Tyson reports lower consumer demand for chicken in US
USA, 13 November 2018 - (Reuters) - Tyson Foods Inc reported quarterly sales on Tuesday that missed Wall Street estimates, as the top US meat processor was hit by lower demand for chicken
14 November 2018
2 minute read
By: Shares of the maker of Ball Park hotdogs and Jimmy Dean sausages fell 3.4 percent to $59.50 in premarket trading.
Demand for chicken has taken a hit in the United States as President Donald Trump's trade wars have resulted in lower export of US beef and pork exports to China and Mexico, boosting domestic supply.
Sales in the company's chicken business rose 2.6 percent, due to new acquisitions, but operating income fell nearly 34 percent from a year earlier.
Net income attributable to the company rose to $537 million, or $1.47 per share, in the fourth quarter ended 29 September from $394 million, or $1.07 per share, a year earlier.
Sales fell 1.4 percent to $10 billion. Analysts on average had expected revenue of $10.26 billion, according to IBES data from Refinitiv.
Excluding items, the company earned $1.58 per share, beating analysts' expectations of $1.35 per share.
Reporting by Uday Sampath in Bengaluru; Editing by Anil D'Silva
Ryan Johnson
Ryan worked in conservation from 2008 to 2017, during which time he operated a rainbow trout hatchery and helped to maintain public and protected green spaces in Canada for the Toronto and Region Conservation Authority. As editor of The Poultry Site, he now writes about challenges and opportunities in agriculture across the globe.
