Minneapolis - Dain Bosworth analyst Bonnie Wittenburg said Tuesday she is cutting her fourth quarter earnings estimate for meat processor IBP Inc due to slowing exports.
She said in a research report the slowdown in exports was perhaps due to economic turmoil in Asia.
Wittenburg cut her estimate for earnings per share in the fourth quarter of this year to $0.30 from $0.38 and fiscal 1997 to $1.31 from $1.39.
She maintained her fiscal 1998 estimate of $1.55 a share and initiated a fiscal 1999 estimate of $1.85.
"Our fiscal 1998 estimate remains the same because IBP's pork side should show a marked improvement due to increasing slaughter supplies and because IBP will be past the start-up stage for Logansport (an Indiana pork plant)," she noted.
Beef supplies are expected to be lower in 1998 than 1997, she noted.
Wittenburg maintained her neutral rating for the stock.
IBP shares were down 1/4 at 22-3/4.
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