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The U.S. beef and food processor said it is experiencing “short-term challenges” that are negatively affecting the fourth quarter earnings of its fiscal 2019.
These challenges are said to include margin compression related to a reversal of a gain on mark to market grain derivatives, commodity market volatility, implementation of enhanced food safety initiatives, a beef processing plant fire, and slower than expected operational improvements in the Chicken segment. As a result, the company is revising its fiscal 2019 adjusted earnings guidance to a range of US$5.30 to US$5.70 per share and said it continues to monitor “potentially adverse mark-to-market movements and other volatilities”. Tyson expects a better performance in fiscal 2020.
The company has begun rebuilding operations of its beef plant in Holcomb, Kansas following a fire on August 9, which partly destroyed the site. Read more here.