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Tyson Foods takes profit hit as beef prices fall
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Meatpacking giant Tyson Foods on Monday posted lower profits in its first fiscal quarter compared with a year ago, pointing to a sharp decline in beef prices and waning demand for pork.
The company reported adjusted earnings per share of $0.85, falling far short of Wall Street estimates – analysts polled by Refinitiv had expected $1.34 per share. Sales climbed 2.5% in the quarter to $13.26 billion, but also missed analysts' estimate of $13.52 billion.
"We faced some challenges in the first quarter," Tyson CEO Donnie King said in a statement released with the results. "Market dynamics and some operational inefficiencies impacted our profitability."