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24x7Report > Blog > Finance > Tyson Foods posts revenue miss as beef demand slows
Finance

Tyson Foods posts revenue miss as beef demand slows

Last updated: 2023/11/13 at 1:16 PM
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Tyson Foods posts revenue miss as beef demand slows
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(Reuters) — Tyson Meals (TSN) on Monday forecast income for its subsequent fiscal 12 months under Wall Avenue estimates after lacking fourth-quarter income expectations, hit by falling hen and pork costs in addition to slowing demand for its beef merchandise.

Shares of the US meat packer fell 1.2% in premarket commerce.

With larger meals costs and rates of interest pressuring family budgets, American customers have been reducing again on meat purchases, hurting gross sales at firms similar to Tyson and Pilgrim’s Pleasure.

Extended headwinds similar to declining U.S. cattle herds resulting from a lingering drought in addition to excessive labor and uncooked materials prices, have additional strained Tyson’s margins.

The corporate mentioned that volumes at its beef phase, its largest, fell 6.7% within the quarter ended Sept. 30, whereas costs rose by 10.2%.

In distinction, hen volumes rose 1.7% within the quarter as prospects switched to cheaper alternate options from high-end proteins. However hen costs, which have hit a document excessive at U.S. grocery shops, dropped 9.2% within the quarter for Tyson.

WASHINGTON, DC - AUGUST 08: Tyson Foods frozen chicken products sit in refrigerated section of a Safeway store on August 08, 2023 in Washington, DC. Tyson Foods announced it would be closing four of its meat processing plants in the United States due to the slump in chicken revenue. (Photo by Anna Moneymaker/Getty Images)

Tyson Meals mentioned in August it could shut 4 of its US meat processing vegetation as a result of droop in hen income. (Picture by Anna Moneymaker/Getty Photos) (Anna Moneymaker through Getty Photos)

The U.S. meat packer expects gross sales to be flat in fiscal 2024 as in contrast with the overall gross sales of $52.88 billion it posted in fiscal 2023. Analysts, on common, count on gross sales of $54.40 billion, based on LSEG information.

The corporate’s fourth-quarter gross sales decreased 2.8% to $13.35 billion. Analysts, on common, had anticipated gross sales of $13.71 billion.

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Nonetheless, the corporate posted an adjusted revenue of 37 cents per share versus analysts’ common estimate of 29 cents.

Tyson, the largest U.S. meat firm by gross sales, has been reducing jobs, closing sure hen processing models and is planning to promote its China poultry enterprise based on sources, in an try and preserve prices below management.

When CFO John Tyson was requested in an interview by Reuters on Monday whether or not the corporate would shut extra vegetation, he mentioned “we proceed to judge every part.”

(Reporting by Granth Vanaik in Bengaluru and Tom Polansek in Chicago; Modifying by Shailesh Kuber)

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TAGGED: Beef, demand, Foods, posts, revenue, slows, Tyson

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