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.
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.