Tyson Misses Earnings on Weak Beef Sales, Cuts Full Year Outlook

Shares of Tyson Foods (TSN) fell Monday. The largest U.S. meat processor released its third quarter financial results before the market opened. In its latest quarter, the company missed estimates on both the top and bottom line, as well as cut its full year profit outlook. Tyson posted a profit of $0.80 a share, sharply missing expectations by more than a dime. The company raked in revenue of $10.07 billion, also below analysts' expectations of $10.3 billion, according to Thomson Reuters data. In the same period of last year, the company earned $0.73 per share on revenue of $9.68 billion. The company also slashed its 2015 earnings outlook, citing weak beef sales. Tyson reduced its earnings forecast by 20 cents on both the top and bottom end to a range of between $3.10 to $3.20 a share. The consensus estimate is for full year earnings of $3.44 a share. Sales of prepared foods increased 13.2% due to the acquisition of Hillshire Brands, which Tyson Foods bought last year for $8.55 billion. Beef sales volume decreased 3.9% as less cattle was processed, while sales price grew 6.9% due to a decline in beef supplies. TheStreet’s Kurumi Fukushima reports in New York.