Tyson Foods (TSN) sinks as earnings and guidance disappoint
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Tyson Foods shares plunge after surprise loss, revenue forecast cut
May 8, 2023 7:01 AM EDTBy Tom Polansek and Granth Vanaik
(Reuters) -Tyson Foods Inc shares plunged 16% to a three-year low on Monday as the U.S. meatpacker posted a surprise second-quarter loss and cut its full-year revenue forecast amid slowing consumer demand.
The weaker-than-expected results indicate cash-strapped shoppers are cutting back on meat spending in a high-inflation environment while a shrinking cattle herd forces Tyson to pay more for livestock, eroding margins. Tyson also continues to struggle with increased expenses for staples like animal feed.
CEO Donnie King, who is seeking to cut costs, said Tyson is in the unusual... More
