Tyson Foods earnings miss forecasts as slaughterhouse fire hurts beef sales

Tyson Foods’ frozen chicken products.

Daniel Acker | Bloomberg | Getty Images

Tyson Foods fell short of Wall Street estimates for quarterly sales on Tuesday, as the No.1 meat processor in the United States was hit by weakness in its beef business, its biggest segment, due to a drop in cattle processing capacity.

Shares of Tyson Foods were down more than 5% in extended trading. 

Sales rose nearly 9% to $10.88 billion, but missed analysts’ average estimate of $11 billion, according to IBES data from Refinitiv.

Net income attributable to Tyson fell to $369 million, or $1.01 per share, in the fourth quarter ended Sept. 28, from $537 million, or $1.47 per share, a year earlier.

Products You May Like

Articles You May Like

Bill Gates says no country ‘gets an A’ for its Covid pandemic response—including the U.S.
As interest rates climb, here’s why proposed caps on debt may not help reduce costs for consumers
New York’s student loan forgiveness program covers 24 monthly payments. Here’s what borrowers need to know
These are the key tax forms you need to file your return — and when to expect them
Stocks making the biggest moves premarket: Intel, Chevron, American Express, Silvergate and more

Leave a Reply

Your email address will not be published. Required fields are marked *