Why Tyson Foods Shares Are Plunging Today
Portfolio Pulse from Shivani Kumaresan
Tyson Foods Inc reported a 3% YoY decline in Q3 FY23 sales to $13.14 billion, missing the analyst consensus of $13.78 billion. Sales volume of Beef fell 5.3%, Pork declined 1.8%, Chicken climbed 2.8%, and Prepared Foods dropped 0.7%. Gross profit plunged 57.9% from $1.6 billion to $677 million. The company reported an operating loss of $350 million compared to an income of $1.03 billion last year. Adjusted EPS of $0.15 missed the analyst consensus of $0.34. The company held $699 million in cash and equivalents as of July 1, 2023. Adjusted EBITDA for nine months decreased 64.2% to $1.6 billion.
August 07, 2023 | 1:42 pm
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Tyson Foods reported lower than expected Q3 FY23 sales and a significant drop in gross profit. The company also reported an operating loss and missed analyst consensus for adjusted EPS.
Tyson Foods reported a decline in sales and gross profit, as well as an operating loss. This is likely to negatively impact investor sentiment and could lead to a decrease in the company's stock price in the short term.
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