360° Coverage : Tyson Sinks After Blaming Earnings Miss On Weather, Hog Virus

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Tyson Sinks After Blaming Earnings Miss On Weather, Hog Virus

May 5 2014, 12:52pm CDT | by

Somebody call Chicken Little: the sky is falling at Tyson Foods. Tyson shares are down nearly 10% on Monday after the company reported earnings that missed expectations. Tyson posted earnings per...

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20 weeks ago

Tyson Sinks After Blaming Earnings Miss On Weather, Hog Virus

May 5 2014, 12:52pm CDT | by

Somebody call Chicken Little: the sky is falling at Tyson Foods.

Tyson shares are down nearly 10% on Monday after the company reported earnings that missed expectations. Tyson posted earnings per share of $0.60 vs. analyst consensus estimate of $0.63.

That profit has actually more than doubled from a year ago, as overall sales improved 7.7%. But Wall Street got nervous when Tyson CEO Donnie Smith cited the weather as one of the main factors affecting chicken sales, which grew in volume at a 4.3% clip, but saw a slight drop in average price.

Winter weather affected us in several ways, some positive, some negative,” Smith said in a conference call. “Although we saw a dip in our sales to school cafeterias from weather-related closings, we saw an increase in our retail sales because mom went to the grocery stores, stocked up on chicken strips when she heard another round of bad weather was coming.”

Meanwhile, Tyson said it expects full year earnings of $2.78 per share, 15 cents less than what Wall Street expected. Part of that caution comes from the Porcine Epidemic Diarrhea virus spreading through US farms. Tyson warned domestic meat production could fall about 1% this year, with 4% fewer pigs going to market due to the virus.

“Going forward, the big if for us is what’s going to happen with pork,” said Smith.

International sales volume, the smallest part of Tyson’s business, grew at the fastest rate. But it was also the only segment where Tyson had negative operating margin.

Prior to today, Tyson shares were up nearly 27.5% year to date, and over 72% in the last year.

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Update
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3 weeks ago

Khazanah throws MAS RM6b lifeline

Aug 29 2014 5:01pm CDT | Source: Business Times Singapore

August 30, 2014 1:15 AMKHAZANAH Nasional will inject RM6 billion (SS$2.4 billion) over three years to resuscitate loss-making Malaysia Airlines (MAS) under a recovery plan that includes even an Act of Parliament. Other key moves are migrating its operations, assets and liabilities to a new company (NewCo) and slashing the workforce of 2 ...
Source: Business Times Singapore   Full article at: Business Times Singapore
 

 
Update
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3 weeks ago

MAS posts loss of RM307m for Q2

Aug 28 2014 5:00pm CDT | Source: Business Times Singapore

August 29, 2014 1:13 AMMALAYSIA Airlines (MAS) registered a loss of RM307 million (S$122 million) for the second quarter to end-June, but warned of worse to come in the second half when the "full financial impact of the double tragedies of MH370 and M ...
Source: Business Times Singapore   Full article at: Business Times Singapore
 

 

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