Plus   Neg

Stock Alert: Tyson Foods Down 6% As Q2 Results Miss Street

Shares of Tyson Foods Inc. (TSN) tanked 6% on Monday morning trade after the meat products maker reported a second-quarter profit and sales that missed Wall Street estimates.

TSN is currently trading at $56.25, down $3.76 or 6.27%, on the NYSE. The stock had lost nearly 40% in the year-to-date period.

Tyson Foods reported second-quarter profit of $364 million or $1.00 per share, down from $426 million or $1.17 per share last year. Revenue grew 4.3% to $10.89 billion from $10.44 billion last year.

Analysts polled by Thomson Reuters estimated earnings of $1.04 per share. Analysts' estimates typically exclude special items.

The company said it expects global demand for its meat and prepared foods to grow throughout the COVID-19 outbreak.

"Operationally, we have and expect to continue to face slowdowns and temporary idling of production facilities from team member shortages or choices we make to ensure operational safety," the company said. "The lower levels of productivity and higher costs of production we have experienced will likely continue in the short term until the effects of COVID-19 diminish."

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Billionaire Warren Buffett's Berkshire Hathaway reported a profit for the second-quarter that increased 87 percent from last year, as the value of its investment portfolio increased with the stock market. But it took about $10 billion write down on the value of its Precision Castparts aircraft parts unit due to the impact of the COVID-19 pandemic. Operating profit declined 10 percent. Twitter has had preliminary talks with TikTok's Chinese owner ByteDance to buy the U.S. operations of the video-sharing app, the Wall Street Journal reported citing people familiar with the matter. Meanwhile, Microsoft has been the only company so far to say publicly it is pursuing TikTok. Pfizer said Friday it reached a multi-year deal with Gilead Sciences to manufacture and supply Gilead's investigational antiviral remdesivir for COVID-19 patients.
Follow RTT