Tyson Foods Inc widely missed Wall Street estimates for quarterly profit on Monday and cut its expectations for operating margins this year in the face of falling beef prices and easing demand for pork.
Tyson Chicken Nuggets, owned by Tyson Foods, are seen for sale in Queens, New York, U.S., November 16, 2021. REUTERS/Andrew Kelly/File Photowidely missed Wall Street estimates for quarterly profit on Monday and cut its expectations for operating margins this year in the face of falling beef prices and easing demand for pork.A year earlier Tyson's profits had climbed due to soaring meat prices and strong demand.
Facing high inflation, some consumers have since reduced their spending and switched to cheaper types of meat, such as buying hamburger instead of steaks. Chief Executive Donnie King said challenging "market dynamics and some operational inefficiencies" hurt profitability. Sales rose 2.5% to $13.26 billion in the three months ended Dec. 31, missing analysts' average estimate of $13.52 billion, according to IBES data from Refinitiv. Adjusted earnings of 85 cents per share were much lower than expectations of $1.34 per share.
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