Tyson Foods (NYSE:TSN) earnings for fiscal second quarter of 2020 have TSN stock falling hard on Monday. This comes after reporting adjusted earnings per share (EPS) of 77 cents, which is worse than Wall Street’s estimate of $1.04. The food industry company’s revenue of $10.89 billion also couldn’t reach analysts’ estimates of $10.96 billion.
Here’s what else is worth noting from the most recent Tyson Foods earnings report.
- Adjusted per-share earnings are down 55.8% from $1.20 during the same period of the year prior.
- Revenue for the quarter comes in 4.3% higher than the $10.44 billion reported in fiscal Q2 2019.
- Operating income of $501 million is a 21.1% decrease year-over-year from $635 million.
- The Tyson Foods earnings report also includes a net income of $367 million.
- That’s a 14.7% drop compared to its net income of $430 million reported during the same time last year.
Noel White, CEO of Tyson Foods, said this about the earnings report:
“During the quarter, we witnessed an unprecedented shift in demand from foodservice to retail, temporary plant closures, reduced team member attendance, and supply chain volatility as a result of the virus. Despite these challenges, we were able to adjust our product mix and redirect products to the appropriate channels.”
Tyson Foods doesn’t provide specific numbers for its fiscal 2020 outlook. However, the company does expect to see increases in production for pork, chicken and beef during the year. It also says that an increase in retail purchasing should reduce the negative impact the novel coronavirus is having on foodservice demand.
TSN stock ended the day on Monday down 7.82%.
As of this writing, William White did not hold a position in any of the aforementioned securities.