Business
Cattle Supply Crunch Weighs on Profit at Tyson Foods
For the three months ended Dec. 27, profit totaled $85 million.
That was down 76% from a year ago and lower than Wall Street analysts expected, according to FactSet.
Quarterly sales rose 5% to $14.31 billion, beating forecasts.
On an adjusted basis, Tyson earned 97 cents a share, outpacing analysts’ expectations.
The quarterly loss in the beef division widened to $319 million, from $26 million a year earlier. Beef prices rose about 17%, while sales volumes fell 7%.