Tyson Foods Inc. widely missed Wall Street estimates for quarterly profit on Monday and cut its expectations for operating margins this year in the face of falling beef prices and easing demand for pork.
The results sent the U.S. meatpacker’s shares down more than 5 percent in premarket trade.
A year earlier Tyson’s profits had climbed due to soaring meat prices and strong demand.
Facing high inflation, some consumers have since reduced their spending and switched to cheaper types of meat, such as buying hamburger instead of steaks.
Chief Executive Donnie King said challenging “market dynamics and some operational inefficiencies” hurt profitability….