Reuters – Tyson Foods shares fell 10 per cent on Aug. 8 as the U.S. meat processor reported weaker-than-expected quarterly earnings and warned of supply constraints and reduced demand for high-priced beef.
The sell-off left shares down about eight per cent for the year and 20 per cent from an all-time high reached in February. Inflation and broader economic concerns are biting into a U.S. meat sector that enjoyed booming profits throughout the pandemic.
Tyson said it could not fulfil all its orders for prepared food products or chicken due to limitations on supplies and labour. In the company’s sprawling production plants, staffing remains below pre-pandemic levels and absent workers restricted output, executives said.
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Total sales volumes fell 1.9 per cent in the April to June quarter and were down one per cent for the nine months ended July 2. The prepared foods business, which includes Jimmy Dean sausages and Ball Park hot dogs, saw volumes drop 8.5 per cent in the quarter and 5.5 per cent over the nine-month period.
“We’ve got a lot of work to do to grow our business,” chief executive Donnie King told reporters.
To boost chicken supplies, Tyson said it plans to process some 40 million birds weekly in the July to September quarter, up from about 37 million a week on average in fiscal 2021.
