Tyson Foods Inc. missed Wall Street analysts’ estimates for quarterly profit due to falling beef prices and weaker demand for pork.
“We faced some challenges in the first quarter,” Tyson Foods CEO Donnie King said. “Market dynamics and some operational inefficiencies impacted our profitability.”
Tyson reported an 8.5% drop in the average sales price of beef, and pork prices were up only 1.4% for the first quarter. Sales at the Springdale, AR, based Tyson rose 2.5% to $13.26 billion in the three months ended Dec. 31, missing analysts’ average estimate of $13.52 billion, according to IBES data from Refinitiv.
