REUTERS: Tyson Foods Inc fell short of Wall Street estimates for quarterly sales and profit on Tuesday as a fire at one of its slaughterhouses hit volumes in its beef business, the company's biggest segment.
Shares of the maker of Ball Park hotdogs and Jimmy Dean sausages fell about 4per cent before the bell. They have gained nearly 55per cent this year.The fire at Tyson's Holcomb, Kansas, slaughterhouse in August left meat buyers for restaurants, food service companies and grocery chains scrambling for beef.
As a result, volumes in the business fell 4.2per cent in the fourth quarter ended Sept. 28, with sales down 1.3per cent.Excluding items, the company earned US$1.21 per share, compared with the average analyst estimate of US$1.29, according to IBES data from Refinitiv.Total sales rose nearly 9per cent to US$10.88 billion on strength in its pork and chicken segments, but missed the estimate of US$11 billion.
Net income attributable to Tyson fell to US$369 million, or US$1.01 per share, in the fourth quarter ended Sept. 28, from US$537 million, or US$1.47 per share, a year earlier.