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February 6, 202312:05 PM CSTLast Updated 2 days ago
Tyson Foods 'hit in the mouth' on meat supplies, CEO says; shares fall
By Tom Polansek and Deborah Mary Sophia
Feb 6 (Reuters) - Tyson Foods Inc (TSN.N) took a "hit in the mouth" as larger-than-expected beef and pork supplies weakened demand for its chicken, executives said on Monday as the meatpacker missed Wall Street estimates for quarterly profit.
The company's primary markets - beef, pork and chicken - went the opposite direction from what executives had planned and they were left surprised by how much meat was available in the United States. Shares of Tyson, the largest U.S. meat company by sales, were down 4.8% at $60.97 on Monday afternoon.
The results show Tyson's struggle to forecast demand for meat in a high-inflation environment and as the availability of beef changes rapidly while drought in the western United States drives ranchers to reduce cattle herds by sending more animals to slaughter...