Tyson Foods Inc widely missed Wall Street estimates for quarterly profit on Monday and cut its expectations for operating margins this year in the face of falling beef prices and easing demand for pork.
Tyson Chicken Nuggets, owned by Tyson Foods, are seen for sale in Queens, New York, U.S., November 16, 2021. REUTERS/Andrew Kelly/File Photowidely missed Wall Street estimates for quarterly profit on Monday and cut its expectations for operating margins this year in the face of falling beef prices and easing demand for pork.A year earlier Tyson's profits had climbed due to soaring meat prices and strong demand.
Facing high inflation, some consumers have since reduced their spending and switched to cheaper types of meat, such as buying hamburger instead of steaks. Chief Executive Donnie King said challenging "market dynamics and some operational inefficiencies" hurt profitability. Sales rose 2.5% to $13.26 billion in the three months ended Dec. 31, missing analysts' average estimate of $13.52 billion, according to IBES data from Refinitiv. Adjusted earnings of 85 cents per share were much lower than expectations of $1.34 per share.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Chandler-based Microchip Technology Inc. reports record sales growth in third fiscal quarter - Phoenix Business JournalMicrochip attributes its semiconductor market resilience to solid demand from industrial, automotive, aerospace, data center and communications industries, which make up 86% of the company’s net sales.
Read more »
New Study Alarms: Ultra-Processed Foods Linked to Increased Risk of Cancer & DeathHigher consumption of ultra-processed foods may be linked to an increased risk of developing and dying from cancer, a new study suggests. Researchers from Imperial College London’s School of Public Health have produced the most comprehensive assessment to date of the association between ultra-pro
Read more »
7 Foods You Had No Idea You Can Make In The MicrowaveThis underrated appliance can make just about everything you love, including eggs, French toast and even cake.
Read more »