratio of 45 percent to be achieved in the next 12 to 18 months.

Tyson Foods produces a wide variety of brand name protein-based and prepared food products marketed in the United States and more than 80 countries around the world.