Tyson Shares Slump After Q2 Misses

The company has also lowered its revenue outlook for this year

   

Tyson Shares Slump After Q2 Misses

Tyson Foods (NYSE:TSN) said it earned $76 million during its fiscal third quarter, down 61% compared to $196 million in the same period last year.

The chicken products maker recorded revenue of $8.31 billion, up about 1% from 2011. But that fell well short of the $8.72 billion Wall Street had anticipated, Fox Business noted.

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Adjusted EPS for the quarter was 50 cents, which also missed analysts, who had forecast 54 cents a share.

Investors didn’t like the news. Shares of Tyson slumped more than 6% in Monday afternoon trading.

The company now expects 2012 full-year sales of about $32 billion, down from earlier estimates of about $33 billion, and below analysts’ forecast of $34 billion.

Next year’s sales are predicted at around $35 billion. Analysts were looking for $35.4 billion for 2013.

Company officials attributed the results to escalating wheat prices in the U.S. due to this summer’s persistent drought across the Midwest.


Article printed from InvestorPlace Media, http://investorplace.com/2012/08/tyson-shares-slump-after-q2-misses/.

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