US meat processing giant Tyson Foods has warned that profits could fall next year amid soaring grain costs.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The note of caution came despite Tyson posting operating income of US$614m for the 12 months to 29 September. That result compared to a loss of $77m last year, results that were hit by restructuring charges.
Tyson posted earnings per share of $0.75 a share for its last fiscal year. However, the company warned that earnings would slip to 0.30-0.70 during the next 12 months.
“We are experiencing some challenging market conditions,” said president and CEO Richard Bond. “Based on present assessments, we believe we will incur additional increased grain costs of approximately $300m in the chicken segment. The current beef environment is extremely difficult as well.”
Revenue rose 5% to US$26.9m.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
