Sliding beef sales send Tyson stock down 16% as the meat producer slashes its outlook
"While the current protein market is challenging, we have a strong growth strategy in place and are bullish on our long-term outlook," Donnie King, the CEO of Tyson Foods, said in the earnings report. Tyson said in the second quarter, average sale prices for beef declined by 5.4% during the three months ended April 1. Beef sales overall slumped by 8.3% to $4.62 billion as volume pulled back by 2.9%.
Tyson said it sees a decrease in margins for its beef segment for fiscal 2023. It forecast adjusted operating margin coming in between a fall of 1% to an increase of 1%. Pork prices dropped by 10.4% in the second quarter while chicken prices increased by 2% during the period. The company, which produces about 20% of beef, pork and chicken in the US, swung to a per-share loss of $0.28, missing the $0.80 a share gain estimated by FactSet.
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