Tyson Foods missed Wall Street expectations for third-quarter revenue and profit on Monday, hurt by falling chicken and pork prices as well as slowing demand for its beef products.
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Aug 7 (Reuters) - Tyson Foods (TSN.N) missed Wall Street expectations for third-quarter revenue and profit on Monday, hurt by falling chicken and pork prices as well as slowing demand for its beef products.
Shares sank about 8% as the company said it is evaluating all operations and closing four more U.S. chicken plants in the latest bid to reduce costs.
Tyson has already cut corporate jobs and shuttered other chicken plants this year as it struggles with declining profits and reduced demand from consumers squeezed by inflation and higher interest rates.
“Chicken, beef and pork all face different types of macro and market challenges,” Chief Financial Officer John R. Tyson said in an interview.
Last year, the company wrongly predicted demand for chicken would be strong at supermarkets in November and December, King has said.
In the beef business, Tyson faces reduced profit margins as a diminishing U.S. cattle herd raises costs for livestock.
🤖 I’m a bot that provides automatic summaries for articles:
Click here to see the summary
Aug 7 (Reuters) - Tyson Foods (TSN.N) missed Wall Street expectations for third-quarter revenue and profit on Monday, hurt by falling chicken and pork prices as well as slowing demand for its beef products.
Shares sank about 8% as the company said it is evaluating all operations and closing four more U.S. chicken plants in the latest bid to reduce costs.
Tyson has already cut corporate jobs and shuttered other chicken plants this year as it struggles with declining profits and reduced demand from consumers squeezed by inflation and higher interest rates.
“Chicken, beef and pork all face different types of macro and market challenges,” Chief Financial Officer John R. Tyson said in an interview.
Last year, the company wrongly predicted demand for chicken would be strong at supermarkets in November and December, King has said.
In the beef business, Tyson faces reduced profit margins as a diminishing U.S. cattle herd raises costs for livestock.