Tyson Foods Swings to a Loss, Stock Falls 9%

Dow Jones2023-05-08

Tyson Foods Inc. $(TSN)$ stock fell 8.9% in premarket trades Monday after the meat producer posted a surprise second-quarter loss.

Tyson Foods said it lost $49 million, or 28 cents a share, from net income of $1.16 billion, or $2.28 a share, in the year-ago quarter.

The company's adjusted loss was 4 cents a share, falling well short of the Wall Street estimate for net income of 79 cents a share.

Second-quarter revenue edged up to $13.13 billion from $13.12 billion, but missed the analyst forecast of $13.62 billion. Looking ahead, Tyson Foods expects fiscal 2023 revenue of $53 billion to $54 billion, short of the Wall Street forecast of $55.2 billion.

"While the current protein market is challenging, we have a strong growth strategy in place and are bullish on our long-term outlook," said Tyson Foods CEO Donnie King.

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