Tyson trims annual profit forecast as tight cattle supplies squeeze beef business
News Source : Yahoo Entertainment
News Summary
- u.s. ranchers have slashed herd sizes after years of drought burned up pastures and raised feed costs.
- CFO Curt Calaway said in May that efforts by cattle producers to rebuild the nation's diminished herd had been "spotty" Tyson now expects annual revenue growth of 2.5% to 3.5%, compared with analysts' expectations of a growth of 4.3%.
- Chicken sales volumes rose 1% during the quarter, while adjusted operating margin in the segment increased 11.2%.
Aug 3 (Reuters) Tyson Foods cut its annual profit forecast on Monday, warning that losses in its beef business would widen as tight cattle supplies keep livestock costs elevated. U.S.
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