The stock lost 1.3% to close at $60.12.
Adjusted earnings per share came in at $1.58, beating Wall Street estimates of $1.57. Adjusted EPS declined 12% year over year. Net income was $552 million. Revenue fell 0.3% from a year earlier to $10.19 billion vs. expectations of $10.37 billion. Tyson achieved a record adjusted operating margin of 12.5%.
"Our diversified business model continues to set Tyson Foods apart," said Noel White, Tyson's president and CEO. "The Prepared Foods and Beef segments delivered strong results in our fiscal first quarter, while the Pork and Chicken segments performed well given market conditions."
Beef sales, Tyson's largest segment, grew to $3.93 billion. Chicken sales grew to $3.12 billion, but saw a 13% decline in average selling price.
Management reaffirmed adjusted earnings guidance for full-year of 2019 of between $5.75 and $6.10 a share.
Tyson also completed an acquisition of another player in the packaged foods business in the first quarter.
"In the first quarter, we completed the acquisition of Keystone Foods," White said. "I'm pleased with the progress of the integration and remain confident Keystone will play an important role as we execute our growth strategy, particularly with strategic customers and in key international markets."
Tyson stock has risen 8.7% in the past month.