stock was dropping Monday after the meat processor reported lower earnings than expected for the third quarter of its fiscal year.
The company posted an adjusted profit of $1.94 a share, lower than the $1.97 consensus call among analysts tracked by FactSet. Revenue of $13.5 billion for the quarter, which ended in early July, beat expectations for $13.31 billion.
The stock (ticker: TSN) was down almost 4% to $84.10 in premarket trading on Monday.
A silver lining in the report was demand for beef. Sales volume for beef increased by 1.3% compared with the year-earlier quarter. This compared to pork, chicken and prepared foods, all of which had lower demand in the latest quarter.
For pork specifically, Tyson said sales volume was affected partly by increased pricing.
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