Meat processor provided downbeat full-year outlook as protein production is projected to fall next year
Shares of Tyson Foods Inc. took a dive Monday after the meats company missed fiscal fourth-quarter sales expectations and provided a downbeat full-year outlook, as overall protein production is projected to decline.
The company swung to a net loss for the quarter to Sept. 30 of $450 million, or $1.31 a share, from income of $538 million, or $1.50 a share, in the same period a year ago. Sales fell 2.8% to $13.35 billion, below the FactSet consensus of $13.73 billion, as average prices declined 1.4% and volume was down 0.6%.
Within Tyson’s meat segments, beef sales rose 3.5% to $5.03 billion, as a 10.2% increase in average prices offset a 6.7% drop in volume. Pork sales dropped 6.9% to $1.49 billion, as prices fell 6.7% and volume slipped 0.2%. In chicken, sales sank 10% as volume increased 1.7% but prices were down 9.2%.
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Tyson Foods’ stock falls after revenue miss, downbeat outlook as protein production seen decliningTomi Kilgore is MarketWatch's deputy investing and corporate news editor and is based in New York. You can follow him on Twitter TomiKilgore.
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