Tyson Foods helped by swine fever in China, but misses sales expectations
'The effects of African swine fever are beginning to materialize,' CEO says
U.S. Agriculture Secretary Sonny Perdue on China's decision to not tax U.S. pork exports due to an African swine flu epidemic.
Tyson Foods Inc. (TSN) reported weaker-than-expected sales for its latest quarter, but said it was helped by a flu in China that has resulted in producers there culling millions of pigs.
The meat processor said Thursday sales rose to $10.82 billion for its fiscal first quarter from $10.19 billion a year earlier.
Analysts polled by FactSet predicted sales of $11.06 billion for the latest period.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSN | TYSON FOODS INC. | 63.76 | +0.01 | +0.01% |
Tyson reported a quarterly profit of $557 million, or $1.52 a share, up from $551 million, or $1.50 a share, a year earlier.
CHINA PORK TARIFFS RUINED 'OPPORTUNITY OF A LIFETIME' FOR US FARMERS
Tyson's adjusted profit of $1.66 a share was three cents more than the consensus estimate.
"Our Beef and Pork segments performed well as the effects of African swine fever are beginning to materialize," CEO Noel White said.
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Tyson executives have said they expect the swine flu to help its business by bolstering exports and pushing up prices for meats.