Shares of Tyson Foods Inc. (TSN) tumbled over 5% in early trading on Monday as the giant meat provider posted worst-than-expected results and announced it was clo🃏sing more production plants to cut costs as sales slipped.

Tyson reported fiscal 2023 third-quarter 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of 15 cents, well short of analysts’ forecasts. Revenue fell 2.6% to $13.14 billion, also missing estimates.

Sales sank 16.4% for pork, 5.5% for chicken, and 1.9% for prepared foods. Beef sales were up 5.2%. 澳洲幸运5官方开奖结果体彩网:Operating margin for chicken dropped 7.5%, and 5.6% for pork. Operating margin for beef gained 1.3%, and💎 it was 8.6% higher for prepared foods.

The company indicated that it would be shutting down chicken processing plants in North Little Rock, Arkansas; Corydon, Indiana; Dexter, Missouri; and Noel, Missouri, and would shift production to other facilities in the first two quarters of fiscal 2024. In May, Tyson closed two chicken plants in Arkansas and Virginia, eliminating 1,700 jobs. 

CE🤡O Donnie King said “current market dynamics remain challenging,” and explained that the decision to close the plants “demonstrates our commitment to bold action and operational excellence as we drive performance, includi💃ng lower costs and improving capacity utilization.”

Tyson Foods shares have spent most of 2023 in negative territory.