Tyson Shares Slump With Falling Meat Prices Hitting Profits
- Fiscal first-quarter earnings plunged 70% from a year ago
- Tyson maintains record annual sales outlook of $55-$57 billion
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Tyson Foods Inc. is seeing profits suffer from a sudden spike in meat supplies with inflation-hit consumers buying less chicken, beef and pork at the grocery store.
The biggest US meat company said Monday that fiscal first-quarter earnings plunged 70% from a year ago and missed expectations. Shares fell 5.7% at 10:22 a.m. in New York trading, the biggest decline since November.