by Kim Souza (ksouza@talkbusiness.net)
Tyson Foods reported a second fiscal quarter net income loss of $97 million on Monday (May 8), a wide swing from net income of $829 million in the same quarter last year. Revenue was $13.133 billion, up from $13.117 billion a year ago, but $600 million less than the consensus estimate.
After one-time adjustments for restructuring and plant closures, the net loss per share was 4 cents, down from $2.28 earned a year ago. Tyson fell way short of the 80 cents per share consensus estimate. The earnings miss in the quarter ending March 31 and weaker guidance for fiscal 2023 by Tyson Foods sent the stock tumbling more than 15% in heavy trading Monday morning after the earnings report was posted.
“While the current protein market is challenging, we have a strong growth strategy in place and are bullish on our long-term outlook,” said Donnie King, president and CEO of Tyson Foods. “We saw strong performance in our branded foods business and continue to be laser-focused on meeting customer needs and planning the future with them.”
