Tyson Foods posts Q2 2023 loss

Tyson Foods Inc. reported a loss for Q2 2023, citing a challenging meat market, according to an earnings report. Highlights include:

• Sales volume was essentially flat from $13.12 billion in Q2 2022 to $13.13 billion for the quarter ending April 1, 2023.
• Basic net income fell 104% from $1.15 billion to a $49 million loss in the comparative quarters.
• Adjusted operating income fell 94% from $1.16 billion to $65 million.
• Net income per share fell 112% from $2.34 to a 28-cent loss.
• Adjusted net income per share fell from $2.29 to a 4-cent loss.
• Beef sales fell from $5.03 billion to $4.62 billion.
• Pork fell from $1.56 billion to $1.42 billion.
• Chicken rose from $4.08 billion to $4.43 billion.
• Prepared foods rose from $2.39 billion to $2.42 billion.
• International/other rose from $565 million to $634 million.

Shares traded today at $50.94 against a 52-week range of $50.80-$94.77.

The $13.13 billion in quarterly revenue missed analyst expectations by $490 million while the non-GAAP EPS of a 4-cent loss missed expectations by 84 cents, according to Seeking Alpha.

"While the current protein market is challenging, we have a strong growth strategy in place and are bullish on our long-term outlook," Donnie King, president and CEO of Tyson Foods, said in the press release.

The company expects fiscal 2023 sales to be $53 billion to $54 billion.