– ‘Challenging Protein Market’: Tyson Foods Reports Loss, Slashes Revenue Outlook For Year As Shares Plunge:
The largest US meat company, Tyson Foods, tumbled 10% in premarket trading after it posted a second-quarter loss. The meat supplier has been battered by rising costs across its business and sliding demand for its meat products as consumers push back against high supermarket prices.
For the quarter ending on April 1, Tyson reported a loss of $97 million, or 28 cents per share, compared to a net income of $829 million in the same period last year. A Factset survey of Wall Street analysts expected the company to report a profit of 80 cents per share.
Tyson said quarterly revenue increased slightly from the prior year at $13.1 billion. However, it was well below the $13.6 billion the analysts expected.
Tyson cut its 2023 fiscal year revenue outlook to $53-54 billion (previously $55 billion – $57 billion), short of the Wall Street forecast of $55.2 billion.
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