Tyson Foods Misses Profit Estimates as Lower Beef Prices Bite
Tyson Foods Inc widely missed Wall Street estimates for quarterly profit on Monday, as falling beef prices and weak demand for pork triggered a sharp decline in margins, sending the U.S. meatpacker's shares down more than 5% premarket.
While soaring meat prices boosted revenue of Tyson last year, the company reported an 8.5% drop in average sales price of beef in the first quarter.
Prices of pork were up 1.4%, while those of chicken rose 7.1% in the reported quarter. In comparison, pork and chicken prices surged 13% and 20%...
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