As expected, tight livestock supplies contributed to reduced first quarter earnings for the US's largest meat packer, IBP inc., company officials reported last week.

However, they also noted that improved market ready supplies of cattle are forecast for the next several months, while increased hog numbers are expected for the remainder of the year. Both factors should contribute to improving earnings for the company.

Net earnings for the period totalled $20 million or $0.19 per diluted share, compared to $60 million or $0.54 per diluted share during the same period last year. Net sales for the quarter totalled $4.1 billion, compared with $4.0 billion in 2000.

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