Tyson Foods ‘Unsatisfied’ With Sales, A Sign Of The Future?
One of the largest meat producing companies, and the number one producer in the United States, Tyson Foods has released their quarterly financial reports, with the statement of being ‘Unsatisfied’.
Stronger demand for beef offset weaker results in Tyson Foods pork and chicken units, which the company said were hurt by trade disputes between the United States and major importers such as Mexico and China.
Tyson shares rose 2.6 percent to $59.28 in afternoon trading, but are still down 27 percent for the year.
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Tyson’s operating income in the third quarter for chicken business dropped from $294 million a year earlier to $189 million. Pork dropped from $136 million to $67 million.
Tom Hayes, CEO of Tyson – stated: “We are clearly not satisfied with our results, particularly in chicken. Our challenge really comes down to pork and chicken.”
Speaking during a conference call with analysts, Chief Financial Officer Stewart Glendinning added that the issues could continue, saying: “Tariffs and trade concerns could continue to impact product pricing.”
Source: PBN News
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