Tyson Foods Experiencing Short-Term Challenges in Fiscal Fourth Quarter
Tyson Foods, Inc. today said it is experiencing short-term challenges that are negatively affecting fourth quarter earnings. These challenges include margin compression related to a reversal of a gain on mark to market grain derivatives recognized in our third quarter, commodity market volatility, implementation of enhanced food safety initiatives, a beef processing plant fire, and slower than expected operational improvements in the Chicken segment. As a result, the company is revising its fiscal 2019 adjusted earnings guidance to a range of $5.30 to $5.70 per share and we continue to monitor potentially adverse mark-to-market movements and other volatilities.
“The discrete challenges we’ve encountered this quarter now lead us to believe we will fall short of our previously stated guidance,” said Noel White, Tyson Foods’ president and CEO, “but our outlook for fiscal 2020 remains...
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