Shares of Tyson Foods (NYSE:TSN) are trading sharply lower in premarket on Monday, down nearly 8.5%, after the company's quarterly results disappointed across the board.
For Q2, the food industry conglomerate reported EPS of ($0.04), a far cry from the analyst estimate of $0.80. Revenue for the quarter also fell short, coming in at $13.13 billion versus the consensus estimate of $13.59B.
Additionally, the company lowered its FY23 revenue guidance to $53B-$54B from prior outlook of $55B-$57B, and below the $55B the analysts were expecting to see.
Donnie King, the company's CEO and president acknowledged that the "current protein market is challenging," but reiterated that the company has "a strong growth strategy in place and are bullish on our long-term outlook."
"Through our growth strategy, focus on margin improvement, and proven leadership team, I am confident in our ability to capture the opportunities in front of us and create long-term value for customers, team members, and shareholders." - the CEO concluded.
Shares of TSN are slipping 8.5% lower following the report.