Tyson Foods shares fell 10 percent on Monday as the U.S. meat processor reported weaker-than-expected quarterly earnings and warned of supply constraints and reduced demand for high-priced beef.
The sell-off left shares down about 8 percent for the year and 20 percent from an all-time high reached in February, as inflation and broader economic concerns bite into a U.S. meat sector that had enjoyed booming profits throughout the pandemic.
Tyson said it could not fulfill all its orders for prepared foods products or chicken due to limitations on supplies and labor. In the company’s sprawling production plants, staffing remains below pre-pandemic levels and absent workers were restricting output, executives said….