Tyson Foods cuts 500 jobs, misses quarterly sales estimates
) is shipping meat to China and has additional orders on the books as a fatal pig disease has created a pork shortage there, the company said on Thursday as it reported lower-than-expected quarterly sales.
Tyson is competing with other global companies to supply meat to China, the world’s largest pork consumer, as an outbreak of African swine fever has decimated the Chinese herd. “We’re filling additional orders to China and we’ve seen year-over-year increases of nearly 600% in the first quarter,” White said.
China said it would halve additional tariffs levied against U.S. goods last year, following the signing of a Phase 1 deal in January that brought a truce to the bruising trade war. Sales rose 6.1% to $10.82 billion, but fell short of analysts’ estimates of $11.04 billion, according to IBES data from Refinitiv. Excluding items, the company earned $1.66 per share, in line with expectations.
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