Get the app today! Download iPhone App Download Android App

Tyson Foods Quarterly Sales Miss Estimates On Lower Pork Sales

Published on Feb 7 2019 1:30 PM in A-Brands tagged: Trending Posts / USA / Tyson Foods / US-China Trade War

Tyson Foods Quarterly Sales Miss Estimates On Lower Pork Sales

Tyson Foods Inc missed Wall Street estimates for first-quarter revenue on Thursday, as the largest US meat processor was hit by lower average prices of pork, denting its sales.

Shares of the Ball Park hotdogs and Jimmy Dean sausages maker fell 1.6% to $59.95 in early trading.

Sales in the company's pork business fell 8.1%, as prices fell on average 4.6% compared to last year.

Impact Of Trade War

China's retaliatory tariffs of more than 60% on pork have resulted in oversupplies of hogs in the United States as fewer producers ship them for Chinese consumption.

Net income attributable to the company fell to $551 million ( €485.7 million), or $1.50 per share, in the quarter ended 29 December, from $1.63 billion (€1.44), or $4.40 per share, a year earlier, when it received a one-time tax benefit.

Sales fell 0.3% to $10.19 billion.

Excluding items, the company earned $1.58 per share.

Analysts on average had expected earnings of $1.56 per share on revenue of $10.38 billion, according to IBES data from Refinitiv.

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

Share on Facebook Share on Twitter Share on LinkedIn Share via Email