Tyson Foods, Inc. (NYSE: TSN) reported weaker-than-expected earnings and revenues for the second quarter of 2020. The company’s stock dropped sharply early Monday following the announcement.
The packaged food company posted earnings of $0.77 per share for the second quarter, on an adjusted basis, down from $1.20 per share reported a year earlier. Unadjusted profit declined to $364 million or $1.0 per share from $426 million or $1.17 per share in the second quarter of 2019. Analysts had forecast a higher number.
Meanwhile, revenues advanced 4% annually to $10.89 billion, but came in below analysts’ forecast.
Tyson Foods’ shares closed the last trading session sharply lower. The stock has lost 33% so far this year and 20% in the past twelve months.