Tyson Foods Inc. posted weaker-than-expected second-quarter earnings, hurt by tightened consumer spending on meat products at grocery stores and restaurants.
Tyson shares fell 4.3% to $23.86 in recent trading Monday after the meatpacker reported a 43% drop in quarterly profit and cut its full-year sales forecast.
The Springdale, Ark., company said U.S. consumers switched to its lower-priced chicken products from beef, pressuring profit margins in its beef division.
"Higher gas prices and the payroll tax, bad weather and economic uncertainty all weighed on consumers," Chief Executive Donnie Smith said on a conference call with analysts Monday.
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