Tyson Foods Misses Wall Street Expectations

Tyson Foods reported second quarter net income of $315 million for the quarter ending March 31, down 7.35% from the year-ago period thanks to rising labor and freight costs. The company managed to grow sales to $9.773 billion in the quarter, up 8.39%. However, a $717 million rise in cost of sales pushed gross profit down to $1.02 billion.

Tyson’s net income was 85 cents a share, down from 92 cents a year ago. Analysts had forecast $1.32 per share on net income of $485 million. Tyson Foods didn’t come near those predictions.

“We are continuing to grow our business as we create a modern food company focused on protein,” President and CEO Tom Hayes said during a media call. “We’ve built a strong foundation of sustainable growth that positions us well for the second half of the fiscal year and beyond. We’re outpacing the food and beverage industry today and looking ahead, and we’ll keep challenging the status quo and driving growth across our iconic brands.”   MORE

Designed by Reinhold Technology Solutions