Tyson Foods Inc posted a surprise second-quarter loss and cut its full-year revenue forecast on Monday as prices for its beef and pork have declined, sending the U.S. meatpacker's shares tumbling 9% before the bell.
Packets of Tyson Chicken Nuggets, a brand owned by Tyson Foods, Inc., are seen in a store in Manhattan, New York, U.S., November 15, 2021. REUTERS/Andrew Kelly/File Photoposted a surprise second-quarter loss and cut its full-year revenue forecast on Monday as prices for its beef and pork have declined, sending the U.S. meatpacker's shares tumbling 9% before the bell.
, said meat markets are challenging and Tyson is focused on improving profit margins. The company lowered its forecast for fiscal year 2023 sales to $53 billion to $54 billion from $55 billion to $57 billion. Average sales prices of beef and pork fell 5.4% and 10.3%, respectively, in the quarter ending April 1. Sales volumes in Tyson's beef segment also fell 3%, leaving the unit's overall sales down 8.3% at $4.62 billion.
The drought and cost of livestock feed have driven cattle producers to send animals to slaughter instead of keeping them for breeding. The lower supply raises costs for meatpackers.
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