DE4CC0DE-5FC3-4494-BCBF-4D50B00366B5

Tyson Foods Quarterly Sales Miss Estimates

By Dayeeta Das
Share this article
Tyson Foods Quarterly Sales Miss Estimates

Tyson Foods Inc reported quarterly sales on Tuesday that missed Wall Street estimates, as the top US meat processor was hit by lower demand for chicken.

Shares of the maker of Ball Park hotdogs and Jimmy Dean sausages fell 3.4% to $59.50 (€52.8) in premarket trading.

Demand for chicken has taken a hit in the United States as President Donald Trump's trade wars have resulted in lower export of US beef and pork exports to China and Mexico, boosting domestic supply.

Rise In Sales

Sales in the company's chicken business rose 2.6%, due to new acquisitions, but operating income fell nearly 34% from a year earlier.

Net income attributable to the company rose to $537 million (€476.5 million), or $1.47 per share, in the fourth quarter ended 29 September from $394 million (€349.6 million), or $1.07 per share, a year earlier.

ADVERTISEMENT

Sales fell 1.4% to $10 billion (8.9 billion). Analysts on average had expected revenue of $10.26 billion (9.1 billion), according to IBES data from Refinitiv.

Excluding items, the company earned $1.58 per share, beating analysts' expectations of $1.35 per share.

News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.

Get the week's top grocery retail news

The most important stories from European grocery retail direct to your inbox every Thursday

Processing your request...

Thanks! please check your email to confirm your subscription.

By signing up you are agreeing to our terms & conditions and privacy policy. You can unsubscribe at any time.