Tyson Foods (NYSE:TSN) reported weaker-than-expected results for its third quarter, sending its shares over 7% lower in pre-open Friday.
The company posted earnings per share of 15 cents on revenue of $13.14 billion, below the consensus for earnings of 27 cents on revenue of $13.63B. Overall, revenue fell 2.6% year-over-year as pork sales volume declined 1.8%, while analysts were looking for a 1.5% growth.
“While current market dynamics remain challenging, Tyson Foods is fully committed to our vision of delivering sustainable, top line growth and margin improvement,” said Donnie King, President and CEO, Tyson Foods.
“I’m encouraged by the improvements we made this quarter, including our Tyson Core Business lines that continue to outpace our peers in volume growth.”
Tyson Foods also said it will close four chicken facilities.
It sees full-year sales between $53-54B, somewhere in line with the consensus of $53.63B.