Tyson Foods (NYSE:TSN) released its third-quarter financial results, which were not as strong as expected. This led to a decrease of over 7% in its shares in pre-market today.
The company reported earnings per share of 15 cents and revenue of $13.14 billion. These figures fell short of the market consensus, which had anticipated earnings of 27 cents per share and revenue of $13.63 billion. In comparison to the previous year, overall revenue declined by 2.6%. The drop in pork sales volume by 1.8% was a contributing factor, and analysts had been anticipating a 1.5% growth.
Despite the challenging market conditions, Donnie King, CEO of Tyson Foods, expressed the company’s unwavering commitment to achieving sustainable growth and improving margins.
In response to the results, Tyson Foods announced the closure of four chicken facilities. Looking ahead, the company expects full-year sales to be in the range of $53-54 billion, aligning closely with the consensus estimate of $53.63 billion.