Tyson Foods Inc. reported mixed second-quarter results as its beef segment continues to struggle amid rising red meat prices.
Although chicken sales rose 3%, beef sales volume dropped 1.4%, contributing to a $181 million loss in the beef business over the first half of the fiscal year. The company posted adjusted earnings of 92 cents per share, beating estimates, but revenue of $13.07 billion fell short.
In a strategic shift, Tyson also announced the $247 million sale of four cold storage facilities to Lineage Inc., transferring about 1,000 employees. The warehouses, totaling 49 million cubic feet, are in Pennsylvania, Kansas, Illinois and Arizona.
