Tyson Foods cuts annual profit forecast as beef losses continue
Shares of meat packer Tyson Foods TSN.N were down about 4% at $55.78 premarket.
The company cut its annual profit forecast as tight U.S. cattle supplies continue to drive losses in its beef business.
TSN now sees annual adjusted operating income of $2.1 billion to $2.3 billion, versus its prior forecast of $2.2 billion to $2.4 billion.
It expects annual sales to be up 2.5% to 3.5%, compared with a 2% to 4% rise previously; analysts estimate a 4.3% rise, according to LSEG-compiled data.
Tyson posted third-quarter sales of $13.87 billion, missing analysts' estimates of $14.12 billion.
Quarterly adjusted EPS came in at 99 cents, in line with expectations.
As of the last close, TSN was down about 1% year to date.
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