Tyson Foods Misses Sales Again as Beef Prices Rise, Chicken and Pork Fall; Profit Beats Expectations
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Tyson Foods misses sales expectations again as beef prices rise but chicken and pork prices fall. Profit beats expectations to snap 5-quarter miss streak.
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Tyson swings to net loss in latest quarter from net income a year ago, but adjusted EPS beats expectations. It's first bottom-line beat in over a year.
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Sales fall year-over-year for 4th straight quarterly miss. Prices down for 3rd straight quarter, volume drops for first time in a year.
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Stock falls over 7% premarket after results, bounces back, then falls again into the red. On track for 4th monthly decline in a row.
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Fiscal 2024 sales outlook relatively flat year-over-year, below Wall Street expectations. Monitoring consumer impact of higher rates and inflation.