Tyson Foods earnings miss forecasts as slaughterhouse fire hurts beef sales

CHICAGO: Tyson Foods Inc fell short of Wall Street estimates for quarterly revenue and profit on Tuesday after a fire at a Kansas slaughterhouse hurt sales volumes in its beef business, the company's biggest segment.

U.S. producers have been hampered due to tariffs imposed by Beijing as part of the countries' trade war. As a result, volumes in Tyson's business fell 4.2per cent in the fourth quarter to Sept. 28, with sales down 1.3per cent. The fire also resulted in US$31 million of net incremental costs, the company said.Still, profit margins for U.S. beef processors set record highs after the fire as beef prices climbed.

Tyson's operating margins for beef were 9.7per cent, up from 8.9per cent a year earlier. Margins declined in its pork, chicken and prepared foods units.

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