Shares slid more than 15% Monday.
Tyson has been trying to cut costs over the last six months. It closed its corporate offices in
Tyson laid off 15% of its senior leadership and 10% of its corporate workers last month as it faces steep inflation on labor, grain and other inputs.
CEO
Chicken sales volumes rose 6% in the quarter but prices lagged as supplies rose across the industry. Tyson's pork volumes rose 1% but prices dropped 10% on lower global demand. And beef sales volumes and prices dropped as
"I can’t remember a time when our business faced the highly unusual situation that we’re currently seeing, where all three of our core protein categories __ beef, pork and chicken __ are experiencing market challenges at the same time," King said.
The
Taking out one-time restructuring charges, Tyson lost
One bright spot was Tyson's prepared foods business, which produces brands like
“Branded food is our best opportunity to drive faster growth, higher margins and stronger results,” King said.
King also expressed confidence that global demand for meat will grow as incomes increase, even if
“We've been through market cycles before. I've been through them before myself. And we've always come out stronger on the other side,” King said.
Tyson's second quarter revenue was flat at
Analysts surveyed by FactSet had expected revenue of
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