Tyson Foods Slips To Loss In Q2, Cuts FY23 Sales View; Stock Down In Premarket

Tyson Foods, Inc. (TSN) reported Monday that its second-quarter net loss attributable to the company was $97 million, compared to last year’s profit of $829 million.

Loss per share was $0.28, compared to prior year’s profit of $2.28.

Adjusted loss per share was $0.04, compared to profit of $2.29 a year ago.

On average, nine analysts polled by Thomson Reuters expected earnings of $0.80 per share for the quarter. Analysts’ estimates typically exclude special items.

Total sales were $13.13 billion, nearly flat with last year’s $13.12 billion. The Street expected sales of $13.62 billion for the quarter.

Volume grew 3.3 percent, while the average price dropped 3.2 percent.

Looking ahead for fiscal 2023, the company now expects sales to be $53 billion to $54 billion.

While announcing the first-quarter results in February, the company had said that it expects sales to be in the range of $55 billion to $57 billion. The Street expects sales of $55.04 billion for the year.

In pre-market activity on the NYSE, Tyson Foods shares were losing around 8.5% to trade at $55.55.

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