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.
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.