Tyson Foods’ frozen chicken products.
Daniel Acker | Bloomberg | Getty Images
Tyson Foods fell short of Wall Street estimates for quarterly sales on Tuesday, as the No.1 meat processor in the United States was hit by weakness in its beef business, its biggest segment, due to a drop in cattle processing capacity.
Shares of Tyson Foods were down more than 5% in extended trading.
Sales rose nearly 9% to $10.88 billion, but missed analysts’ average estimate of $11 billion, according to IBES data from Refinitiv.
Net income attributable to Tyson fell to $369 million, or $1.01 per share, in the fourth quarter ended Sept. 28, from $537 million, or $1.47 per share, a year earlier.