Tyson stock tumbled nearly 12% early Monday after the biggest U.S. beef and poultry producer reported earnings below expectations and revised down the rest of the year’s projections.
yson stock tumbled nearly 12% early Monday after the biggest U.S. beef and poultry producer reported earnings below expectations and revised down the rest of the year’s projections.
Tyson’s pork and chicken production is challenged, too. Analysts expected Tyson to report a profit of 80 cents per share, but Tyson actually delivered a loss per share of 4 cents. Tyson also cut its forecast for 2023. Sales are now expected to hit $53 billion to $54 billion, compared with the previously anticipated $55 billion to $57 billion.
The stock sell-off has sliced $300 million off the Tyson family’s fortune. Chairman John H. Tyson and his family, including his son and Tyson’s chief financial officer John R. Tyson – are now worth $2.5 billion.
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