Adjusted operating income for the period was down by 82% to US$179 million with a margin of 1.4%. Beef alone had sales of US$4.96 billion, falling by 5.3% in volume and with an average price up by 5.2%. Operating income for the beef segment was US$66 million, with a margin of 1.3%.

For the first nine months of the year as a whole, Tyson reported sales to be flat at US$39.53 billion, with adjusted operating income down by 81% to US$697 million and an adjusted operating margin of 1.8%.

Beef in the year so far had sales of US$14.3 billion, down by 1.8% in volume and with an average price down by 2.9%. Operating income for this segment was US$232 million, with a margin of 1.6%.

Looking forward, the company noted that USDA projections have domestic beef production falling by 3% in fiscal 2023 and, therefore, Tyson expects an adjusted operating margin between -1% and 1% in the full financial year.

Donnie King, President and CEO of Tyson Foods, said: “While current market dynamics remain challenging, Tyson Foods is fully committed to our vision of delivering sustainable, top line growth and margin improvement. I’m encouraged by the improvements we made this quarter, including our Tyson Core Business lines that continue to outpace our peers in volume growth.”