SPRINGDALE, Ark. (AP) — Tyson Foods Inc. on Monday reported fiscal first-quarter profit of $316 million.
On a per-share basis, the Arkansas-based company said it had profit of 88 cents. Earnings, adjusted for non-recurring gains, came to 85 cents per share.
The results missed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.35 per share.
The meat producer posted revenue of $13.26 billion in the period, surpassing Street forecasts. Three analysts surveyed by Zacks expected $13.11 billion.
Tyson expects full-year revenue in the range of $55 billion to $57 billion.
Shares of Tyson fell $2.95 to $61.08 in Monday trading.