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.